Aviation insurance rates on the rise!
Aviation insurance rates are on the rise. For years the aviation insurance market has been pretty slow in increasing the premiums.
But if you have followed my posts and articles, you will know that in the past year rates have been going up and it doesn’t look like it will stop anytime soon.
There are lots of reasons why the increases could be happening: from airline crashes, general aviation crashes, bad weather, to the financial markets. Whatever the reason for the increases. Here are a few things you can do to manage your insurance premium:
- Make sure your broker has your most updated and accurate pilot hours. Keep flying and putting on hours. It’s an excuse to fly.
- If you have hull coverage, re-evaluate the insured value of your aircraft. Are you insuring it for enough or too much?
- Get that advanced rating. While an instrument might not save you a huge percentage, it might open the market for more options.
- Keep it simple. Some of the best insurance rates are on fixed tri-gear aircraft. Thinking of moving up to a retractable gear or tail wheel aircraft, be prepared that the insurance rates are going to be higher.
- If you are an older pilot don’t let your insurance expire (lapse). Age is also a barrier to getting insurance coverage.
And as a final thought, please note, Insurance Agents/Brokers don’t have any control over the rates of the insurance companies. There’s the old saying, “Don’t shoot the messenger”, and that applies here.
