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…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,” says a new blog post from Global Aerospace, a provider of aerospace and aviation insurance.
The post lists 10 factors that affect insurance premiums. A few that caught my eye:
Experience matters
Your total flight hours and experience in the type of aircraft you are looking to insure are crucial factors in determining your insurance rate, according to the post. 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,” it advises.
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. Continuous training in the aircraft you are flying is important.
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 you a safer pilot and leads to lower insurance premiums.
Join a flying club
Flying clubs can offer a more affordable option for both owning an aircraft and having it insured. This gives you the ability to spread the cost and use of an aircraft between all owners and members.
Hangar your aircraft
Protecting your plane from the elements reduces the risk of damage from weather, such as strong winds and hail. It may also reduce the wear and tear on your aircraft and lower your maintenance costs.
Fly frequently
Insurers like to see that you’re eager to continue improving your skills and willing to invest the time, effort, and money to do so. Staying current is important to be proficient in flying your aircraft.
You can read the full post here, which includes additional tips to keep your insurance premium affordable.
Are there other tips you can offer our readers on how you manage your insurance premiums? Add them in the comments below.
