Assessing Your Aviation Insurability

Aviators are a proud group. Many have worked hard throughout their lives continually learning and training to be their very best. With this work, many have taken on an air or pride when it comes to discussing their flight history, training, health, etc. At the time of conducting a quote, it is not out of the ordinary to hear “Just tell them I’m a great pilot.” In fact, this somewhat cavalier attitude seems to be more the norm than the exception.

So what is the perfect risk for an insurance company? The truth is, is that all risk is different, every pilot is different, and every aircraft is different. While your airplane may be the same as your buddy’s airplane that is where the similarity both starts and ends. This is why comparing your insurance rates to someone else’s is ineffective.

Understanding all cases are unique helps one also understand that insurance for airplanes, helicopters, and other aircraft is also much different than other insurance markets where variables seem to be more homogenous in nature and thus are easier to compare. We have all heard the saying you have to compare apples to apples. In most insurance markets getting close to this is relatively easy. In the aviation insurance market, however, it is never apples to apples. In fact, comparing insurance for aircraft owners is more like trying to compare all the different fruit in a large fruit bowl.

Understanding the unique differences each case brings this gives us the chance to talk to and understand our clients more effectively. Beyond asking the make and model of someone’s airplane, rotorcraft or even commercial drone as an effective insurance agent, we dig a little deeper.

One question we ask of our aviation clients is: If you were the underwriter and you knew everything about you, what are the areas that should be changed to make you a safer risk?

While many of us are busy this forces the client looking for insurance to cover their aircraft to slow down to gain a better perspective on the situation as a whole.

By helping a client easily work through the many complexities of developing a solid insurance plan this gives the agent the needed information to shop the market not just for the best rate but for the best coverage. It is essential to understand that the rates alone should not be the sole considering when considering insurance coverage. You have to take into account that if there were to be an accident is the coverage built in such a way that you are truly protected. If not well covered then there really is no need for insurance at all.

So what are some other factors other than the make and model for your aircraft that a good agent will talk to you about?

Things like pilot age, transitioning pilots, type of aircraft, the purpose of use, experience level, history of claims, education, continuing education, other earned credentials, hours booked flying, etc. All have a bearing on you as an insurance risk.

Understanding the full list of variables helps your agent ensure that you will get the best coverage to fit your needs, to properly cover you from loss and help to get the best rates.

Now you may be thinking with all this information am I not going to potentially write myself out of a good policy. This may or may not be true based on the insurance underwriter. Although all underwriters may not want a particular risk, there is an under-writing home for almost everyone.

If you are wondering where to get insurance on your airplane, helicopter, commercial drone or other aircraft asset contact us and our team of dedicated aviation experts, and insurance professionals will be happy to discuss what your best options are. At Chappell Smith & Associates we are happy to help you and will be happy to help with getting the best aircraft coverage to ensure your insurance needs are covered.

You can reach us through our contact form here or by phone toll free at: (800) 999-1109.

aviation inusrance insurability

Author: CS&A Staff

Editor: Lewis Austin