Are you looking for Airplane Insurance?

 Three main types of Airplane Insurance are :

*Airplane Insurance to Cover your plane-

An airplane like your automobile requires insurance coverage. Airplane insurance is in place to cover expenses that might occur as a result an accident involving your aircraft. Although similar to auto insurance, it is geared to the needs of airplane owners.Airplanes are complex and expensive machinery.  Prior to purchasing insurance, you should determine the value of your aircraft so you can obtain the maximum insurance coverage. Consider liability, hull and medical coverage these are must have for your insurance needs.

Buy Hull insurance coverage because it covers the physical damage to the aircraft. Therefore, it should be based on the market value of the airplane. The coverage should be sufficient to replace the airplane in the event of an accident.

Not only do you have to protect the airplane, you have to purchase liability insurance coverage for property damage as well as bodily injury to other people. You might think that this type of coverage is included in your hull plan, but it is not part of the standard plan.You will have to add this type coverage to your current plan. Additionally, this type of coverage has several prerequisites in place if you want to increase your coverage such as increase instrument rating over 500 hours. If these prerequisites are not met, the liability amounts are set at $1,000,000 per occurrence and liability of $100,000 per individual.

Medical insurance payment is an integral part of your aviation coverage. The main purpose of this type of coverage is paying for emergency medical services. It coordinates with your medical insurance provider, and pay deductibles and co-pays that are your out-of-pocket expense. This type of coverage is not limited to the pilot because it covers your passenger as well. The starting point for this coverage is $10,000, but for an additional fee and additional stipulation by your insurance carrier can be increased.When shopping for aviation insurance, inquire about discounts. The market offers discount for various reason such as a good flying record, advanced FAA training just to name a few.

*Insurance to Cover yourself as a Pilot -

A Pilot Centered Insurance Provider -When looking for pilot insurance, it is important to choose a company that understands pilots and their unique needs. By choosing a specialized aircraft Insurance company, you get a plan tailored to your specific piloting practices and lifestyle. This will allow you to lower your premiums while ensuring that you, your passengers, and your loved-ones are truly covered.

Direct Writer Aircraft Insurance Company – Look for  a direct writer company instead of an independent agent when shopping for pilots insurance. Direct writer companies employ non-commissioned professionals who specialize in their company’s aircraft insurance policies. Remember, pilot insurance policies are non-standardized, so it is important that you deal with a professional intimately familiar with the nuances of the many coverages and policies available today.

Availability of Discounts – Airplane insurance plans can and should be tailored specifically to your needs is the first step to lowering your premiums, and receiving all available discounts. Look at aircraft insurance companies offering programs that reward pilots participating in training designed to improver their piloting skills. Participation in these programs can lower your premiums by 5-10%, and many aircraft insurance providers offer multiple programs that can be combined to save alot of money.

 A.M. Best Rating -An airplane insurance company’s A.M. Best rating is a measurement of the company’s financial strength and its ability to pay claims. Ranging from A++ to F, why put your future in jeopardy by working with just any pilot insurance company that does not have a ‘Superior’ rating?

Take the time to do your due diligence in selecting a policy and provider that meets your needs.

 *Travel Insurance -

Here are some very useful tips to ensure you buy the right travel insurance that will protect you .The most important thing to remember with travel insurance is that you are effectively buying an agreement,  READ THE LITTLE PRINT, the exclusions at a coverage level and the general exclusions.

Make sure you understand everything.

One of the major risks is trip cancellation, so ensure you buy the travel insurance as soon as your trip is confirmed, even if you are not traveling for months.

Always check the deductibles

Watch out for companies offering cheap travel insurance premiums, they may have very high deductibles.

Check what  the payout for children because some insurance companies only pay half the payout for children, most trips costs for a child is almost the same as for adults.You need to count the start day and the end day of your trip when buying travel insurance.
Don’t get taken in by the high coverages like 10 million medical cover, its highly unlikely that you’ll need that. Stay focused on the actual cover you feel need.

 Most insurance companies will list the payouts clearly, if they don’t, avoid them.
If you are are frequent traveler you may want to consider taking an annual multi-trip travel insurance because it can save you time and money.