Airplane Insurance Trend Could Be Bad for Us All

Airplane insurance may be a first world problem, but it could end up signaling a bad trend for us all.

Friday, January 05, 2024 at 05:53 PM ET

Verified

The latest trend in airplane insurance, although admittedly a first world problem, doesn't look promising for GA pilots.

Key Takeaways:

The article identifies aircraft insurance as the most significant and restrictive hurdle for general aviation pilots, surpassing even government regulations.
The current insurance brokerage system is heavily criticized for its opacity, lack of direct interaction between pilots and underwriters, and the perception of unjustified, annually rising premiums.
Despite its flaws, the author emphasizes that aircraft insurance remains an indispensable protection against significant financial liabilities for owners and advocates for industry-wide reform to allow direct pilot-underwriter communication to foster transparency and potentially lower premiums based on individual risk.

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My dearest fellow pilot,

Don’t you hate it when your backup camera is fogged up in the morning so you have to actually look in your mirrors to see what’s behind you like some kind of “depression era” truck driver? Or when the headlights of the truck behind you hurt your eyes when you’re in your Lotus GT? Yeah, me too. First world problems, eh? Why, just this morning it took me forever to find the end of the Scotch tape roll.