By: Victoria Neuville
You have seen all the commercials for insurance from Geico to State Farm. When it was time to start insurance coverage on my car and home, I simply called one of them up and they’d tell me what it would cost me annually. When I was looking for a job in the aviation field, I stumbled upon aircraft insurance and discovered that obtaining an aircraft insurance quote was a whole different ball game. In fact, there are two methods of obtaining an insurance quote:
The first is through a broker. You cannot contact most aircraft insurance carriers directly. In order to obtain a quote, you must contact a broker that is appointed with them. There is a vetting process to become appointed with an insurance carrier, they’ll look at the broker/agent’s track record, the size of their book, integrity and more. Not all agents are appointed with all the aircraft insurance carriers nor are they licensed to sell aircraft insurance in all the 50 states. Aviation Insurance Resources (AIR) is. We work with all the major aviation insurance underwriters in order to provide you all the options available for your aircraft insurance, in any state.
Your aircraft insurance broker can guide you through the differences between each of your options. Most carriers have similar policies, however, can differ when it comes to training requirements, open pilot warranties, and expanded coverage endorsements. These options can help the insured choose a premium and policy combination that best fits their needs.
Each carrier has a different appetite as well. One may like basic trainers where another may specialize in transition pilots or antique aircraft. Your broker’s knowledge in what each underwriter prefers will go a long way to assist in finding the perfect policy for you.
An insurance company that can speak directly with the insured and not require a broker is called a direct writer. In the United States there is currently only one aviation insurance direct writer – Avemco. With a direct writer you are only obtaining one quote from their list of rates and limiting you to the requirements of one policy. In most cases, calling a direct writer results in a higher rate because their rates are not influenced as much by industry competition.
With one call to Aviation Insurance Resources (AIR) and another to Avemco, you will obtain all the aircraft insurance quotes available to you. With AIR, you will not receive a recording when you call, but a knowledgeable insurance agent and pilot ready to serve your aircraft insurance needs. To get started on your quotation, call AIR at 301-682-6200 or request a quote online today!
