Aviation Insurance Brokers

Obtaining an aviation insurance quote requires the submission of specific details to allow insurers to accurately evaluate the risks and tailor the coverage for your needs. These details not only influence the cost of your insurance premium but also the scope of protection you’ll receive. Below are the essential data points that your insurance broker will discuss with you:

Aircraft Make and Model: The make and model of your aircraft are key factors that insurers use to gauge the asset’s value and associated risks.

Intended Uses of the Aircraft: Clearly outline how the aircraft will be used. For hazardous operations, additional details about the pilot’s experience would be necessary.

Pilot’s Profile: Include information about the history, age, and experience levels of the pilots who will operate the aircraft.

Type of Coverage Needed: Specify whether you’re seeking Full Flight Risks, Ground Taxiing Risks, or a combination of both.

Pilot Training Information: If the aircraft will be used for specialised activities, relevant pilot training information will be required.

Claims History: Any past incidents or accidents involving the aircraft or its pilots will need to be disclosed for risk assessment and premium calculation.

By furnishing complete and accurate information in these areas, you can secure an aviation insurance quote that is both precise and tailored to your specific needs.

Each aviation insurance company has its own set of criteria for determining insurance premiums, making it crucial to navigate the landscape with care. Factors commonly considered include the age and value of the aircraft, the purposes for which it is used, the pilot’s experience, and even the geographical location where the aircraft operates. Additional considerations may involve the loss history associated with the make and model of the aircraft, specific pilot training programs completed, and the chosen limits of liability.

Given the complexity and specialised nature of aviation insurance, it’s highly advisable to engage the services of an expert in the field, such as AGL Aviation. Our aviation insurance brokers possess a deep understanding of the market’s intricacies. They can guide you through the maze of factors that impact your premium, ensuring that you not only obtain a rate that aligns with your needs but also secure coverage that offers comprehensive protection. By partnering with a specialist, you can optimise both the cost and the quality of your aviation insurance package.

Each insurance provider employs a unique rating structure that takes into account various factors, including the safety record and repair costs associated with specific makes and models of aircraft. These costs often depend on factors such as the availability of replacement parts. An aircraft that boasts a strong safety record and is relatively inexpensive to repair is generally more likely to positively influence insurance premiums.

If you’re contemplating the purchase of an aircraft, consulting with an aviation insurance specialist like AGL Aviation beforehand can offer significant advantages. They can provide insights into how different aircraft models might impact your insurance costs based on their safety records and associated repair expenses. By doing so, you can make a more informed decision that not only meets your aviation needs but also aligns with your insurance budget.

We recommend setting the insured value of your aircraft based on the cost of replacing it with another of the same year, make, model, and condition. To arrive at a well-informed estimate, you may want to research the market for similar aircraft and consider factors like USD/AUD exchange rates, as well as the current supply and demand for both the aircraft and its spare parts.

It’s important to strike a balance when determining the insured value. Over-insuring your aircraft—i.e., insuring it for more than its current market value—could influence an insurance company’s decision in the event of an accident. They may opt to repair a heavily damaged aircraft instead of declaring it a total loss. On the other hand, under-insuring your aircraft—setting the insured value below its fair market value—could lead the insurer to deem a repairable aircraft a “total loss” instead.

Insuring an aircraft Hull for more than its current market value may adversely impact the insurance company’s decision following an accident as to whether or not to write off or repair the machine. The insurer of an “over-insured” aircraft will be more likely to elect to repair a severely damaged aircraft. Conversely, “under-insuring”, that is insuring the aircraft Hull for less than the fair current market value, could result in the insurer electing to make the damaged aircraft a “total loss” when the aircraft would have otherwise been repaired.