If your job or hobbies have put you in the cockpit, the right aircraft insurance gives you and your passengers the protection you need. Even if your state or federal government doesn’t require airplane insurance, a basic policy can protect you and your plane from the financial consequences of aviation accidents or other types of damage. This includes damage caused by weather, vandalism, or property damage, as well as any damage or accidents that may happen while you’re in the air or on the ground.
At the very least, a good aircraft insurance policy will cover basic liability, and you’ll be able to tailor it to your needs, budget, and any special circumstances or coverage needs (e.g., flights to Alaska, vintage planes, instructional needs). Read on to find out which insurance company may be best for you if you own an aeroplane.
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The Best Insurance for an Airplane in 2022
- Best Overall: BWI Fly
- Best for Veterans: USAA
- Wings are the best for commercial flights.
- AssuredPartners is the best one for renters. Aerospace
- EAA has the best insurance for old planes.
- Avemco is the best for flying clubs.
Final Verdict
Like home insurance, there is no one-size-fits-all policy for aircraft insurance. The best provider for you is the one that meets your needs the best. Some companies, like BWI Fly, offer various coverage options to meet the needs of a wide range of policyholders. Others, like EAA, may be better at covering specific things, like old airplanes.
Going straight to the source is the best way to find the right provider. Visit the provider’s website, get a quote, and get in touch with their customer service team or agents. If you do this, you can compare prices, coverage, and how customer service.
What does insurance for an aeroplane cover?
Aircraft insurance is a broad term for policies that cover single-engine planes, multi-engine planes, seaplanes, jets, drones, homebuilt planes, and more. Aircraft insurance policies can cover both personal and business planes, as well as things like airports and hangars that are used with planes. Even though policies vary, most aircraft insurance companies offer public liability, passenger liability insurance, ground risk hull insurance, and insurance while the plane is in flight.
Do You Need Insurance for Your Plane?
Even though neither the federal government nor the states require aircraft insurance, you should have it if you own an aeroplane. You’ll need insurance for your plane that covers it in the air, on the ground, and even in the hangar. If you want to take people with you, you’ll need insurance covering them.
How much insurance do I need for my plane?
There are no state or federal requirements for aircraft insurance like there are for home or car insurance. However, it’s a good idea to have enough coverage to cover the cost of your aircraft and any costs that come up because of an accident.
This includes damage to property, people getting hurt, and damage to the plane.
Since there are no specific rules, it’s also a good idea to consider your budget and the insurance needs of fixed base operators (FBO) as you choose coverage. A provider of aircraft insurance with a lot of experience can also help you figure out what you need.
How much does insurance for a private plane cost?
Insurance premiums for private planes can cost anywhere from under $100 a year to hundreds or even thousands of dollars. Your rate will depend on several things, such as the type of aircraft you want to insure, how you plan to use it, how many passengers it can hold (if any), your flight history (or the flight history of anyone else on the policy), and the type of coverage you choose, including limits and deductibles.
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