Nowadays people use planes and helicopters for business needs or just to entertain. Insurance policy is necessary in both cases.
They say, Angelina Jolie has an aircraft and likes to fly from time to time when she has a rest between her star roles. The plane of a world known star is quite costly, but other kinds of aircraft are affordable to many people nowadays. That’s why aircraft insurance is in great demand. Nowadays people use planes and helicopters for business needs or just to entertain. Insurance policy is necessary in both cases.
Aircraft Insurance for Entertainment Purposes
The aircrafts that weigh less than 495 kg are considered as light kind of transportation. They are used for entertainment mostly, but very often they are quite expensive.
Bill has bought a gilder for his thirtieth birthday. He had dreamed about it for ages and trained at a local sport club. Now he is the happy owner of his own light kind of aircraft, but he is curious, where he can insure it.
If you, like Bill, have bought a gilder or plan to do it, you should find the proper insurance broker in advance. Gilder as any other kind of transportation may cause an accident. Accidents in the sky happen not so often like in the road, but they are much more tragic. To be sure, that you can compensate the third party the loss, you should insure your gilder.
Many stars have their own helicopters and airplanes. An average American is not so rich to get the plane himself, but many fellows nowadays renter light planes and helicopters. They train to fly or take part in some air shows and then get the transport back to its owner. Very often they get the aircraft just for a couple of hours and think that to buy the policy for such a short period of time is not necessary.
Jeff, for example, tells that he takes the plane for air show from his rich friend. The plane is insured, so he doesn’t need to get the policy.
Jeff is not right! Aircraft renters insurance usually presumes the coverage for damaged plane, but it doesn’t cover the medical care for the pilot and the damage to the third party. To make airplane insurance cost less, it is possible to get the policy just for several hours. Many aircraft insurance providers offer this option. If you fly often, you should get aircraft renter insurance for a year. It usually cost $175 and provides medical coverage, third party liability and aircraft damage.
Aircraft Insurance for Business
The accident in the open air is always dangerous for those, who are on the board of the plane and for those, who stay below. If your business is connected with flights, it is necessary to be especially careful as one accident with your aircraft is enough to ruin your reputation. That’s why the companies, who own planes and helicopters, need to choose the insurance broker carefully. Here are the tips for you that will help to choose the insurer.
- Not every insurance company has a right to provide their clients for aircraft insurance. Before you make a deal, ask your insurer to show the license that allows this very company to make insurance deals with the owners of aircraft.
- As a rule, aircraft insurance is offered by big insurance companies. Their rates are quite high, but they guarantee you the coverage in case your plane falls down or will be vandalized. Even if your local insurance agent swears, they will sell you the policy for lower rates, it is better to prefer the major company. They have much more experience in the area of aircraft insurance.
- While choosing the company to ensure your gilder or light plane, check their paying statistics. Do they have any clients that were covered in case of damage or loss of their aircraft? Make sure, that the solvency of your company is high enough. Planes are expensive to repair, so if the insurer is poor, it won’t help you.
- There are various kinds of insurance plans for aircraft owners. If your insurance agent is knowledgeable, he will assist you at every step of your deal and will help to sign the profitable contract.
- And the last tip. Don’t be too miserly, when you insure your aircraft. Really, the rates for aircraft insurance are high enough. But if you own a plane, then you are not a poor person. Unfortunately, accidents happen and sometimes planes fall down. In this case it is better to be insured. Some people joke, that after the airplane crash they will watch for the mess on earth from above and that’s why they shouldn’t worry. But in any case you leave you children, a spouse and parents. Do they deserve for some compensation? Not long ago, on the 31st of October, 2015 passenger plane A321 of the company “Kogalymavia” was crashed. It was insured for $20 million. Nobody could presume that it would fall down, but now the relatives can at least demand for compensation of more than $30, 000. Does it make sense to insure the plane?
It is a pity to say, but very often aircraft becomes completely ruined in a crash and it is impossible to repair. What to do in this case? You should care about it in advance and get aircraft insurance salvage.
Salvage coverage presumes complete compensation of the price of the damaged plane in case it was completely ruined or lost and it can’t be repaired.
This option should be included in your insurance policy in advance. It is highly recommended to do it, as it happens quite often, when the aircraft can’t be repaired after the crash.
Aircraft insurance salvage is also necessary in case if you glider was stolen or vandalized. Glider is not so hard, so it is possible to steal it. For example, some people keep their gliders in summer cottages. They like to fly over the sea surface during summer months, but in autumn they come back home and leave the glider in the garage. When they come back in late spring, they understand, that were robbed. Sometimes the glider can be vandalized by the neighbors, who envy you. Salvage insurance for gliders and airplanes will be in great demand in such situation.
Nowadays, when almost everyone owns a car, we dream for something bigger. We want to make sky available! The prices for light planes become more and more affordable from year to year. Who knows, may be in several years major part of Americans will own a small plane or helicopter.
It is always interesting to try something new, but it is dangerous as well. To protect yourself, to protect your aircraft and to protect the other people – the modern aircraft insurance companies are targeted for these.
Protect yourself and you are welcomed to the open sky!