From the year 2020, many pilots saw their insurance premiums skyrocket, with some even more than doubling. While this was a bitter taste for pilots and owners it is also smart to understand why those rates went up. So in the past 2 years, I’ve been trying to understand this problem as well. Partly to provide good solutions for our customers at Lookup Aviation https://www.lookupaviation.com but also because owning an aircraft is not cheap. It’s important to consider why the premium prices have increased and how aircraft insurance works.
If you are looking to insure an airplane, here are some factors to consider.