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Insurance for airplanes is a necessity in todays world. Though not mandated by law - as most states mandate auto insurance - facing the liability risks of operating an airplane without insurance coverage is simply unthinkable. And of course, any airplane that has a lien against it will be required by the lending institution to be fully covered. Typically, an airplane insurance policy will consist of two categories: liability and hull. Liability protects the owner from costs resulting from damage caused by the airplane to persons or property. Usually, the liability is categorized into coverage limits for bodily injury and property damage, with a per passenger sub-limit. The hull insurance covers damage to the airplane. The cost of insurance varies greatly, and is based not only upon the limits of coverage and the type of airplane, but also upon the experience of the pilot. Most policies will specify the minimum experience required of the pilot-in-command in order for the insurance coverage to be in effect. The Aircraft Owners and Pilots Association offers the following tips for obtaining the coverage limits desired and keeping the cost of insurance to a minimum: - Obtain an instrument rating. For many companies, this is the first question asked when evaluating a request for higher coverage limits
- Commit to annual recurrent training. A requirement for some aircraft types already, the advantages of recurrent training is becoming more and more recognized by the insurance companies
- Fly your airplane. Insurance companies review all facets of your flight time, with special emphasis on flight time in the make and model, as well as flight time in the last 12 months and the last 90 days.
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