Aircraft Storage: Whether or not your aircraft is hangared
Here is one that most people don’t expect, your aircraft storage. It makes sense, if your aircraft is hangared then it is more than likely protected from the elements. Birds and bees may end up in the intakes; winds, branches that may hit your aircraft while stationary on the ground. Depending on your location, keeping your aircraft in a hanger may be a really cheap avenue but will save you in the long run when it comes to insurance. In addition, keeping your aircraft hangared almost guarantees that your aircraft will be in tiptop shape when you return to fly again.
How much does Hangar storage cost?
Hanger insurance cost varies based on a variety of factors, not all hangars are the same. Private hangers often cost the most coming in at around $250 – $500/month
Shared hangars are a different story and can usually change based on the demand, area, square footage of your aircraft, and other factors. The larger the aircraft, the more you will have to pay. Local airports with smaller space often increase prices to around $1000/month.
Your FAA Medical Status
Has your FAA medical ever been revoked or had to go under review? This factor can play a big role in your insurance costs. Not as dependent as the other factors however, depending on any history in the past insurance premiums can increase. Make sure to keep your FAA medical record clean if possible, to ensure a chance of reduced rates.
Your current FAA ratings
Earning additional pilot ratings can decrease your aviation insurance tremendously. Earning your instrument license indicates to insurance that you are a more experienced aviator. Having this rating will enable you to fly in more locations and get out of bad weather with ease. An instrument license can be a sure way to reduce aviation insurance costs and keep you safer. If you have all the way up to your ATP license you will qualify for more benefits when it comes to aircraft insurance. Bottom line, generally speaking, the more ratings you have, the easier it is to reduce your aircraft insurance cost. Check with your insurance company first to see if they have any specific requirements on this matter.