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New Year, Fresh Look

01/29/2024 Written by: AP Aerospace

When you make your New Year Resolution checklist, do you include a review of your insurance?

Do you typically make resolutions and to-do lists at the start of a new year? Many of us set out to accomplish things like reviewing finances, getting healthier, and exercising. For pilots, perhaps we add annual maintenance on the aircraft, safety courses, and, of course, fly more! Another important mission we should include is an Annual Aircraft Insurance Review.

Aircraft insurance rates, as you know, have been rising the past few years. It's even more important than ever to start your insurance renewal or shopping process early. The economy and aviation insurance market are changing, and underwriters are taking a close look at each policy.

With the changes in the insurance market, it can be critical that you don't wait until the last minute to renew your policy. When you start early, your insurance broker can shop the insurance market and find the best policy to suit your needs. Additionally, it's essential you don't just "price shop."

To be confident you are comparing "apples" to "apples," it's important to enlist the aid of a trained insurance professional to review the policy with you. This ensures your knowledge of insurance terms and vocabulary for a healthy understanding of your aviation insurance policy.

Do you know the difference between these aircraft liability limits?

  • Per Person vs Per Passenger limit
  • Smooth limit vs Sub-Limit

Check the liability limits on your policy to understand your aviation insurance coverage before your next takeoff. Check out our How Much Liability Coverage is Enough blog for more. 

With aircraft values on the rise, we also encourage you to check out our blog, The Impact of Not Choosing a Proper Insured Value for your Aircraft.

If you need help understanding your policy or would just like a review or FREE no-obligation quote, please contact us. We are standing by to help you get the right coverage to meet your needs and budget.

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