Lloyd’s of London wrote the first-ever aviation insurance policy in 1911. By 1912, the company stopped writing aviation policies due to steep losses suffered from crashes by several of its policy-holders. Today, general aviation pilots face a similar situation: There were once a great many companies providing aviation insurance, but that number has dwindled in recent years as the economic payoff of underwriting GA insurance has become less attractive.
When looking for the best aviation insurance deal, you can contact the underwriters themselves or call a broker, but understand that a smaller number of insurers generally means you’ll pay higher premiums. The thing to keep in mind when shopping for the best rate, according to Falcon Insurance, one of the country’s largest aviation brokers, is that computers and not humans almost always make the call when it comes to deciding what you will pay.
