Airplane Insurance: Some Thoughts

Look up in the sky! It's a bird, a plane… no, it's not superman. It's an airplane. Or is it an aircraft? Or a jet? What kind is it, and more importantly, what kind of airplane insurance does it have?

Tongue-in-check, we know. But let's get serious – philosophically serious – about airplane insurance, and insurance in general. First a bit about airplanes. They are machines. Machines built by humans, driven around airports by humans and flown by humans. Things happen. Sometimes unfortunate things happen (though rarely). You may be thinking of the really unfortunate thing that could happen, but that's not what we're talking about. Let's talk about the other things that might happen. Perhaps you spin off the tarmac and you hit a sign on the runway. Do you have any idea how much one of those signs costs? Or perhaps you are taxing over to the runway and you cut a corner too short, and you clip the side of the hanger. Do you have any idea how expensive the repair of a hanger can be? Or perhaps – you get the idea – you run into another airplane, just a little bit. But enought to cause damage. Or perhaps you land in error and mistakenly hit a powerline or some other object that's scary, and dangerous, and expensive.

You Need Insurance, Of Course

Despite the beauty and elegance of flying your own private airplane, you need insurance. You need it for your car, don't you? Well, we don't have to sell you on airplane insurance – we're sure you realize the need for that. But what we do need to discuss with you is that the devil is in the details. What type of policy do you need? How much risk exposure can you manage on your own? How do you plane to use your airplane? For business? For pleasure? For teaching lessons? What type of aircraft do you have? What are its technical specifications, what kind of maintenance program is under way.The Thinker on Airplane Insurance

The details go on and on. But here's the irony about airplane insurance (and all insurance): it's there when or if you need it, but it's built on the premise that we hope you actually do not need it. So if you just pay your premium and never have a claim: that's a success. Not just for your aviation insurance company, but for you too. And if – God forbid – you do need to file a claim, then that insurance is there for that purpose. The art of identifying the best airplane insurance for a customer is to a) know the industry, b) know what questions to ask of the customer, and c) to know how to shop around for the best deals from the most reputable and reliable airplane insurers. We do all of that.

So that is a little bit about the philosophy of airplane insurance. See you in the air!