Tag Archives: Cessna

Don’t let your aviation insurance lapse!

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Aviation insurance lapse?

Don’t let your aviation insurance lapse or expire just because you are not flying or the cost of your insurance. With the corona virus issues in the country, many pilots have parked their aircraft.  Which is fine in some cases, but it might not be the best for everyone.

There have been changes happening daily in aviation insurance underwriting for the last year or so.  One of which is the aviation insurance premiums are increasing.  We have see 10% to even 100% premium increases (depending on the plane and pilot).

But it’s not just the premiums increasing, the underwriting requirements are also changing.  Depending on your aircraft and your age, if you let your coverage lapse, you might not get quoted again. Aviation insurance is not an automatic renewal, you need to start over each year.

If you have a unique or low production aircraft you might have difficulty getting a company to quote the aircraft.

This is also especially important if you are close to 65 years old or older!  Make sure you contact us (or your broker) before you let your insurance expire.  There are aviation underwriters that will not quote new business for pilots older than 65.  Once you cancel or let a policy expire, you become “new” business. At that point, the insurance underwriter that you let expire does not have to take you back.

There are options to keep the coverage in place even if you are not flying.  You could keep ground not-in-motion coverage on the hull to protect it from fire theft and storms.  Or you can reduce the coverage to liability only.

The idea is to keep the policy in place and not have the risk of not being able to get coverage in the future.

Questions, contact SkySmith at – ins@skysmith.com or 515-289-1439

insurance lapse

Sun ‘n Fun Postponed

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2020 SUN ‘n FUN Aerospace Expo until May 5-10.

For Immediate Release
March 13, 2020

Lakeland, FL: Sun ‘n Fun Postponed.  SUN ‘n FUN and the Aerospace Center for Excellence are deeply concerned about the developing crisis with COVID-19 and understand our responsibility to help in the fight against the spread of the disease. Our first priority is always the health, safety, and well-being of our patrons, partners, staff and volunteers. With the full support of Polk County, the City of Lakeland, Lakeland Linder International Airport, and the FAA, at this time we are planning to postpone the 2020 SUN ‘n FUN Aerospace Expo until May 5-10. We appreciate the unwavering support of our airport and community and hope everyone will make plans to join us here this May.

Please visit www.flysnf.org for updated information as it becomes available and follow us on social media.

About SUN ‘n Fun Fly-In, Inc.:
SUN ‘n FUN Fly-In is a 501 (c)(3) non-profit whose mission is to preserve and enhance the future of flight through world-class events, inspiring and educating people of all ages. Year-round events, including the SUN ‘n FUN Aerospace Expo, which is one of the world’s largest aviation events, raise funds for the Aerospace Center for Excellence (ACE). SUN ‘n FUN Fly-In annually raises over $2M for ACE, enabling the delivery of STEM-related and aerospace education programs. For more information, www.FlySnF.org.

About Aerospace Center for Excellence, Inc.:
The Aerospace Center for Excellence (ACE), a 501(c)(3) non-profit, has emerged as a nationally recognized leader in STEM-related and aerospace education through its various learning centers, outreach programs, summer camps and scholarships aimed at preparing students for tomorrow’s aerospace challenges. Located on the SUN ‘n FUN Expo Campus in Lakeland, Florida, the organization is known for its annual SUN ‘n FUN Aerospace Expo fundraising event as well as the Florida Air Museum, which is Florida’s Official Aviation Museum and Education Center. ACE is the world’s leader in producing licensed teenage private pilots and delivers youth programs that engage over 50,000 students a year. For more information, www.ACEedu.aero.

Greg Gibson
Chief Marketing Officer / Airshow Director
Aerospace Center for Excellence
Home of the SUN ‘n FUN Aerospace Expo
info@flysnf.org

Time to buy an airplane?

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Buy an airplane?

If you are thinking you might buy an airplane, this may be a good time to get serious. Besides the fact that spring always seems to bring out more buyers it also seems like the market is “right” for buying an airplane. By “right” it appears that in today’s economy you can buy some airplane models and probably be able maintain their value or even make a few bucks over the next couple of years. I’m not saying buy new, but good used  popular models.

Anyway, I have been involved in the aviation market for a number of years. I can remember when buying an aircraft (especially a Cessna 172 or Cherokee Archer etc.) was almost a guarantee to make money. Used airplane prices were always going up.  Of course, there were years of high gas prices or high interest rates which had major impact on prices. And then the crash in the in the 2006 – 2007 area where prices went lower than 1995…

But, recently it looks good again.  I was researching aircraft prices for a recent Cessna Owners and Piper Owners Magazines article where I was discussing how to value your aircraft.  Personally, I like to use VREF as a pricing guide and included a recent graph in my story of the light single engine market prices.  See the graph below.

Take a look at the 3rd quarter of 2016. The single engine market started an uphill run and doesn’t look like it will slow down. It looks like if the economy keeps up the momentum, maybe we can get back to the peak prices we had back in 2000 – 2001.

buy an airplane

Of course don’t forget to get an insurance quote from SkySmith for the airplane you are thinking about buying! Click here to get a quote!