Unlike owning a car, airplane insurance is actually not legally required to own or operate one. Not sure why this is the case but it’s true. So why should you buy insurance anyway? well for the obvious; protect yourself and your finances incase something happens. Also it’s not that much expensive. As a matter of fact, on average, insuring a single piston engine aircraft can be cheaper than insuring your car.
That was the case for me when I was looking to buy an old used airplane for about $30,000. Insurance came up to $775 – $1000 for the entire year. Even now that I’m building an airplane that cost 10X, my insurance premium is still more reasonable and affordable than my auto insurance.
Bottom line, if you’re going to own and operate an aircraft, best to insure it.
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