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Owner Aircraft Insurance

Protecting Yourself When You Own a Plane
 

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Aircraft Owner Insurance

Protecting you, and your investment.

Your aircraft is a major investment – and protecting it correctly is vital to getting the most enjoyment and productivity from it each and every day. From older single-engine pistons, to the very latest turboprops and business jets, we can insure you’re protected by the best coverages in the business. 

aircraft owner insuranceOne of the first steps is being sure you've got the correct insurance for your specific aircraft. Whether it's a Citabria or a Citation, we offer a host of quality, comprehensive insurance policies to choose from – all from A.M. Best “A”- rated or better carriers, along with coverage options to fit your specific needs and, your budget.

Here are just a few of the benefits of insuring your aircraft with AssuredPartners Aerospace:

  • Customer service and aviation expertise that set the highest standard in the industry
  • Access to all major insurance carriers provides a wide variety of coverage options
  • Ability to handle transitioning pilots and unique risks
  • Discount programs for AOPA members which can help you reduce coverage costs
  • Our long-term relationships with major insurers can give you better coverages and better pricing
  • AssuredPartners Aerospace continues to support the future of general aviation and protect our freedom to fly through our Strategic Partnership with AOPA.

Frequently Asked Questions

As you might expect, pilots with more experience and few accidents get lower rates simply because, to insurance carriers, they pose less of a risk. Logging more pilot-in-command flight time in your make and model of aircraft, remaining claims-free, and earning your instrument rating, can all help lower costs as insurers calculate your premium. In sum, the best things you can do are: Fly more. Fly safely. And keep upgrading your ratings and skills.

An open pilot warranty is a clause in many aircraft insurance policies, which allows pilots with certain minimum qualifications to fly the aircraft on an occasional basis without being specifically endorsed on the policy as a Named Pilot.

Insurance policies vary on this, but there are some companies that will allow for reimbursement of some costs associated with the flight. The broadest form allows for reimbursement so long as no financial profit is made. Give us a call to review your current coverage – and we can discuss the scenario you are considering.

Imagine having to make an emergency landing in your airplane. You spy a golf course below with a long fairway where you’re able to land the plane. Unfortunately, during the landing a golfer is clipped by a wing, your passenger suffers a neck injury, the fairway is torn to shreds, and your aircraft is damaged.

Your liability coverage includes property damage (other than your owned aircraft), bodily injury outside the aircraft and bodily injury inside the aircraft.

With a smooth limit, you have the entire limit amount to address all three liability claims. This means if you insured at $1,000,000 smooth, you have the full $1,000,000 to cover the claims. Policies with smooth limits are typically more expensive, but as we look at policies with a sub-limit, you’ll understand why.

With a per-passenger sub-limit, coverage for the passenger is limited to the amount listed on the policy. For instance, if you insured at $1,000,000 combined single limit with $100,000 per passenger, the golfer and the course would be covered under the $1,000,000 and coverage for the passenger would be limited to $100,000.

With a per-person sub-limit, your coverage amount would be limited not only for your passenger, but also for the golfer since each is a “person.” For instance, if you insured at $1,000,000 combined single limit with $100,000 per-person, the course would be covered under the $1,000,000, and the golfer and the passenger would be limited to a maximum of $100,000. Because per-person sub-limits are the most restrictive – and because there’s almost never a related premium savings – they should be avoided if at all possible. At AssuredPartners Aerospace, we do not offer a per-person sublimit.

The proper insured value to carry is the amount of money it would take to purchase another aircraft exactly like yours (i.e., similar year, equipment, condition, etc.) in today’s market. It’s possible, however, to over-insure or under-insure to your detriment, so be sure to choose the value carefully.

If you over-insure, in some cases the insurance company is forced to repair the aircraft rather than total it, even when there’s major damage—leaving you to deal with significant damage history and no compensation for the loss of value when your aircraft is repaired and returned to service.

If you under insure, in some cases the insurance company will total, rather than repair, the aircraft. You may not be compensated for the amount needed to replace your aircraft with one of a similar quality. And don’t forget to consider repair costs. If you have an aircraft without a ready supply of parts, or face other issues that drive up repair costs, be sure to factor that into your hull value decision, too.