Saving money on aircraft insurance can greatly reduce the total costs of owning a plane. However, it is important to make sure that you save money in the right ways so that you do not fall short on coverage if you need it. The following tips can help you to get the most bang for your buck when it comes to your aviation insurance.
Select the Right Insurance Agent
The right insurance agent will tell you exactly what you need to do to save the most money and will be a valuable source of guidance when you are selecting your policy. Your insurance agent may also notify you when there are training classes and find other ways to continually help you to get the best deals. The right insurance agent will feel like a “friend on the inside” and will provide excellent service.
Carefully Consider Your Needs
Many pilots make the mistake of getting a policy that has much more coverage than they need or a policy that is not enough to cover them if the most basic issues occur. Speaking with a knowledgeable professional can help you to assess your current policy and make changes if needed. You may be able to lower certain areas, such as bodily injury or hull insurance.
Regularly Update Training
Regularly participating in training courses can save you a substantial amount on your aviation insurance. The classes will cost money, but will also help you to refresh your skills and knowledge so that you continue to stay safe. Be sure to notify your insurance agent every time that you take training courses so that you receive the maximum discount possible.
Park in a Hangar
Parking in a hangar may qualify you for certain discounts on aircraft insurance. Your plane is less likely to be exposed to elements and events that cause damage when it is kept in a hangar, so it makes sense that insurance companies would encourage this. You may be able to find deals on hangars that make the insurance benefits outweigh the hangar costs. You may also find that keeping the plane in a hangar decreases maintenance costs.
Be Careful with Your Plane
The most effective way to save money on your aircraft insurance is to have a clean record with the same company for a long time. Avoiding accidents and being careful when flying may not only prevent large accidents, it may also prevent smaller nicks and damages that may put marks on your record. Log your flight hours to make sure that you can give your agent as much detail as possible to save yourself as much money as possible.
To find out if we can help you save money on your aircraft insurance, give us a call at 800-780-9201 today!