How to Go About Insuring Your New Airplane

Adopt a strategy that ensures smooth skies in your recently acquired bird.

David Hampson

Thursday, May 01, 2025 at 08:00 AM ET

Verified

Edited By:

Ryan Ewing

With proper planning and a little time, getting insurance coverage for your airplane doesn't have to be stressful. [Adobe Stock]

Key Takeaways:

Engage a professional aviation insurance broker early in the aircraft buying process, sharing details about your experience and intended use, to obtain accurate quotes and avoid unexpected costs.
Obtain firm insurance quotes once you've narrowed down aircraft candidates, paying close attention to pilot warranty and training requirements, which are legally binding.
Ensure all policy details, such as the named insured, lienholders, and addresses, are correct before binding coverage to prevent future complications.

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The uncomfortable silence on the other end of the line was enough to tell me that I had just squashed all the joy and excitement from this soon-to-be turbine pilot by sharing the $60,000 quote we obtained for his new turboprop purchase. “But the sales rep told me the premium would only be $30,000-$35,000,” he finally retorted. Famous last words…

That premium may have been accurate for a well-qualified professional pilot flying this aircraft in a corporate environment but not in these circumstances. This client, while a respectable private pilot with nearly 1,000 hours and instrument rated, lacked retractable gear time and was transitioning from a single-engine piston. Compounding the issue, he was only two weeks away from closing when he sought an insurance quote, leading to a premium double his expectations.