Insuring Your Ideal Aircraft: Bracing for the Ups and Downs

Last year’s hull value means little at renewal time.

Jonathan Welsh

Monday, December 04, 2023 at 11:32 PM ET

Verified

Having renewed my insurance, I can focus on enjoying my aircraft. [Credit: Jonathan Welsh]

Key Takeaways:

The author experienced significant frustration during their first aircraft insurance renewal, particularly due to a 26 percent reduction in the hull value of their plane, "Annie."
This reduced valuation clashed starkly with the currently soaring used aircraft market, making the insurance figure seem significantly out of touch with actual prices.
Despite the unfair valuation and owning an "orphan" aircraft, the author found no better alternatives through other brokers, leading to a reluctant acceptance of the current insurer's terms.

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Time certainly flies. It feels like we just moved Annie, our Commander 114B, into her new hangar, but in fact we are commemorating our first year of aircraft ownership. While recalling interesting destinations, challenging flights, and beautiful scenery brings us great joy, not every detail about hitting the 12-month mark warrants celebration.

Yes, I am talking about insurance renewal.