You’ve probably heard that you should get Private Jet Insurance before purchasing your aircraft. But how do you know which coverage is right for you? What types of coverage are available? Where can you find the best rates? These are just a few of the questions that need to be answered before you purchase your first policy. Here are some of the most common questions that people ask about this type of insurance. The answer may surprise you. Let us help you understand it better.
– What Does Private Jet Insurance Cover? Unlike standard automobile insurance, private jet insurance policies cover legal liabilities. This is the coverage that covers bodily injury and property damage in the event of an accident. The policy will also provide legal defense in the event of a lawsuit. The liability limits are based on the use of the aircraft, pilot qualifications, and the risks involved. You should consider these factors when choosing a policy. By comparing quotes, you can make an informed decision that will keep your aircraft and finances protected.
– What Types of Private Jet Insurance Are Available? There are two main types of Private Jet Insurance: hull insurance and aircraft liability insurance. Hull insurance, as its name suggests, covers the physical damage caused by jets. It also includes liability protection. In the event of an accident, the insurer will pay the agreed value of the aircraft, rather than the current market value. Aviation hull war insurance, on the other hand, covers losses that occur as a result of war, theft, and other malicious damage. The latter is more commonly chosen by VLJ owners.
Lastly, private jet insurance can be tailored for your business needs. The coverage ranges from the personal items of passengers to hangar liability and any medical costs that arise during flight. These policies are flexible, so you can choose a policy that suits your unique needs. Allianz Global Assistance, for example, offers a 24/7 customer service and has been in business since 1977. The best part is that the company offers a comprehensive coverage plan for your aircraft.
There are two types of aircraft insurance. General aviation insurance covers the aircraft and passengers, while aviation liability insurance covers the owners and operators. These policies are similar to the coverage of general aviation. They both cover damage to the aircraft and its passengers. A general aviation insurance policy covers damages to an aircraft, but the policy does not cover damage to a private plane. It covers the passengers and the pilot. The cost of these policies depends on the type of private jet, but it can range anywhere from $90 to three thousand dollars.
Aside from liability, there are other types of insurance policies that are specifically tailored to your aircraft. For example, corporate jet insurance provides coverage for a total loss of an aircraft. It pays the agreed-upon value in the event of a total loss. The insurer will pay this amount, which is typically more than the current market value. You will also need to consider hull and medical payments insurance, if you own a private jet.