What You Need to Know About Experimental Aircraft Insurance
There are a number of things that you can do when you are building experimental aircraft, flying, and testing new devices. You might have made an amazing breakthrough in the research of flight, but you still need insurance for these aircraft. There are a number of aircraft that could be classified as experimental, and you simply need to know what to do when you are buying these insurance plans.
1. How Has Your Aircraft Been Classified?
You need to be in touch with the FAA at all times so that they are aware of the device you are building. If you are not working with the FAA, they cannot classify your aircraft. Anything that is classified as experimental needs to be insured in that manner. Plus, you need to make sure that you have asked the FAA what you would need to do to move that plane from experimental to a regular aircraft.
2. Find An Insurer
You need to find an insurer who is going to help you get the best insurance plan for your company. You need to get insurance that will pay specifically for that plane, and you need to find something that is going to be easy to pay every month while you are working on your craft.
3. Get Insurance That Pays For The Whole Plane
You will need to get something that will pay for the whole plane. Do not allow a company to underinsured you because you think that you need to spend less money. You also need to be honest about how much you think it would cost to rebuild the whole plane from scratch. You need to have all your documentation for the plane, and you should hold all this documentation so that you are never confused or short-changed by the insurance company.
4. Renew Quickly
You might spend a lot of time working on this plane, and you need to be sure that you have talked to the insurance company if the value of the price is changing. This means that you can come up with a plan that will make it easier for you to keep the plane insured and safe. You also need to ask your insurance agent to stick with you over time by checking in with you, giving you options, and protecting you with better documentation that you have collected.
5. Keep Your Documents Close
You need to keep your documentation on your person at all times so that you have a way of keeping your home in the best possible condition. If you have any questions about how your plane will be insured, you can review those documents without any trouble.
There are a lot of people who would like to invest in insurance for an experimental craft, and you can use the tips above to get the right policy.