How to Cut the Cost of Your Aircraft Insurance?
Your aircraft's insurance premium may be determined by multiple factors such as your aircraft's value, what you use it for, who you permit to use it and the level / type of cover you choose.
The insurer you opt for will also impact your premium. Different companies use different rates and offer varying levels of flexibility. How they operate, be it online, over the phone, or in person, will also influence their pricing.
The good news is there are a few simple steps you could consider to help reduce your premium:
| Steps | Overview |
|---|---|
| Chose the right pilot cover | If your policy currently allows multiple pilots to fly under an “Open Pilot” option, you might be able to save money by switching to a “Named Pilot” basis. This means only specified pilots are covered, but it’s often a more affordable option. |
| Update pilot hours frequently | Your insurance premium is heavily influenced by the total flying hours and hours on model of your pilots. Make sure to update all pilot hours at least once a year, or more often if they’ve logged significantly increase hours within the year. |
| Remove pilots who no longer fly | The number of named pilots can affect your premium, so consider removing anyone who no longer flies, especially less experienced pilots who may otherwise increase the cost. You don’t have to wait until renewal, so you could start saving straight away. |
| Select a higher excess | An excess is the amount you pay if you make a claim. Choosing a higher excess can lower your premium, so look for an insurer that lets you set a level that works for you. |
| Only choose cover you actually need | If your insurer offers flexible cover options (e.g. personal accident, spares & equipment etc), take a moment to think about what options you really need and choose accordingly. |
| Add higher cost use options only as you need them | If you’re not planning to offer student instruction, rent out your aircraft, or carry out other higher-risk activities right away, you can leave these options off your policy initially, then add them later when needed, so you don't pay for cover you don’t need. |
| Update your cover promptly when things change | If your risk level drops, like when a less experienced pilot leaves your group, let your insurer know straight away. You don’t have to wait for renewal, and it could lower your premium. |
| Look out for hidden fees | Some insurers may charge extra for making changes to your policy or for paying by instalments, so it’s worth keeping this in mind when choosing a provider. |
Taking a little time to choose the right cover, pick a provider that can adapt to your changing needs, and actively manage your policy throughout the year can all help reduce the cost of your aircraft insurance.
How Can Visicover Help Cut The Cost Of Your Aircraft Insurance?
Visicover offers several features designed to help you reduce your insurance costs:
- Customisable cover so you can tailor your insurance to your needs
- Extensive discounts, including for experienced pilots or higher excesses
- Flexible payment over up to nine months at no extra cost
- Online policy management, allowing you to update cover any time as your needs change, usually with no admin fee.
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Author: Bob Bevan
Bob is an insurance expert with over 40 years of industry experience and over 10 years in aviation insurance. He co-founded Visicover and led the development of its award-winning online aircraft insurance product.
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