Best Aircraft Insurance

If your career or passions have led you to the cockpit, having the right aircraft insurance is essential for ensuring the safety and security of both you and your passengers. A fundamental policy offers protection against the financial repercussions of aviation accidents, vandalism, weather-related issues, or other types of damages. While state or federal entities may not mandate aircraft insurance, a reliable policy typically includes basic liability coverage, with the flexibility to customize your coverage to suit your specific needs, budget, and relevant circumstances or coverage requirements.

Best Aircraft Insurance in 2024

 

BEST OVERALLBWI Fly


Why We Chose It

BWI Fly’s reputation for affordable rates, reliable customer service, and a robust portfolio of policy types make them a solid option for many types of aircraft insurance.

Pros & Cons

Pros

  • Affordable rates
  • Exceptional customer service
  • Multiple policy options

Cons

  • Not licensed to operate the District of Columbia
  • Policies not applicable for some activities
Overview

BWI Fly stands out as a top choice among aircraft insurance companies, consistently praised for its wide array of policy options, exceptional customer service, and affordability that can be tailored to meet individual needs.

Catering to both personal and commercial requirements, BWI offers a diverse range of policies, including specialized options for various types of aircraft and owners. Whether you own an experimental aircraft, a seaplane, operate a flying club, commercial drone, private jet, or engage in aircraft charters, BWI has tailored solutions to suit your needs. Coverage options typically include liability, aircraft hull, ground and flight, not in flight, and not in motion insurance, with variations based on policy and preferences.

Accessing quotes and managing claims is seamless through BWI’s user-friendly website, offering convenience for most customers. The company’s dedication to customer service is consistently lauded, and its extensive educational resources cater to both novice and experienced pilots alike.

BWI’s standard aviation insurance policies are available at competitive rates, starting as low as $225 annually for liability-only coverage of up to $1 million. However, rates may vary based on specific policy requirements, pilot experience, and other factors. Therefore, seeking a personalized rate is recommended to ensure optimal coverage and affordability.

BEST FOR VETERANSUSAA


Why We Chose It

USAA provides specialized insurance products and other financial services to active military members, veterans, and their families, and its aviation insurance carries on that tradition of dedicated customer care.

Pros & Cons

Pros

  • Competitive rates
  • Coverage for most types of aircrafts
  • Commercial, personal, and non-owner policies

Cons

  • Must be a USAA member
  • Limited to veterans, active-duty military members, and eligible family members
Overview

Originally founded as an auto insurance company in 1922, USAA Insurance has since evolved into a multifaceted organization offering a wide range of services to its members and their families. For veterans, USAA serves as a one-stop destination, providing not only banking services and mortgages but also comprehensive insurance coverage, including home, auto, health, and aircraft insurance. With dedicated service from experienced underwriters and competitive annual premiums, USAA emerges as the top choice for veterans seeking aviation insurance.

USAA’s aviation insurance coverage extends to both personal and commercial aircraft, catering to aviation and agriculture businesses as well. Additionally, it offers non-owned liability insurance, ensuring comprehensive protection for a diverse range of aviation interests. With coverage options spanning traditional planes, helicopters, seaplanes, warbirds, and commercial UAVs (drones), USAA makes it simple to find the perfect policy to suit individual aviation needs.

Annual premiums for USAA aviation insurance vary depending on factors such as aircraft type, member requirements, and selected coverage options. Some plans are available for less than $100 per year, ensuring affordability without compromising on quality coverage. To access USAA aviation insurance, membership is a prerequisite. Eligible individuals can obtain personalized quotes by logging into their membership accounts or reaching out to USAA directly.

 

BEST FOR COMMERCIAL AVIATIONWings


Why We Chose It

Wings has a robust line of commercial and corporate insurance policies that offer unique programs and perks to help business owners save money.

Pros & Cons

Pros

  • Extensive collection of commercial policies
  • Workers compensation coverage
  • Highly curated policies

Cons

  • Instant online quote not available
  • Limited information available online
Overview

With a specialization in aviation insurance dating back to 1984, Wings has established itself as a leading provider of global insurance solutions through an extensive network of providers. Renowned for its tailored approach, Wings crafts policies to precisely match each client’s usage, coverage requirements, and financial considerations, earning it our top recommendation for commercial aviation policies.

Commercial clients will discover that Wings’ policies encompass all the essential areas, including aircraft hull and liability, cargo operations liability, pollution and environmental liability, products and completed operations, as well as property and ocean cargo coverage. However, what sets Wings apart as a truly comprehensive insurance provider for businesses is its inclusion of workers’ compensation coverage and life insurance options.

Wings prides itself on its individualized underwriting process, aiming to secure the optimal policy for clients both domestically in the U.S. and globally. While instant quotes may not be available online, Wings’ agents are prompt in their responses and possess a deep understanding of the unique requirements of commercial aircraft policyholders. Their expertise ensures that clients receive personalized attention and tailored solutions to meet their specific needs.

