Ultimate Issue: Staying Insured Encompasses Training, Loyalty, and Downsizing

Some guidance from those who approve the aircraft policies and pay the claims.

Friday, July 26, 2024 at 08:55 AM ET

Verified

Edited By:

Before making a deal on any turbine aircraft, have a real talk with your insurance broker on the realities of getting the coverage you need, training requirements, and the ability to stay insured as you age. [Courtesy: Textron Aviation]

Key Takeaways:

Navigating a hardened aircraft insurance market requires pilots to focus on three key elements: consistent training and proficiency, demonstrating long-term loyalty to an insurer, and considering downsizing to simpler aircraft, especially for older pilots.
Insurers closely evaluate pilot age, experience in type, and accident history, with older pilots and those transitioning to complex aircraft (e.g., turbines, tailwheels) facing significant challenges and higher premiums.
Aircraft factors such as age, custom modifications (requiring proof of equipage), parts availability, and inherent complexity (e.g., experimental, seaplanes) are major drivers of increased insurance costs and can impact insurability.

See a mistake? Contact us.

There are three key elements for surviving a hardened aircraft insurance market—training, loyalty, and downsizing.

It’s no secret that pilots of complex and high-end aircraft have been dealing with the trend of higher rates and even non renewed policies, especially older pilots and those with limited experience in type. But that doesn’t necessarily mean you have to sunset your flying career once you reach 70—the point in life where underwriters consider you a “senior” pilot. Moreover, with a savvy approach, some compromises and hard training requirements, insurance can be available for younger and green pilots stepping into tailwheels and turbines.