Aviation insurance covers a range of situations for aircraft and pilots, but laws are less defined than auto insurance. Coverage and cost vary by vessel type and policy, and pilots should seek advice from brokers. Owners and renters should consider overall cost, deductible, and coverage details. Hangar insurance may be necessary for theft concerns.
Aviation insurance is insurance specifically designed to meet the needs of aviators. There are several different types available for a variety of aircraft and pilots. Aviation insurance laws tend to be less clearly defined than auto insurance laws, which can make choosing the right policy and carrier difficult. Pilots unfamiliar with the ins and outs of the industry may want to consider seeking advice from an insurance broker or experienced pilot.
As with insurance for other types of vehicles, there are a number of levels of coverage in aviation insurance policies, including liability coverage for policyholder-at-fault accidents, theft, and loss , life insurance and insurance for other types of insurance. situations, such as loss of charge. The more services requested in a policy, the more expensive it will be. Coverage also varies depending on the type of vessel: helicopters, sport planes, commercial aircraft, etc., are covered differently.
People who own and operate their own planes generally buy aviation insurance so that they are covered in a wide variety of situations, and so that their planes are replaced if they are damaged, lost or stolen. Owners may also cover insurance on aircraft they rent, lease, or hire pilots to fly, in which case the individual pilot may need additional insurance to be fully covered in the event of an incident.
People who rent or lease aircraft usually get aviation insurance that will cover them in case something happens to the aircraft while it is under their control. This insurance replaces the aircraft or pays for repairs and covers liability issues, such as injuries to people who were on the aircraft at the time of the accident. Many rental and leasing agencies request proof of insurance before delivering aircraft to pilots, or require pilots to purchase additional temporary coverage for specialty aircraft.
When buying aviation insurance, people should think about the overall cost of the policy and the cost of the deductible. They should also make sure they understand what is covered and under what circumstances. For example, many policies exclude damage that occurs in the hangar, requiring a hangar insurance rider for people who are concerned about theft of the aircraft or its equipment while it is in storage. Similarly, a pilot may be covered by insurance, but her family may not be part of the insurance policy unless otherwise specified.
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