 

BEST FOR RENTERSAssuredPartners Aerospace


Why We Chose It

AssuredPartners Aerospace offers a variety of competitively priced policies for commercial and personal aviation needs, including renters insurance policies for as little as $81 a year. This, paired with various rate reduction opportunities, can make AssuredPartners a great option for anyone who operates rented aircraft.

Pros & Cons

Pros

  • Discounts for AOPA members
  • Accident forgiveness program
  • Low aircraft renters insurance rates

Cons

  • Lower customer service rating
  • No online quote option
  • Not valid for commercial use
Overview

As one of the nation’s largest aviation insurance firms, AssuredPartners stands out as a strategic partner of the Aircraft Owners & Pilots Association (AOPA), offering a wide range of commercial and personal insurance options, including renters insurance. With the convenience of purchasing and binding policies online within minutes, coupled with competitive rates, AssuredPartners emerges as our preferred provider for aircraft renters insurance.

AssuredPartners’ basic liability renters policies start at just $81 per year, providing an affordable option for renters seeking essential coverage. Moreover, policyholders have the flexibility to enhance their coverage with options such as property damage and bodily injury for passengers for an additional $175 annually. This means that for less than $7 a month, renters can secure an additional layer of protection that extends beyond the limits of the aircraft owner’s policy.

In addition to competitive rates, AssuredPartners offers discounts to eligible policyholders, further enhancing affordability. For example, AOPA members can enjoy a 5% discount on aviation policies. Furthermore, policyholders can save even more by maintaining a claims-free record for a year, qualifying for a 10% claims-free flying record discount, accident forgiveness, and deductible waiver. With AssuredPartners, renters can enjoy comprehensive coverage at a great value, backed by discounts that reward responsible flying behavior.

 

BEST FOR VINTAGE AIRCRAFT INSURANCEEAA


Why We Chose It

The Experimental Aircraft Association provides a wealth of resources for aviation hobbyists across the nation, including insurance options. It offers specific aircraft policies that are designed to accommodate the unique needs of hobbyists who like to restore, repair, and fly classic planes.

Pros & Cons

Pros

  • Owner repair options for claims
  • Multi-aircraft discounts
  • Convenient online chat

Cons

  • No online quotes available
  • Website provides limited policy information
Overview

The Experimental Aircraft Association (EAA) serves as a hub for recreational pilots, restorers, and builders, fostering a community deeply passionate about warbirds, antiques, and classic planes. For members of the Vintage Aircraft Association (VAA) and Warbirds of America (WOA), EAA offers unparalleled benefits, including access to discounted insurance rates for vintage planes and warbirds, making it our top choice.

Administered by the Falcon Insurance Agency, EAA insurance provides comprehensive coverage tailored to the unique needs of vintage aircraft enthusiasts. This includes general liability, emergency off-airport landing, use of other aircraft expansion, personal effects and baggage, as well as legal defense and loss of certification insurance coverage. Additionally, optional coverage is available for members participating in instructional or educational activities, sightseeing, and airshow events.

Recognizing the importance of affordability for hobbyists and vintage aviation enthusiasts, EAA offers various discounts and benefits to policyholders. These include discounts for insuring multiple aircraft and “in-motion” deductible credits for each claim-free year. Moreover, since vintage aircraft owners may not fly as frequently, EAA allows policyholders to suspend in-motion coverage when necessary, providing flexibility and cost savings.

With EAA insurance, members of VAA and WOA can enjoy peace of mind knowing that their vintage aircraft are protected by comprehensive coverage tailored to their passion and lifestyle, all at competitive rates and with valuable discounts and benefits.

 

BEST FOR FLYING CLUBSAvemco


Why We Chose It

Avemco offers great discounts and flexible policies that make it easy for flight clubs to add and remove members and create policies that reflect each club’s individual needs.

Pros & Cons

Pros

  • Safety program completion discounts
  • Flexible policies
  • Strong customer service

Cons

  • Coverage and products vary by jurisdiction
  • No corporate or commercial policies
  • Not available for multi-engine aircrafts
Overview

Since 1961, Avemco has been dedicated to protecting pilots by collaborating directly with aviation insurance specialists to craft customized coverage that meets the unique needs of each policyholder. With competitive rates, customizable plans, and safety-based discounts, Avemco emerges as an excellent choice for flying clubs.

One of the standout features of Avemco’s flying club policies is the opportunity for each club to collaborate with an Avemco aviation insurance specialist. This personalized approach ensures that policies are structured to address the specific requirements of each club. Additionally, Avemco simplifies the administrative process by allowing policyholders to add or remove members at any point during the policy year without the need for direct contact or unnecessary paperwork.

Avemco’s flying club insurance policies offer comprehensive coverage, including up to $1 million in property damage coverage and $100,000 per person for bodily injury. Each policy is meticulously designed to accommodate the unique needs of each group, avoiding the limitations often associated with one-size-fits-all insurance approaches.

Policyholders can take advantage of various discount opportunities, such as discounts for hangaring the club’s aircraft and flying claim-free. Additionally, members can benefit from Avemco’s Safety Rewards discounts, which offer premium reductions of up to 10% upon completion of approved flight training.

