Even if you’re comfortable flying your own plane, you know that others just think you’re lofting a steel coffin into the ether. So you may as well give everyone some peace of mind! BWI Aviation Insurance (800-296-8595), has a new report for you and your loved ones, so just read it.
You hear it from all sides: "Hey, remember JFK Jr? He thought it was fine until he encountered fog." Or "I was a boy when Thurmon Munson crashed. Cried myself to sleep." Finally: "Who was that golfer? The ghost plane.....Oh, forget it!" Never mind the statistics; people worry. And they have stories. So part of your job is sorting your plane insurance as quickly as possible.
The nationwide company has released the new guide precisely because insurance concerns, which are especially complex in aviation, are typically given scant consideration until after a purchase has been finalized.
Check out the full report at https://bwifly.com/blog/the-5-best-airplane-insurance-tips-for-new-owners
BWI’s new guide stipulates that maintaining a full-year aviation insurance coverage will provide you with a sense of security for the added liability risk that flying an aircraft entails. You can also buy hull coverage, which protects your investment if the plane is damaged.
While 2020 saw a dip in private aircraft purchases, the continuation of the pandemic and pent-up demand have led to a sharp spike in orders in 2021 for both used and new aircraft. For example, one analyst group estimates that business jet take-offs and landings have risen by over a third and that private jet traffic in the U.S. has not been as high for 15 years.
In the guide, BWI Aviation Insurance recommends that buyers find an insurance broker as soon as they have narrowed down the make and model of the aircraft they intend to purchase. Insurance training requirements vary widely according to the type of plane a policy is being written for. A qualified, experienced aviation insurance broker can make a recommendation based on your profile, history of flying, and the specific model of airplane you are considering.
Additionally, the report discusses both liability coverage - for injury and also legal matters - and hull coverage, which insures physical damage to the aircraft itself. BWI advises you to insure any aircraft for the cost of its replacement and details the cost breakdown, necessary/optional paperwork, and payment protocols.
BWI is a family-owned, nationwide insurance brokerage that has served the aviation insurance industry - from gliders to helicopters to multi-engine turbine aircraft - for over 40 years. The company pioneered the Robinson Helicopter program and developed the country’s first, and to this day most successful, Cessna 180/185 insurance program. Today, the firm’s extensive portfolio and state-of-the-art systems upgrades enable it to provide customers with competitive rates and unmatched levels of customer service.
"People tend to get ahead of their skis when buying a plane," said a BWI spokesperson. "Buying a plane is very exciting but people sometimes get sticker shock after the fact if they chose one model over another. That’s why we wrote this report - to encourage people to address this part of the equation upfront."
It makes sense. You're conditioned by your car buying experience, where insurance really is an afterthought. But planes are a whole different matter. And the last thing you want is a nasty surprise to spoil your gift to yourself!
Go to https://bwifly.com/blog/the-5-best-airplane-insurance-tips-for-new-owners and see what you can do to make sure you get the best coverage at the best rates possible! You will make everyone in your life just a little bit happier.
