If your work or interests have led you to a seat at the controls, aircraft insurance policy provides vital protection for you and your passengers. While insurance for aircrafts might have to be purchased by the state or federal agencies but a basic insurance policy will safeguard you and your aircraft from financial consequences of aviation accidents and other kinds of damage. This includes weather-related damages vandalism, vandalism, or property damages, in addition to any accident or damage that might occur flying or at a ground location.
At a minimum, a great aviation insurance policy should provide basic liability insurance, with the possibility of customizing your policy according to your budget, needs, and any other relevant situations and coverage needs you have (e.g. flights to Alaska vintage aircrafts or educational needs). Find out more about the best aircraft insurance company that could be the best fit for your needs.
The Best Aircraft Insurance in 2021
- Best Overall: BWI Fly
- Best for Veterans: USAA
- Best for Commercial Aviation: Wings
- Best for Renters: AssuredPartners Aerospace
- Best for Vintage Aircraft Insurance: EAA
- Best for Flying Clubs: Avemco
- BWI Fly
BWI Fly is consistently ranked as one of the top aviation insurance firms, because they provide a variety of options for policies, outstanding services to customers, as well as low-cost insurance that can be tailored to suit your needs.
BWI’s policies can meet commercial and personal needs. BWI also offers a range of special or niche policies that are specifically tailored to specific kinds of aircraft and owners, such as seaplanes, experimental aircraft, flying clubs private jets, commercial drones and aircraft charters. While coverage can vary based on policies and the preferences of policy holders, BWI general aviation coverage choices include insurance for liability, aircraft hulls ground and flight not in flight and not moving insurance.
The website of BWI provides an easy and quick access to online estimates and claims for the majority of customers. Additionally, their customer service is always regarded as high-quality. The company also offers an abundance of educational materials that are useful to both experienced and novice pilots.
The standard BWI air insurance policy can be purchased for just $225 per year, for up to $1 million of liability-only protection, which makes the policy affordable. But, rates will differ greatly depending upon your insurance needs as well as your experience and other elements that are commonly found in the market and it’s recommended to find an individual price.
The USAA Insurance agency was founded as an insurance provider for automobiles in 1922. Since it was founded, the company has grown to offer many services for USAA customers and families. For veterans, this means an all-in-one-shop solution that covers everything from banking and mortgages, to home, auto health, and aviation insurance. As members receive personalized support from experienced underwriters, and are able to enjoy low annual rates and other benefits, USAA is the number one choice for veterans looking for aviation insurance.
The coverage offered by USAA covers commercial and personal aircraft in addition to agricultural and aviation businesses. They also offer the non-owned insurance for liability. These policies cover all kinds of aircraft such as traditional planes, helicopters warbirds, seaplanes, as well as commercial UAVs (drones) which makes it simple to locate the best policy that fits your interests in aviation.
The annual cost of premiums is based on the kind of aircraft, the member’s requirements, and coverage. Certain plans are available at less than $100 per year. To be qualified to receive USAA aviation insurance it is necessary to be an USAA member. You can get personalized quotes by logging into their member accounts, or by calling USAA directly.
Wings is a specialist in insurance for aviation since and they provide global insurance options through a variety of companies. The policies are designed to suit the particular requirements of coverage, usage, and financial requirements of each customer and make them our preferred option for commercial aviation policies.
Commercial customers will discover that Wing’s policies cover the typical bases: the hull of an aircraft and liability cargo operations liability, environmental and pollution liability as well as completed operations and products as well as the coverage of ocean and property. If you’re seeking an insurance company with a broad range of services for your company it could be it to be the case that their workers’ comp coverage and life insurance sets them apart from their competitors.
Wings prides itself on their underwriting process which is individualized. Their objective is to come up with the most suitable policy for their clients throughout the U.S. and around the world. In this regard the instant quote is not accessible on the internet. However, Wings Agents are responsive and are well-versed on the specific requirements of commercial air policy holders.
AssuredPartners is among the biggest aviation insurance companies and is an important associate of Aircraft Owners & Pilots Association (AOPA). They offer commercial as well as personal insurance options. This includes renters insurance, which policyholders can purchase and then bind on the internet in minutes. This, in conjunction with their affordable rates makes AssuredPartners our top choice for insurance on aircraft renters.
AssuredPartner’s basic liability renters policy begin at $81 per year. However, you can add additional protection such as property damage and bodily injury to passengers, at just $175 per year. This means that you can get an additional layer of protection-one that goes beyond the limits of the plane owner’s policy for less than $7 per month.
