Private Airplane Insurance Buyers Guide
I am buying an aircraft. What are some of my risk exposures I can cover with private airplane insurance?
Bodily Injury
Most airplane insurance policies will cover bodily injury to passengers and people on the ground. Airplanes come with risk. Injuring a passenger or person can open airplane buyers to legal liability exposure. Airplane owners can be held liable for injuring a person or passenger. Airplane liability insurance can help pay for some or all this legal exposure.
Property Damage
Everything at airports is expensive. Taxi into another airplane and you may be liable for damaging the other airplane. Airplane property damage insurance could help pay for damage to another airplane or other property.
Aircraft Hull
Airplanes are expensive. Hull insurance for the airplane you are buying can help pay for damage to your insured aircraft or for the total loss of the aircraft. Most airplane insurance policies state the hull value of the aircraft on your policy. Make sure the hull value on your policy is acceptable and reflects the value of your airplane.
Premises Liability
Many private aircraft insurance policies include Premises Liability. Private airplane premises liability can help pay for bodily injuries to people around your airplane.
How much does private airplane insurance cost?
Airplane Hull Insurance Cost
Private airplane insurance costs are partly determined by a percentage of the value of the airplane. In some cases, Private airplane insurance will cost 1% of the value of the aircraft for the hull portion of the insurance. So a $500,000 airplane will cost $5,000. Airplane hull insurance cost will depend on the make and model of aircraft, pilot flying the aircraft, use of the aircraft, and other factors.
Airplane Liability Insurance
Private airplane insurance costs are partly determined by the liability exposure. A small light aircraft flown by a good pilot includes limited liability exposure. Airplane liability insurance for a small single engine airplane with a good pilot may cost around $500.
Private airplane total annual cost
A small single engine airplane valued at $500,000 may cost $5,500 total annual premium when including hull insurance and liability insurance.
Total annual premium for light single engine airplane insurance.
$500,000 hull plus $1,000,000 liability could cost $5,500+ total annual insurance cost.
Total annual premium for piston twin engine airplane insurance.
A $500,000 piston twin engine airplane plus $1,000,000 liability could cost $8,000+ total annual insurance cost.
Total annual premium for turboprop airplane insurance.
A $1,000,000 turboprop airplane plus $1,000,000 liability could cost $10,000+ total annual insurance cost.
Total annual premium for private jet insurance.
A $3,000,000 jet airplane plus $1,000,000 liability could cost $18,000+ total annual insurance cost.
How can I reduce my airplane insurance cost?
The best way to reduce your airplane insurance cost is to have the pilot fly more, train, and build more ratings. Airplane insurance for a Student pilot or inexperienced pilot can cost twice as much or more than twice the cost of an experienced IFR rated pilot.
How do I buy airplane insurance?
Apply online - Buy airplane insurance - or call us 314-963-9080.
Why use Travers Aviation Insurance?
It is important to work with an aviation insurance specialist. Our airplane insurance brokers speak two languages - Insurance AND Pilot. We place 10,000+ airplane insurance policies annually with the top-rated aviation insurance companies quickly and professionally. We work with all the major aviation insurance companies in the industry. All day. Every day. Since 1950.
