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How Much Do You Know About Aviation Insurance?

By on December 31, 2017

Cessna insurance

Whether you pilot a commercial aircraft, a private Cessna, a drone, or another type of craft, it’s essential to have general aviation insurance. Based on the specific type of craft you operate, however, you may want to have additional insurance so that you have full coverage. This may include, but not be limited to, insurance for airplanes, insurance for seaplanes, insurance for helicopters, and insurance for drones. It also makes sense to have aircraft hangar insurance for when your craft is in storage.

The United States alone has over 220,000 aircraft located at various airfields and hangars across the country. This makes the United States the home of the largest aviation community throughout the globe. It is also the most diverse aviation community, as this country also has a considerable number of amateur-built aircraft, rotorcraft, balloons, and extremely sophisticated turbojets.

In 2015, the International Air Transport Association reported that there were over 3.5 billion people that took 37.6 million flights. Within the following year, 584,362 pilots were active within the United States, On an annual basis, general aviation aircraft within this country log 24 million flight hours.

When it comes to aircraft sales, the Cessna CE-1725 Skyhawk SP was the best-selling fixed-wing general aviation aircraft sold during 2015. During the following year, there were about 2.5 million drone units sold. According to the Federal Aviation Administration’s predictions, the number is drone sales will amount to about seven million by 2020.

While drones may be used for a variety of purposes, particularly by law enforcement and the military, more and more civilians are purchasing them to have a closer eye on coastal and other types of terrain. This is why it’s also important to have insurance for drones, as they may occasionally become lost or damaged when they are traversing cliffs, manmade structures, and other obstacles in the terrain, such as large trees.

Since professional and amateur aviation enthusiasts want to protect themselves, their passengers, their crafts, and their overall investments, it’s important to have the most inclusive type of insurance coverage available. It’s interesting to note that in 2015, these were the gross worldwide estimated premium percentages collected by the aviation insurance industry:

  • General aviation: 51%
  • Airlines: 34%
  • Aerospace companies: 15%

Are you a professional aviator or interested in becoming one? It’s also possible that you want to purchase a private plane, such as a Cessna, for someone else to pilot. Whether you need insurance for drones or a passenger craft, it’s important to learn as much as possible about the type of insurance that is recommended by aviation insurance experts.

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