The gift from your wife to take flying lessons last year has really paid off. After 12 months of focusing on the goal of learning to fly, you are ready to purchase part ownership in a plane and increase the amount of general aviation insurance that you have. You are not to the point where you are able to make long distance flights on your own yet, but the decision to increase your general aviation insurance will allow to be ready when you are fully licensed pilot.
The general aviation industry is America continues to grow as more and more people not only continue to be interested in insurance for airplanes, but also in insurance for drones. And while drone flying takes a different kind of license, even this activity requires that the operator, no matter what the age, is fully insured if you want to fly for profit. In fact, getting a drone insurance policy is one of the first steps in making sure that you will be covered no matter how often you want to fly your craft.
As the number of drones sold in the U.S. is projected to grow from 2.5 million units in 2016 to 7 million units in 2020, it only makes sense that a growing number of people will also be looking for insurance coverage. This increase, which is predicted by the Federal Aviation Administration, is an indicator of the increases activity and regulation that the general aviation industry will see.
Whether you are are a beginner pilot looking to complete an aviation license, or you are only interested in staying on the ground and flying a drone, it is important that you make sure that you have the right kind of insurance. For these reasons, aviation insurance is a growing part of the nation and world’s economies. In fact, the gross estimated worldwide premiums of $4.62 billion collected by the aviation insurance industry in 2015 came from a number of sectors. Specifically, 51% was paid by general aviation, 34% was paid by airlines, and 15% was paid by aerospace companies.
As of the year 2016, there were 584,362 active U.S. pilots who play an important part in the yearly 24 million flight hours logged by U.S. general aviation aircraft. All of these hours need to be covered by general aviation insurance of some kind.