WHAT YOU NEED TO KNOW ABOUT AIRCRAFT INSURANCE

 

Do you have your own aircraft, or are you thinking of buying an aircraft in the near future? Owning an aircraft is a big investment, and similar to other big investments like cars and homes, you’ll need insurance. Aircraft insurance is essential to protect against damage, as well as normal wear and tear. In this article, we’ll discuss the basics of aircraft insurance, including different types of coverage, the cost and why it’s really a non-negotiable when owning an aircraft.

What Type Of Coverage Would You Need?

• Owners Aircraft Insurance: this covers a range of different aircraft including  airplanes, seaplanes, and air gliders. This insurance covers the physical aircraft itself. 
• In-flight Insurance: As the name suggests, in-flight insurance covers any incidents that happen while you’re airborne, including incidents that occur during grounded operations.
• Hangar Insurance. Most people store their aircraft in hangars, so in order to protect the hangar where you keep your aircraft, you’ll need hangar insurance. This also covers maintenance personnel if they service the aircraft in your hangar. 
• Renter Insurance: If you’re renting an aircraft instead of purchasing one, renter’s insurance is essential to protect yourself in case there’s an incident while the aircraft is in your possession. Additionally, if you are renting out the aircraft you own, it is essential for all renters to have their own rental insurance. 

Cost of Aircraft Insurance

When budgeting for the cost of owning an aircraft and all related expenses, it’s important to remember that aircraft insurance will be a significant percentage of your budget. The cost will depend on several factors: what type of aircraft you have, the extent of the coverage, and your previous – if any – history with aircraft insurance. 

We recommend speaking with an aircraft insurance company who can discuss your options and help you find an insurance policy that works for you. There’s no one-size-fits-all figure for cost when it comes to something as diverse as aircraft insurance, so you’ll need a customized policy.  

Is It A Mandate To Have Aircraft Insurance?

Although there are no federal mandates that require you to have aircraft insurance, (FBOs) usually require you to be insured in order to use their facilities. For example, if you want to rent hangar space at Monmouth Jet Center, there are certain insurance requirements you’ll be required to meet before you’re eligible to rent a hangar with us. 

Why Aircraft Insurance Is Important

Aircraft insurance protects you and your aircraft while in flight, while stored in a hangar, and during ground transportation. Insurance also covers the crew who service your aircraft, your passengers, in-flight crews, and incidents that occur internationally. 

As mentioned above, aircraft insurance is a way to protect your investment. If an incident occurs while you’re uninsured, it can result in huge costs and inconveniences for you – so it’s absolutely not a risk worth taking. 

For more information about selecting the right type of aircraft insurance for you, or if you have any questions, please contact our team at Monmouth Jet Center today or visit our website at: https://monmouthjetcenter.com/

This blog was originally published at https://monmouthjetcenter.com/what-you-need-to-know-aircraft-insurance/