If you are a student pilot, you have to be named in order to be insured! Student pilots are a higher risk and insurance companies want to make sure they are named on the policy. Any pilot that will be consistently using the aircraft needs to be named. If the CFI you are using will be piloting the plane alone and without you, he/she needs to be named as well.
If your hangar location is not in the same state as you, we need to know! Your policy covers the aircraft, wherever it is hangared and it must match what we have on record. Each airport has a different 3-4 letter code and it has to be included on the policy. Weather conditions can make the location of the aircraft more to insure, so make sure we have the right location of the aircraft if it isn’t in the same state where you live!
All insurance markets have different stances on the open pilot warranty. Depending on the company/aircraft/policy, your open pilot warranty will allow certain individuals to fly your aircraft and be covered under the insurance policy. For example, if it lists someone with a Private or better license, 500 total hours and 25 make and model hours, that person (with your permission) will be covered under the policy should something happen. But, if someone is flying your aircraft that does not meet the requirements- proper ratings, hours and make and model time- if a claim occurs, you will be liable for any and all costs.
Although the market does fluctuate from time to time, there are things you can do to help improve the rates you receive from your insurance: Pilot Hours: Each year when your insurance comes up for renewal, you will be asked to update your pilot hours. This includes total time, make and model time, your time in the last 12 months. If applicable, any retract, tailwheel, turbo or turbo-prop hours. Increasing your hours in your aircraft does pay off! When we update these hours and then ask for quotes, the companies will see an experienced and confident pilot. License: If you are a student pilot, generally speaking, your rates will be higher. Getting that license will help improve your rates and make you less of a risk to insure. Claims/Loss: If you have a claim or loss in the past five years, you will experience a hit to your premium. But don’t give up! After five years, your record will be clean and your rates will improve.