The majority of general aviation pilots across the country are renters and fly sporadically throughout the year. Most companies who rent aircraft require renter’s insurance, paid for by pilots, before they can take off.
Aircraft renters insurance has always run on a monthly or yearly basis, until now.
SkyWatch, an InsurTech company for aviation, announced Tuesday that it has launched a usage-based aircraft insurance model that allows light aircraft pilots to have coverage on a yearly, monthly, weekly, or daily basis.
The new insurance product will be produced in collaboration with Global Aerospace Inc., one of the largest aviation insurance and risk management companies.
“We are excited to partner with SkyWatch to provide an industry-first offering,” Jeff Bruno, President and Chief Underwriting Officer of Global Aerospace said.
“The decision to build an easy-to-use, technology-based platform to provide pilots of rented or borrowed aircraft with flexible and affordable usage-based coverage options aligns with our commitment to drive innovation and simplify the process of buying insurance,” he said.
“Together with Global Aerospace, we’re providing pilots with flexibility and freedom through this usage-based insurance product,” said Tomer Kashi, CEO and Co-Founder of SkyWatch.
How it Works
SkyWatch is the first to offer a renter insurance product with all lengths of plans. The goal is to allow pilots to pay for insurance only when they are in the sky. Pilots can get coverage in as little as 90 seconds and for costs as low as $5 a day.
SkyWatch offers both personal renters and CFI + personal renters insurance. There are coverage plans that can be applied to both single and multi-engine aircraft. The pilot only needs to submit a few details on SkyWatch’s website before they’re covered.
“SkyWatch is committed to providing the best value to all aviators and leveraging data is key to offering flexible and cost-effective insurance options. The difference we make for aviators inspires us to keep innovating on all fronts.” Kashi said.