Insurance policies can be frustrating at the best of times, and when you first start looking for aviation insurance, the process can seem daunting. A new world of liability issues and who is at fault problems begins. The best way to go about finding your new policy is to be prepared for what you are going to find. Here are some tips to help you navigate through the messy world of aviation insurance.
1. Aviation insurance is based on an “agreed value” of the plane you are trying to insure. Therefore, before you start signing papers make sure that you know what your plane is worth.
2. Luckily for you, in today’s day and age, there has never been a larger market for aviation insurance. You should spend a little bit of time researching the competing companies to find the right fit for you.
3. Aviation insurance isn’t something that you can just find at your normal insurance companies, and once you do find the right company, the next step is to research the different brokers and find someone who you trust to get you the best deal.
4. Some of the insurance providers you find are brand new start-ups, but in picking something as important as an aviation policy longevity is a bit more important. A company or broker that has been around for 10 years is more likely to have the leverage to get you the best rates and coverage.
5. You should also know who is going to be flying the plane, and the general amount of passengers. These bits of knowledge can help you find the right policy for all kinds of different situations you find.
6. You should also look for a broker that has knowledge and connections with different claims specialists. This can help a claim from getting stuck in a lengthy battle. A broker who knows his market is the broker for you.
7. Be upfront with your demands. Let your broker know what exactly what it is that you are looking for and what you are expecting from them. Honesty goes a long way in finding the right broker for you
8. In today’s legal happy age, it is also important that you know what type of insurance is required by state and federal law to have. It can save you legal trouble in the future, and help you find the perfect plan now.
9. You wouldn’t go without home insurance. Do the same for your plane. Find a broker that offers hangar coverage. It can keep your plane safe even when you’re not up in the air.
Finding the right insurance can be a headache if you aren’t prepared, and hopefully these tips will be able to make the more of a hassle-free decision. If you take the time to do your research, and know the insurance market you will be up in the air in no time without a care in the world.