Aircraft Insurance Why It Matters
This is an article about insurance of aircraft, airplanes, and drones. And there are many statistics available about aircraft, airplanes, and drones that will be included later in the article. There are important points about each that will be noted in this article as well. There are also different kinds of insurance coverage for each.
Insurance, whether for auto insurance, life insurance, or aircraft insurance, is there for when there is an accident that causes damage to any of those parts. A car may be totaled in an accident. A person may die. An aircraft may break a wing in the middle of its landing. Insurance protects a person from incurring financial damages from the loss.
Take, for instance, auto insurance. There are many kinds of accidents that can happen when operating a vehicle (or even if it’s just parked on the side of the road). A person can get in a fender bender, which damages the car slightly. A person can get in a high speed collision, which causes major damage. A person can get in a single car accident.
In each case, the person has suffered financial losses, whether they have insurance or not. The car may be totaled, which means it is damaged beyond repair, which costs the person thousands of dollars in a loss. The car may be dented, which costs a couple of hundred. If that person doesn’t have insurance, they absorb those costs.
Insurance is required in many states because it protects individuals who are hit and individuals who hit all at the same time. Insurance companies pay out after a certain amount (the amount that is covered in the deductible) and reimburse individuals for financial damage, whether they are hit or have done the hitting.
Insurance works by putting together a pool of drivers who balance each other in terms of premiums. There may be a safe driver who gets a slightly less expensive premium than a driver who has racked up a lot of tickets and accidents. This person gets a more expensive premium.
The same idea works for life insurance and works for aircraft insurance. If your chances of dying are greater than others (if you have a life-threatening diagnosis for instance), then you will likely have a higher premium than a person who is healthy and not as likely to die. With aircraft, it works the same way.
A person who is a skilled aviator may have a less expensive premium for aircraft insurance than a person who is a new aviator. This is because it is more likely that the aircraft will be damaged with the new aviator rather than the experienced one. There are many options for this. And here are those statistics.
- According to the International Air Transport Association, in 2015, more than 3.5 billion people flew safely on 37.6 million flights.
- The number of drones sold in the U.S. is projected to grow from 2.5 million units in 2016 to 7 million in 2020, according to the Federal Aviation Administration.
- Of the gross estimated worldwide premiums of $4.62 billion collected by the aviation insurance industry in 2015, 51% was paid by general aviation, 34% by airlines, and 15% by aerospace companies.
- The U.S. has the largest and most diverse general aviation community in the world, with more than 220,000 aircraft, including amateur-built aircraft, rotorcraft, balloons, and highly sophisticated turbojets.
- There were 584,362 active U.S. pilots in 2016.
- To earn a seaplane rating, one must demonstrate proficiency to an FAA examiner. While there is no specified level of experience required for the rating, six to eight flight hours is typically enough time for most pilots to earn the rating.
- In 2015, the Cessna CE-172S Skyhawk SP was the number one best selling fixed-wing general aviation aircraft.
Insurance for drones is important as people need drones to deliver packages, do surveillance, and other tasks which are difficult for humans to do. Insurance for drones covers the damages that can be incurred with drones, whether they are flying across the mountains or through a valley. Insurance for drones comes in many packages.
Insurance for drones can help allay the financial losses if a drone gets damage. There are many terms associated with this. They are aircraft insurance quote, aviation insurance policy, aircraft insurance rates, aircraft liability insurance, and more.