You trust your aircraft insurance agent to provide you with an accurate insurance quotation, however, it is up to you to do your due diligence as well. Human as well as computer error can occur, and it’s important to verify that the information on the application you sign is current and truthful. The following is a list of some items you should double-check on your aviation insurance quote:
- Is your contact information up to date? It’s common to only speak to your aircraft insurance broker once a year, at renewal time. A lot can happen in a year! Be sure that your mailing address, email, and phone number are current so they can be in touch with you in a timely manner.
- Is my pilot information accurate? Aircraft insurance quotes are determined based on pilot experience. Are all your ratings correct? If you have an instrument rating, is that listed? Is your total time close to what your logbook reflects? How about your retract time? Tailwheel time?
- What is your aircraft seating? In some aircraft, Bonanzas and Cessna 210s for example, owners decide to permanently remove seating. Or certain model years are simply equipped with less seating. Double check to make sure your aircraft seating is correct on your aviation insurance application, this can affect your liability rate as well as possible issues in the case of a claim.
- Does your physical damage coverage match the value of your aircraft? What is your aircraft worth? Have you made recent upgrades to the avionics, had an overhaul, or new paint? Perhaps you have a high time engine and haven’t revisited the value you are insuring in many years. If you are unsure of what your aircraft is worth, request a valuation to make sure you are not under or over-insuring your aircraft.
- Does my coverage match my needs? Typically, there are three coverage options for the hull of your aircraft: Full Coverage-Ground and Flight, Ground in Motion-Not in Flight, and Ground Not in Motion-Not in Flight. Aircraft that are down for the winter or extensive maintenance can save some premium with a Not in Flight or Not in Motion option. However, most aircraft owners insure for All Risk Ground and Flight, protecting them both in the air and on the ground.
Obtaining an accurate and competitive insurance quotation is a result from the partnership between the aircraft owner and their insurance broker. The aircraft insurance agents at Aviation Insurance Resources (AIR) are pilots as well as aircraft owners and renters. They understand your needs and have the knowledge and resources to properly cover your aircraft or aviation business. AIR has access to all the major aviation insurance markets, providing you with the best rates and the broadest coverage available. To obtain your aircraft insurance quote call 301-682-6200 or request one online today!
