Insurance Tips for Older Pilots

I want to start off this article with a true confession. I am an older pilot. I am 70 years old and still love to fly and take advantage of the incredible freedom that general aviation provides. But the truth is, I know that I am not as sharp and skilled as I was 20-30 years ago. Having said that, I believe my overall safety as a pilot is just as good - if not better - than “the old days,” as I now tend to be much more conservative and I actively capitalize on the judgment gained from experience flying over the past five decades.

However sadly, as an aircraft owner, I have noticed my insurance rates rising fairly significantly over the past few years. I am sure that my advancing age is a factor in this increase as well as the fact that the aviation insurance industry has experienced quite a few extraordinarily expensive claims over that period. It is great that I am still insurable but I’m keen to keep on top of whatever I can do to help mitigate some of these increases. The following are a few thoughts based on my experience as well as input from some experts in the insurance industry.

1. Make it a point to fly regularly

First and foremost, keep flying actively! Flying is not like riding a bicycle, it is a mental and physical skill that needs to be exercised. The bonus here is that your airplane needs exercise as well to keep the engine and avionics in great shape. I make a point of never letting two weeks go by without getting the Bonanza out and finding a new breakfast or lunch spot. If you are an instrument pilot, it is critical to stay current (and legal) by flying approaches on a regular basis. Furthermore, as I have aged, I have adjusted my personal weather minimums that I am willing to tackle. Where years ago, I was comfortable routinely shooting instrument approaches to minimums, now I require a much higher forecasted ceiling before launching on a trip.     

2. Go above and beyond when it comes to recurrent training

Second, insurance companies like to see that their policy holders put themselves through recurrent training with regular Flight Reviews and Instrument Competency Checks. While not required, I make a point of taking a Flight Review and an Instrument Competency Check every year. Also, there are a variety of excellent resources for recurrent training such as BPPP, BPT, Redbird Pro App, and the FAA WINGS courses. The bonus here is by taking advantage of sharpening your skills with these tools, you may qualify for additional discounts on your insurance.

3. Debrief every flight and find opportunities to improve

My third piece of advice is to take some time after every flight to review everything that went well and try to single out something that you could have done better. Were you methodical in your use of a checklist? Did you allow a passenger to distract you or interrupt any of your communications with ATC? Was your approach and landing picture perfect or was there room for improvement? I find there is always something on a flight that, after honest review, I could do better. In other words, keep striving for the reward that comes from feeling that you had a perfect flight.   

4. Keep insurance in mind when selecting a new aircraft

It is important to recognize that just because you are insurable in your current aircraft, you may be in for a shock if making a change to a different model. It is always a good idea to talk with your insurance company before getting serious about a new purchase. Not only is this the case if making an upgrade to a higher-performance machine but can also be a surprise if transitioning down to a tailwheel or light sport aircraft. By talking to your insurance company ahead of time, not only can you get a good idea about your insurability and the cost, but you can also map out a transition training plan that can enhance your safety as well as potentially lower the pain in the wallet.

5. Recognize the value in having history with your underwriter

Lastly, it is helpful to not jump around insurance companies. If you have a solid history with your current insurer, chances are you are much better off sticking with what you have as opposed to venturing off to another where you have no track record. Keep in mind that just because you might be working with the same insurance agent, does not necessarily mean that they will be renewing you with the same underwriter as they are the ultimate decision maker on your renewal and the cost. Staying the course with the same underwriter increases your chances of remaining insurable as you age.

All of the above should help you remain insurable and help to mitigate rising insurance costs. But most importantly, they should help you remain a safe and proficient pilot. A demonstrated track record of safe operations and hopefully a claims-free history will go a long way to keeping you in the cockpit for years to come.

Randy Groom is a Commercial and Instrument rated pilot with over 12,000 hours of experience flying a variety of single and multi-engine aircraft. Additionally, he has had a long career in the General Aviation Industry including serving as Executive Vice President of Piper Aircraft and President of Beechcraft. He is the proud owner of a Beechcraft A36 Bonanza.

We’d love to know what you think of this PIREP. Please email us at [email protected] and let us know.

Reprint by permission only. If you would like to obtain reprint requirements and request permission, please email us at [email protected].