Are you searching for the best aircraft insurance to purchase? If yes, read this article to discover some of the best aircraft insurance. In the meantime, the aviation and aerospace industry is rapidly growing and is set to grow even more in terms of infrastructure and aircraft acquisition. However, the industry is prone to a series of risks and threats, especially regarding the problems associated with the technical operations of an aircraft and the subsequent hazards and dangers.
The risks and threats in this industry have prompted more operators to purchase aircraft insurance. Also known as aviation insurance, this insurance covers losses that arise from aviation risks such as damage to property, loss of cargo, or injury to people. In addition, it offers both property and liability coverage to aircraft and seaplanes.
Moreover, this insurance encompasses repairing or substituting impaired aircraft and components, while aviation accident insurance addresses liability assertions arising from injury or fatality. If you’re interested in purchasing this insurance but aren’t sure what insurance company to purchase coverage from, check out the next section to discover some of the best insurers.
5 Best Aircraft Insurance
As stated above, aviation or aircraft insurance is paramount, as this can safeguard you from unplanned losses. Whether it’s commercial airlines, private jets, or cargo carriers, we have outlined some of the best insurance providers to make use of. Check out the list below for some of the top aircraft insurance providers:
AIG
American International Group, popularly known as AIG, is global in aviation insurance, offering tailored solutions for airlines, operators, and manufacturers. This multinational company operates in over 80 countries across the globe. Over the years, AIG has provided its customers with robust aerospace insurance solutions for every industry that uses aircraft.
In addition, they offer aerospace products liability, airline insurance, aviation workers’ compensation, general aviation liability coverage, and more. Furthermore, they offer customized solutions that meet the complex needs of aerospace clients through a robust combination of industry experience and a team of experts.
BWI Fly
Another esteemed aviation insurance provider is BWI Fly. This insurance company is highly regarded for its competitive rates, exceptional customer service, and extensive range of policies. This has made them a preferred choice for various types of insurance. In addition, they consistently ranked as one of the top aircraft insurance companies, offering a wide range of policy options customized to suit your needs.
BWI Fly Policies are designed for specific types of aircraft and aircraft owners, such as experimental aircraft, seaplanes, commercial drones, private jets, flying clubs, and more. Some of the coverage options available include liability, aircraft hull, and not-in-flight and not-in-motion insurance. Lastly, you can easily purchase or get a quote via their official website.
USAA
USAA, which is also known as the United Services Automobile Association, is among the top aircraft insurance companies. This insurance company has been serving millions of military members and their families with affordable insurance, investment, and banking services. It was first in 1922 by a group of 25 U.S. Army officers for mutual self-insurance.
In addition, they offer coverage for personal and commercial aircraft, along with aviation and agriculture businesses. Furthermore, their insurance plans cover various aircraft, such as traditional helicopters, warbirds, commercial unmanned air vehicles, and seaplanes. It is one of the best aircraft insurance providers for military veterans seeking aviation coverage.
Aerospace Insurance Managers, Inc.
This insurance company is a U.S.-based company offering comprehensive insurance coverage to private and commercial general aviation aircraft and airports. Over the years, this company has developed into one of the largest independent aviation insurance brokers in the U.S.
It largely caters to clients in the country. Also, the company offers general aviation and casualty insurance products with a focus on private and commercial aircraft.
Old Republic
Another insurance company that offers the best aircraft coverage is Old Republic. This company has its headquarters in Chicago and is one of the 50 largest shareholder-owned insurance businesses in America.
It is a prominent provider serving the aviation marketplace in the United States and Canada. With more than 30 years of experience in the industry, the company has gained a robust footing in the market, and they have been able to cater to the unique challenges of their clients.
Is Aircraft Insurance Worth It?
Yes, this insurance is worth it. As you know, flying comes with massive life risks ranging from terrorist activities like hijacks, mysterious disappearances of flight, plane crashes or auto or technical failures, turbulent weather, etc. Purchasing a comprehensive aviation coverage policy protects aircraft manufacturers and operators against these risks. Ultimately, this insurance is ideal because it can protect against catastrophic loss of your aircraft, which could be one of your biggest potential exposures.
Bottom Line
Aircraft insurance can protect you in case of loss or damage resulting from threats and risks associated with the aviation industry. If you wish to purchase this coverage, we have outlined some of the best and top insurance providers to purchase coverage from.
These insurance companies exemplify excellence in safeguarding air transportation by providing comprehensive coverage and risk management solutions to ensure safety and security in the skies. Overall, these companies are ideal for commercial airlines, private jets, or cargo carriers, and they play a vital role in safeguarding the aviation industry against unplanned risks and issues.