Updated: Dec 22, 2018
Getting the right kind of coverage on an insurance policy is not as challenging as most people seem to think it is. You just need to have the right information which would help you make the right decision! In this article we will discuss how you can choose the best aircraft insurance plan which satisfies your needs.
The Importance of Getting an Aviation Insurance Policy
Choosing the right kind of insurance in the aviation industry holds a significant importance. This insurance not only covers the aircraft, but also the pilot, crew, passengers and the cargo. The third parties such as the properties and crops damaged by an aircraft accident, and the people that received an injury or died due to the air crash, are also covered in the insurance policy. In order to avoid conflicts and problems, all the terms of the insurance policy need to be carefully considered by the person getting the coverage.
Generally, aviation insurance covers all the needs of the clients in case they face an accident and die or get injured. There is no reason for bad things to occur. They just happen. Flying an aircraft is accompanied by many risks and hazards. So it is necessary that you get some kind of aviation insurance, otherwise you might suffer a huge loss in case of an accident.
Is the Aviation Insurance Within Your Budget?
You should always keep in mind that getting an aircraft insured is going to be costly.
You will have to cut your budget and save some cash for paying the insurance company. The type and coverage of the policy determine how much you would have to pay to get the insurance.
First of all, you need to research the aviation policies and rules, and the restrictions imposed by the government. Making a list of your insurance needs is a good way to start. After you have identified your requirements, you need to search for an aviation insurance firm which finds your budget suitable, offers fair rates that are appropriate for you, and can cater to all your requirements.
There are many aviation insurance firms to choose from, but only the best ones can offer competitive rates and fulfill your requirements. The company should be able to handle all the aspects of insurance and provide you compensation when an aircraft accident occurs. Moreover the company should involve less paperwork and meetings so that you do not waste so much time on just reading the terms or going through presentation slides.
An aircraft insurance firm like Aviation Marine Insurance Company is capable of handling all your needs and will offer you a fair price as well.
The Coverage of Aircraft Insurance
If you own an aircraft, the coverage of aircraft insurance is an important thing to be taken into consideration. You can save a lot of money, by getting the right kind of insurance policy. The different requirements of different aircrafts and their owners present numerous options for insurance. It is important to understand the types of insurance.
#1 In-Flight Insurance
With this kind of insurance, you can expect to be paid for any damages the airplane sustains when it is moving. However, it is important to understand what type of damages this policy covers. Since most of the accidents that happen are covered in this policy, so it is an expensive one. On the other hand, this policy is taken by most aircraft owners since it has wide damage coverage.
#2 Public Aircraft Liability Insurance
In some countries, the government has made public aircraft liability insurance as a mandatory requirement. The damage caused to third-party property and entities is covered in this insurance. Conversely, it does not cover any damage caused to the passengers or the airplane itself.
#3 Passenger Liability Insurance
The government makes this type of insurance mandatory on specific planes and pilots. The passengers present in the aircraft are covered by this policy. Monetary compensation is paid to the passengers who are involved in an accident. If a person dies in an air crash, normally the family of that individual receives the compensation.
#4 Ground Risk Hull Insurance (Motion)
This insurance covers the cost of damage to the plane while it is moving on the ground. The damage can be caused either while the plane is taxiing or is taking off.
#5 Ground Risk Hull Insurance (Non-Motion)
Both types of Ground Risk Hull Insurance are pretty similar. If the plane is not moving but is damaged on the ground, then this insurance covers those costs. Potential sources of damage could be:
Damage from uninsured vehicles
Lightning, hail and other cases of extreme weather conditions.
Deciding on the Type of Insurance Coverage
You need to consider some points before you reach to a final decision regarding the type of insurance coverage which is best for you.
If you own an aircraft, you might consider getting the Owners Aircraft Insurance. This insurance covers several categories of aircrafts like rotorcrafts, propeller piston engine planes, air gliders, gyrocopters, seaplanes, airplanes and jets. You also need in-flight insurance which covers the risks associated with planes involved in accidents (in air or on ground).
The Hanger Insurance is also a policy worth exploring. This helps to secure the hangers where the planes are parked and damage to these aircrafts means that you will receive compensation. Moreover, you also have an option to get the Hangar Keepers Insurance. This policy covers the people who are responsible for maintaining the aircraft.
If you are a student learning to fly an aircraft, you need to get a non-owned insurance. This is a requirement and it protects the students in case there is an accident during training.
The Renters Aircraft Insurance is needed if you are a renter. This helps to protect you and the person involved in the accident.
It is important for the plane owners to get their aircraft insured by a reliable company. Aviation Marine Insurance Company is a reputed firm and can provide you a variety of aircraft insurance policies. Get in touch and get a quote today!
Aviation Marine Insurance Services Inc.
+1 (800) 972 0907
GET A QUOTE www.aviation-marine.com/quote