Owning an airplane makes getting around easier and faster. Unfortunately, owning a plane is also very expensive and goes beyond the initial purchase price. Before you jump in, here are some things that affect the cost of ownership such as aviation general liability insurance.
Like any vehicle you own, you need the right insurance policy to cover the associated risks of owning a plane. Using a company like Arroyo Insurance Programs has the comprehensive coverage you need such as environmental impairment liability, aircraft spares coverage and hangar keepers’ liability.
Unlike whipping into a gas station to fill up your car, operating a plane requires a little more preparation and money. Even if you pilot the plane yourself, you need to have fuel which is based on the number of gallons consumed in an hour multiplied by the cost of each gallon then multiplied by the number of flight hours. Other costs include oil, landing fees and engine reserves.
Regular maintenance keeps the plane in top shape and ready to use. Annual inspections can help spot problems before they grow larger. Pilots may need additional training to keep up-to-date on the latest flying regulations. You also need a place to store or park your plane.
When considering purchasing a plane, whether, for business or pleasure, there are a variety of costs associated with ownership. Aviation general liability insurance is one way to protect this new asset.