All About Aircraft Insurance in Australia – From the History and Types of Insurance to Using a Calculator and Getting a Quote

These days, you need insurance for just about everything, and operating aircraft isn’t excluded. Aircraft insurance, also known as aviation insurance, covers just about everything involved with owning and flying a plane or helicopter. This includes hull losses and any environmental or third-party damage in addition to passenger injuries sustained in a crash.

The History of Aircraft Insurance

It wasn’t long after the invention of the airplane that insurance companies recognised a new market had just opened up. The first policy was written in 1911 by Lloyd’s of London, but they quickly stopped writing any more in 1912 after taking huge losses when an air meet ended disastrously. Specific aircraft insurance companies started emerging in the mid to late twenties, prepared to deal with all of the risks involved. The Warsaw Convention was signed in 1929, establishing various terms and conditions associated with air travel, and by 1933 the International Union of Aviation Insurers was formed, fully establishing the aircraft insurance market.

Types of Aircraft Insurance

Just like with other types of vehicles, there are numerous different types of policies available to an aircraft owner in Australia. The first and most basic is public liability, which covers the cost of damage done to any property in the event of a crash of collision (though it doesn’t cover the plane itself). Passenger liability pays for any passenger injuries sustained in a crash, and CSL (Combined Single Limit) takes care of both. Ground hull insurance pays for any damage done to the plane itself (and is broken up into two categories – not in motion and in motion). In-flight insurance is the most comprehensive type of insurance and covers any damages sustained by the aircraft during any point of operation.

Find a Calculator and Get an Aircraft Insurance Quote Today

There is a single major pro and a single major con when it comes to aviation insurance. The benefit is that, with the right policy, a disaster like an airplane crash can be totally paid for by an insurance company. Considering how devastating a crash can be, having these costs covered is huge. For example, U.S. Airways Flight 1549, which famously crash landed into the Hudson River in New York City in 2009, was completely written off – the airline didn’t lose a dollar. Of course, the one downside is that aviation insurance can be very expensive if you don’t work with the right company, so get a detailed quote before doing business.

Working With the Right Company

Avcover is proud to call Australia home. We have been serving Australia for over 20 years, providing valuable aviation insurance policies to owners of planes, helicopters and drones alike. We have a calculator on our website you can use to determine how much our insurance will cost you. We’ll give you a free quote, and we will work closely with you to get you a policy that you’re both comfortable and happy with. We can cover a single aircraft or an entire fleet, so use our aircraft insurance calculator to see how much we can save you, and get aircraft insurance in Australia today!