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.
The full report can be found 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 customers with a sense of security for the added liability risk that flying an aircraft entails. Individuals can also buy hull coverage, which protects their 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 the buyer’s profile, history of flying, and the specific model of airplane being considered.
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 individuals to insure any aircraft for the cost of its replacement and details the cost breakdown, necessary and 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 system 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.”
More information can be found at https://bwifly.com/blog/the-5-best-airplane-insurance-tips-for-new-owners
BWI Aviation Insurance
BWI Aviation Insurance
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.