Non-Renewing Or Cancelling Your Aviation
Insurance Policy Could Have A Serious I
After watching many pilots cancel their
aviation insurance policies while
grounded during the pandemic, leading
aviation insurance broker BWI
Insurance warns pilots that giving up too
soon could be costly and more
expensive in the long run.
At the onset of the COVID-19
global pandemic, pilots across
America found themselves
grounded due to the restrictions
and many facing revenue
shortfalls.
This led many pilots to
consider cancelling or
modifying their aviation
insurance as a means of
saving cash.
Leading aviation broker, BWI
Aviation Insurance, cautioned
pilots that doing so could cost
them more in the long-run if they
foresee continued flying in the
future.
In a thorough conversation on the matter, BWI
owner Matt White stated that, "Many pilots
assume that aviation insurance operates in the
same manner as auto insurance and the reality
couldn't be further from the truth." He went on to
explain that while there are more than 500 auto
insurance providers
Those who chose to cancel their airplane
insurance in March and April are waking
up the reality that resuming coverage is
not automatic and that there are simply
not enough aviation insurance providers
to guarantee that another will pick it up.
BWI expects this hardening to
continue on through 2021 with
the full effects of the pandemic
on aviation insurance rates
unclear at this point.
White encourages all pilots to have a
thorough and candid conversation
with their insurance brokers before
making any decisions that may cost
them more in the long-run if they plan
to continue flying in 2021 and
beyond.
About BWI Aviation
Insurance BWI has been at
the forefront of the aviation
insurance industry since
1977.
Family and veteran-owned,
BWI sources aviation insurance
solutions for every range of
aircraft from gliders, fixed wing,
jet aircraft, drones and more.
Contact Us At:
https://bwifly.com