Help Your Aviation Insurance Agent Help You
Would you like to get the best possible aircraft insurance coverage for the best possible rate? Sure you would. So the question then comes how to get the best possible rate and coverage for your airplane, helicopter or other aviation assets?
First, it is essential to understand that your insurance agent is acting on your behalf and is responsible for your interest when negotiating with the underwriter. Because your insurance agent is the one responsible for the negotiations, it is vital that they are given all the relevant information to your policy. The more information that is available, the more the underwriter has to go on to determine the best coverage and rates.
So what are the underwriters especially looking for? Things like age, pilot history, training, and certificates. All of these are important.
Another element that is easy to overlook when seeking insurance for your aircraft is if there will be a co-pilot.
Next, the underwriter will want to determine if you plan to stay in the same airplane or helicopter or if you plan on making a change to a new or different aircraft. If a change is in the works, make sure to discuss this with your insurance agent. A good insurance agent will help you understand how to develop a transition training plan that is acceptable and desirable to the aviation underwriter.
In regards to insurance coverage for your airplane or other aircraft, age is a factor. Are you wishing to continue to fly after age 70? If so, make sure to discuss this with your aviation insurance agent. With the right airplane, good health and a good underwriting company age does not typically play a factor determining eligibility until after someone surpasses the age of 70.
This then brings up the question of what if I am over 70? Can I get insurance to cover my aircraft then? While every case is unique and different in general and assuming good health, aviation coverage is not unrealistic as long as you have a solid long-range plan and have shared this with your agent. Age alone is not typically a deciding factor until one reaches into their later 70's. Even then based on history, aircraft and health getting coverage for your aircraft is still possible. The main thing with age is that you make sure to communicate your plans with your agent. Don't be caught in crisis mode. Make detailed plans early.
Are you interested in taking more aviation training? If so great. Aviation underwriters pay particular interest in the additional training programs that pilots have engaged in.
For pilots who train more than the minimum requirements of the underwriting community are often rewarded with broader policy forms, reduced premiums, and lower deductibles. Additional flight and safety training also tends to create higher tolerance when issuing a policy and better understanding when one needs a special favor.
To look into training to help reduce your insurance rates check out your local aircraft associations for what they have to offer. When taking such classes make sure to get all the proper documentation and share with your aviation insurance agent who should then properly forward it to the underwriter.
In summary, going the extra mile to get additional training and to ensure your agent has all necessary and related information in regards to your case can have a significant impact on not only your insurability but also better premiums and deductibles.
To speak with someone who can help with insurance coverage for your airplane, helicopter, commercial drone or other aviation asset feel free to contact us. Our qualified agents can help you shop the best rate while at the same time making sure you get the best coverage possible for your insurance needs.
You can reach us through our contact form here or by phone toll free at: (800) 999-1109.
Author: CS&A Staff
Editor: Lewis Austin