New Year, Fresh Look
At the start of a new year do you typically make resolutions and to do lists? Many of us set out to accomplish things like – review finances, get healthier, exercise. For pilots, perhaps we add annual maintenance on the aircraft, safety courses, and of course, fly more! Another important mission we should include on the list – an Annual Aircraft Insurance Review.
Aircraft insurance rates, as you know, have been rising the past few years. It’s even more important than ever to start your insurance renewal or shopping process early. The economy and aviation insurance market are changing, and underwriters are taking a close look at each policy.
With the changes in the insurance market, it can be critical that you don’t wait until the last minute to renew your policy. When you start early, your insurance broker can shop the insurance market and find the best policy to suit your needs. Additionally, it’s essential you don’t just “price shop”. To be confident you are comparing “apples” to “apples”, it’s important to enlist the aid of a trained insurance professional to review the policy with you. This ensures your knowledge of insurance terms and vocabulary for a healthy understanding of your aviation insurance policy.
Do you know the difference between these aircraft liability limits?
- Per Person vs Per Passenger limit
- Smooth limit vs Sub-Limit
Check the liability limits on your policy to understand your aviation insurance coverage before your next takeoff. And with aircraft values on the rise, we also encourage you review and update this each year at renewal time.
If you have questions about your policy, AssuredPartners Aerospace, AOPA’s partner for Aircraft Insurance can help guide you through the insurance process. Call (800) 622-2672 today to speak with one of our experts or visit www.ap-aerospace.com today to learn more. We look forward to serving all your aviation insurance needs.
