The cost of aviation insurance, like all insurance, is driven by risk factors. The higher your risk of being involved in an incident, the higher your insurance premium will be.
The good news for aircraft owners and operators is that there are steps you can take to show the underwriter reviewing your insurance application that you pose a lower risk. In doing so, you can “earn” a better insurance premium.
Take Action to Lower Your Aviation Insurance Rate
Aviation insurance is vital to protecting your aircraft, employees, passengers, and other stakeholders. Still, you want to keep your rates as low as possible. You can do that by taking these 10 actions:
1. Get as much experience in the make and model of the aircraft you are insuring. Your total flight hours and experience in the type of aircraft you are looking to insure are crucial factors in determining your insurance rate. To receive a quote, some aircraft may have minimum requirements for total time, as well as required time in type of aircraft. Your experience in the aircraft make and model that you want to insure is time well-spent!
2. Keep training. Each aircraft is unique. It is beneficial and sometimes required to receive initial flight instruction in the aircraft make and model you wish to insure. If it has been a while since you have flown the specific aircraft, a refresher with a CFI could be a good option. Training is important, specifically, continuous training in the aircraft model you are currently flying.
3. Earn additional ratings. Earning additional ratings or certifications to fly different aircraft (helicopter, seaplane, etc.) can be a factor in lowering your insurance premium. Ratings could also be required to receive a quote. Regardless of how you are flying your aircraft, one of the most important ratings a pilot can obtain is an instrument rating. The experience gained during the instrument training makes one a safer pilot and leads to lower insurance premiums. Plus, if you fly…