Aircraft owners must have insurance. Their insurance is the most comprehensive of the available insurance options, needing to cover the aircraft in the hangar, on the ground, and in the air, as well as any passengers on board the aircraft.
Aircraft are insured on an “agreed value” basis. Premiums charged for physical damage to the aircraft are a percentage of the value on which you and the insurer agree. Knowing that, you may be tempted to insure to a value less than the true value of your aircraft to save some premium dollars.
Aircraft insurance that provides liability and property coverage for aircraft. Aircraft insurance, also called aviation insurance, can be purchased for a number of different types of aircraft, including standard, experimental, and vintage aircraft, as well as seaplanes.