With Avemco, flying clubs can access tailored insurance solutions that prioritize their specific needs, backed by competitive rates, customizable plans, and valuable discounts aimed at enhancing safety and affordability.

 

Final Verdict

Aircraft insurance, like home insurance, is not a one-size-fits-all insurance policy, and the best provider for you is the one that best fits your needs. Our best overall choice, BWI Fly, offers a range of coverage options that can accommodate any number of policyholder needs. Its customer service is highly rated, policies are affordable, and BWI Fly offers insurance for commercial or personal needs.

 

Compare the Best Aircraft Insurance

Company Average Annual Premiums Aircraft Policy Options Customer Service Other Available Insurance Policies
BWI FlyBest Overall General aviation liability starts at $225 General Aviation, Aircraft Renters, Private Jet, Industrial Aid Aircraft, Alaska, Experimental Aircraft, Rotor Wing, Hangar Coverage,  Flight School, Aircraft Charter, Aviation Product Liability, Flying Club, Commercial Drone, Commercial Aviation Phone, email, online claims, online payments None
USAABest for Veterans Varies by policy Personal Aircraft, Commercial Aircraft, Aviation Businesses, Agricultural Aviation, Non-owned Liability (e.g., student pilot, renters, etc.), Seaplane, Vintage and Warbird, Experimental, Homebuilt, Commercial Drones Phone, online portal, virtual agent, email Auto, home, term and whole life, and umbrella coverage
WingsBest for Commercial Coverage Varies by policy Commercial Aircraft, General Aviation, Corporate Aviation, Agricultural Aviation, Helicopters, Seaplanes, FBO & Cargo, Aviation Properties, Manufactured Products, Drones, Renters Aviation Insurance Phone, online contact form, Pilot life insurance, Aviation workers’ compensation
Assured PartnersBest for Renters Renters insurance as low as $81 Personal Aircraft, Commercial Aircraft, Unmanned Aerial Systems (drones), Corporate Aircraft, Aerial Applications, Aviation Works Compensation, Helicopters, Fixed Based Operators, Maintenance and Repairs Phone, email Auto, home, condo, renter, watercraft, life, business, private client
AvemcoBest for Flying Clubs Varies by policy Aircraft Owner, Homebuilt, Aircraft Trader, Aircraft Hull, Aircraft Rental,  Certified Flight Instructor, Flying Club, Mexico liability Phone, email, online portal Term life for pilots
EAABest for Vintage Aircrafts Varies by policy EAA Aircraft Insurance, Non-Owned Aircraft Insurance, Personal Insurance, C-Plan Aircraft Insurance, Powered Parachutes & Trike Insurance, International Aerobatics Club Insurance, Vintage Aircraft Association Insurance, Warbirds of America Insurance, EAA Aircraft Project Insurance Plan, EAA Flight Instructor Insurance Plan, EAA Flying Club Aircraft Insurance Plan, EAA Flight School Insurance Plan, EAA Hangar Insurance Plan, EAA Airport Insurance Plan Phone, email, chat None

 

Frequently Asked Questions

 

What Does Aircraft Insurance Cover?

Aircraft insurance encompasses a wide range of policies tailored to various aircraft types, including single-engine planes, multi-engine planes, seaplanes, jets, drones, homebuilt planes, and more. These policies can cover both personal and commercial aircraft, as well as activities and equipment related to aircraft use, such as airports and hangars. Standard coverage options offered by aircraft insurance providers include public liability insurance, passenger liability insurance, ground risk hull insurance, and in-flight insurance.

Is Aircraft Insurance Required?

While federal or state laws do not mandate aircraft insurance, it is highly advisable for aircraft owners to have coverage. Aircraft insurance provides essential protection for your plane while it is in the air, on the ground, and even in the hangar. Additionally, if you plan to carry passengers, insurance that covers them is essential.

What Is the Minimum Aircraft Insurance?

Unlike home or auto insurance, there are no specific state or federal requirements for aircraft insurance. However, it is prudent to have sufficient coverage to address the cost of your aircraft and any potential expenses arising from accidents, including property damage, passenger injury, and aircraft damage. Consulting with an experienced aircraft insurance provider can help assess your needs and any requirements from fixed-base operators (FBOs).

What Is the Average Cost of Airplane Insurance?

The cost of private aircraft insurance can vary significantly, ranging from just under $100 to hundreds or even thousands of dollars annually. Several factors influence individualized rates, including the type of aircraft, its intended use, passenger capacity, flight history, coverage limits, and deductibles chosen. It is challenging to provide an average cost due to these variables.

Methodology

In our research of 14 aircraft insurance providers, we prioritized those offering common types of aviation coverage. We evaluated each insurer based on policy options, potential costs, customer feedback, and available online resources such as claim portals and quotes. Initial screening focused on overall ratings to identify providers offering favorable service and competitive rates. Subsequently, we assessed policy options, discounts, and other distinguishing features to match providers with specific audience needs based on aircraft types, activities, or requirements.

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