AssuredPartners also provides discounts to qualified policyholders, making the coverage cheaper. AOPA membership, for example could save 5% off the cost of an aviation insurance. Members can save more when they complete for a whole year without making having a claim. This entitles the policyholder to receive a 10 percent claim-free discount on flying records along with an accident forgiveness waiver and waiver of deductibles.
The Experimental Aircraft Association (EAA) is a group that connects enthusiasts, restorers, and builders. Many of them are especially fond of antiques, warbirds, and vintage aircrafts. EAA members also enjoy numerous benefits, such as discounts on insurance rates for old aircraft and warbirds. We believe that EAA is the best choice in the case of Vintage Aircraft Association(VAA) as well as Warbirds of America (WOA) members.
EAA insurance, operated by Falcon Insurance Agency, provides different types of insurance coverage that include general liability insurance, emergency off-airport landings, the use of additional aircraft expansion baggage, personal effects legal defense, as well as losing certification. Additionally, they offer optional insurance for members who are involved in educational or instructional activities, as well as sightseeing and airshows.
To make their insurance policies affordable for those who are interested in old-fashioned aircraft, EAA offers discounts to policyholders who have multiple aircrafts insured “In-motion” deductible credits for each year, without making a claim. Additionally, as the owners of vintage aircraft may not be flying frequently, they allow policyholders to stop coverage for in-motion.
Avemco has been protecting pilots for more than 55 years through direct collaboration with aviation insurance experts to develop a custom-designed insurance policy that is tailored to the specific needs of each policyholder. Their affordable rates, flexible plans, and discounts based on safety provide Avemco an ideal choice in flying club.
One of the major advantages of the Avemco fly club’s policy is its capability each club to collaborate in conjunction together with the Aemco Aviation Insurance Specialist to develop a policy designed to meet the specific requirements of every club. Avemco can further assist policyholders with the ability to change or remove members at any point throughout the year, without having to contact Avemco directly or filling out unnecessary documentation.
The insurance policies for flying clubs offered by Avemco offer the possibility of up to $100 million insurance for property damage and $100,000 per individual for bodily injuries. Each policy is designed to address the particular requirements of each individual group and eliminates the restrictions that are often associated with a universal policy for insurance.
Policyholders are also able to take advantage of various discounts such as discounts on hangaring the club’s plane as well being able to fly claim-free. Members also have the option of taking advantage of the safety Rewards discount, that could reduce the cost of insurance by up to 10% when the pilots have completed an approved flight course.
What Does Aviation Insurance Cover?
There are many types of insurance for aviation however, most insurance companies offer a variety of insurance options and bundle discounts. As with auto insurance, you’ll have to think about your personal budget and circumstance in deciding how much insurance you require. Some of the most commonly used kinds of aviation insurance are:
Public Liability Insurance
Insurance policies for public liability are sometimes referred to third-party liability insurance. It protects you from claims brought by property owners as well as other third parties that may suffer their homes, their vehicles, land, or other assets damaged if your aircraft has to land suddenly or becomes involved in an accident.
The type of insurance offered doesn’t offer any protection for your aircraft it only compensates people outside your aircraft, who cause injury or harm to you during your flight.
Passenger Liability Insurance
Passenger liability insurance covers the cost for passengers who get injured or killed on the course of a flight. The insurance for passenger liability is typically offered on a per-seat basis and is contingent upon the number of passengers your aircraft can accommodate.
Combined Single Limit Insurance
Single limit policies that combine the public liability and passenger insurance in one premium. This kind of policy offers greater flexibility when it comes to paying the claims of passengers, particularly when they suffer injuries and there’s little damage to property in the event of a crash or an emergency landing.
How Much Aircraft Insurance Coverage Do I Need?
As opposed to home or auto insurance, there aren’t requirements for federal or state-level aircraft insurance. guidelines, but it’s advisable to ensure you have enough insurance coverage to pay for the cost of your aircraft, as well as the costs that result from an accident. This covers injuries to passengers, property damage as well as damage caused to your aircraft.
There aren’t any particular rules, it’s recommended to look at your budget and fixed base operator (FBO) needs for insurance as you decide on your coverage. A knowledgeable and experienced insurance company can assist you in assessing your requirements.
How Much Does It Cost to Insure a Private Aircraft?
The cost of private plane insurance can vary greatly and can range from less than $100 to hundreds , or even thousands of dollars per year.
The rate you receive will be based on many factors, such as:
- The type of aircraft that is insured
- The intended use, the amount of people (if there are any) the item holds
- Your history of flight (or the history of anyone else included in the policy)
- The type of coverage you select which includes the deductible and limits.