The popular aviator saying explains that if you want to make a small fortune in aviation, you need to start with a large one. We all know aviation expenses can quickly add up, so why pay more than you must on your aircraft insurance? Living off their legacy, Avemco insurance continues to sell insurance at a higher premium on an outdated policy.
The proof is in the numbers.
Earlier this month, Aviation Insurance Resources (AIR) established a policy for a Bonanza owner who had two pilots on his policy. This individual was looking to add a third, lower time pilot who was not instrument rated. At $150,000 hull coverage Avemco had quoted their current insured just over $5,000 annually. AIR’s quotation was LESS THAN HALF that at only $2,285.
Where do these savings come from?
Avemco is a direct writer, meaning that they set the premiums and discounts that are quoted. When you call Avemco, you are working with one underwriter and receive just a single quote. AIR is an aviation insurance broker, meaning they shop all the other major aviation insurance markets for your aircraft insurance. In most cases, AIR will receive multiple insurance quotes for your aircraft insurance. More options equal more savings, with competition within the market driving the rates down.
Who offers the better policy?
It is always important to read through your policy and review any questions with your insurance agent. However, the main and most important difference between Avemco and all the other markets is in one simple word. An Avemco policy is written with a per person sub-limit whereas most other policies are written as a per passenger form. The Avemco policy could be leave you short on coverage if an accident were to injure an individual outside of the aircraft. To remain competitive, insurance carriers are often increasing policy benefits while Avemco continue to use their outdated form.
Pilots protecting pilots.
All the agents at AIR are pilots and understand the ins and outs of the aircraft insurance industry. When the Bonanza owner called in for a quote he spoke directly with a pilot, not just an insurance agent. A pilot calling into AIR will speak with an individual who knows the nervousness of a first solo or a check ride and understands what it’s like to transition to a new aircraft. AIR’s headquarters and branch offices are full of pilots from all walks of life, to include CFIs, rotor pilots and balloon pilots!
At the beginning of this month, a Bonanza pilot saved over $2,715 simply by calling AIR. Why pay more for your aircraft insurance? Call 877-247-7767 or request a quote online today!
