Our team at First Security Insurance has been in the insurance business for almost 100 years, and we know from experience just how devastating it can be to suffer an accident in your beloved vehicle only to find that your insurance does not cover it. This is true for vehicles like cars, which almost everyone has, as well as for less-common ones like aircraft. If you are the pilot or owner of an aircraft, read this article to learn about three key things to look for in an aviation insurance policy.
- Definitions for All Acronyms- The aviation insurance business uses a long list of acronyms to refer to a wide array of aircraft features, flight conditions, and other circumstances, all of which can impact how much coverage you will get in the event of an accident. It’s important that you be able to read and understand your insurance policy, so make sure you’re working with an insurer who provides written definitions of these terms for you to reference. Our team at First Security Insurance will provide such a reference and will gladly help you keep track of the various terms.
- Minimum Legal Insurance Requirements- The laws that govern aviation insurance are complicated and often vary significantly from region to region. When choosing a policy for your aircraft, make sure it meets the minimum insurance requirements for your area and that you’re working with an agent who understands what the requirements are. You’ll also want to make sure your agent won’t insist on upselling you more insurance than you need.
- Clear Payout Policy- As mentioned above, it’s essential that you understand what your aviation insurance policy covers and what it doesn’t. Look for an agency that will clearly spell out your payout policy and the circumstances in which your coverage will apply. Our team here at First Security Insurance will go over every part of your policy with you to make sure you know exactly what you’re getting.