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 faced unexpected challenges during the first insurance renewal for their aircraft, "Annie," despite a year of incident-free ownership and nearly 100 flight hours.
After an initial high quote, the insurer ultimately reduced the aircraft's hull value by 26 percent for the renewal period.
This significant reduction in hull value deeply frustrated the author, as it starkly contrasts with the current soaring market prices for used aircraft.
The author discovered that this issue, particularly for "orphan" aircraft, is a common frustration among other owners, with little relief found when shopping around for alternative insurance.

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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.