Like any aircraft. Even if you were to contact the Russian Air Force to buy a MIG 25. You would still have to insure it?
2007-06-08 02:57:27 · 9 answers · asked by Big G 1 in Cars & Transportation ➔ Aircraft
The simple answer is no, you don't have to have insurance on an airplane. However, if you get a loan, the lender will require you to get hull insurance (for the value of the airplane). You had better get liability insurance too, because having an airplane makes you a target of unscrupulous lawyers.
2007-06-08 03:11:22 · answer #1 · answered by John 4 · 1⤊ 0⤋
You are not required by law to insure an aircraft in the same way that you are a car. The exception would be if you have a loan on the aircraft, then the bank would require you to carry insurance. There are numerous aircraft insurance brokers out there that specialize in aviation insurance, and they would be your contact point to get your plane covered. Unfortunately, the stranger and less common the aircraft (like a MiG 25) the harder to find and more expensive the coverage is.
2007-06-08 03:17:47 · answer #2 · answered by pdkflyguy 3 · 2⤊ 0⤋
As a pilot and aircraft owner; insurance is not required unless there is a lien on the aircraft then just like a car, the bank requires it. I think you will find though that most owners will insure their aircraft investment. The cost is a factor of the value of the aircraft, type of insurance and pilot experience. For example a 35K single engine aircraft, with 1mil liability, and 1000 hour pilot is just under $800 a year.
2007-06-08 04:10:49 · answer #3 · answered by garry g 1 · 1⤊ 0⤋
As already stated - not unless your lender requires it. The larger question is should you.
If you don't have a lien, you can probably afford the airplane - and if you crunch it - you can probably afford to replace it.
It's the liability to others that you need to be concerned about. In this litigious society, even if you only caused $10 damage to someone else, because it's an airplane and you are thought of as a fat cat, you're going to be sued for millions.
If you think about it, that's also why cars are insured, or homes - it's the liability more than the loss to you. In your policy you will find that for airplanes, the liability portion costs a lot more than the hull portion.
2007-06-08 06:02:52 · answer #4 · answered by Mountain Top 4 · 1⤊ 0⤋
Interestingly the answer is NO.....as others have pointed out if a loan is taken to buy the aircraft then the financial institute will require insurance. As one person stated it is unlike autos where insurance is required for licensing. That is probably why aviation insurance is relatively reasonable....the underwriters can't bend you over because it is mandatory.
2007-06-08 05:57:57 · answer #5 · answered by pecker_head_bill 4 · 1⤊ 0⤋
You should, at least get liability coverage.
If you take out a loan for it the lender will probably require coverage to cover them. Many will take it out for you and bill you if you dont cover it.
2007-06-08 03:04:09 · answer #6 · answered by Tracy L 7 · 1⤊ 0⤋
most banks would tell you that they would have to have insurance. even if you paid cash for it flight insurance is a good deal .
2007-06-08 03:02:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes
2007-06-08 11:30:34 · answer #8 · answered by ? 3 · 0⤊ 0⤋
even if you didnt have to you should so i feel like the answer is yes
2007-06-08 03:01:21 · answer #9 · answered by marlawn 1 · 0⤊ 1⤋