What Information Is Needed to Obtain an Accurate Aviation Insurance Quote?
We believe that preparation can be a major key to success, and this applies specifically to the process of applying for an aviation insurance quote. Many of the questions on this list are very obvious, but there are others you might not think of until you are completing the form. They take a little bit of digging, so it always helps the process by having all of your necessary information handy when you start. Here’s a cheat sheet to help you prepare for your next aviation insurance application:
- Named of Insured: This can be a personal name, or it may be a company or LLC. This is determined by the ownership of the aircraft.
- Obviously, you’ll need the year, make, and model of the subject aircraft, but also be sure to have an accurate dollar amount for the hull coverage that you want. This should correspond with the value of the aircraft.
- Tail number.
- The number of seats in the aircraft.
- The airport where the aircraft will be based.
- What is the aircraft being used for? Be ready to go into detail on this subject, as the more information the insurance broker has, the better he can represent you to the carriers. Part 91, part 135, Instruction/Rental, personal/business use? It all makes an impact on the quotes and coverages that you receive.
- Pilot Information: This is another subject that should be as detailed as possible. It’s not always just about total hours; more specifically, it’s about the number of hours in the subject make and model along with the number of hours in tail wheel, retractable gear, multi-engine, rotor wing, etc., or any other experience that may apply to the subject aircraft. With training becoming such an important factor, always include any recent training or instruction that you may have.
- A subject that we are starting to get more questions on is a company-owned aircraft and its relation to the owner(s) and/or business of the owner(s). What does the company do, and who owns the company? Is the aircraft owner-flown, or do they utilize pro-pilots?
- What is the percentage of use for business vs. personal? What territories are needed? For example, is it solely a domestic aircraft, or will it be flown internationally?
- Estimated hours that will be flown in the next 12 months.
- Average passenger load and who the passengers are. This could be family members, customers, or employees of the company.
This may seem like a lot of information and maybe a little intrusive. But we can tell you from experience that the more information we have that helps us and the carriers have a comprehensive understanding of the operation, the better options we can offer. The time spent providing this information very well may save significant premium dollars.