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TOP 2 COVERAGES ALL HANGAR OWNERS SHOULD HAVE! - YouTube
Channel: AIR 101
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- What's up everyone?
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It's Caleb here at Air 101,
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the channel that talks
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about aviation insurance and much more.
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Today, we're going to be
answering the question,
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"What is the best coverage
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that you can purchase for your aircraft?"
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(airplane roars)
(hip-hop music)
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Whether owned an aircraft for a long time,
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or you're just purchasing one,
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this video is perfect for you.
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Before we can answer that question.
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We need to talk about the three coverages
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that an individual can
purchase for their aircraft.
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Number one, being liability only.
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This is sometimes called
PL and PD coverage,
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personal liability and property damage.
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This is tied to the aircraft
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and this allows you to follow
transport Canada's regulations
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and legally fly the aircraft in Canada.
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This is by far the most basic coverage
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that you can purchase for your aircraft.
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And once again, this is Liability Only
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and does not provide any
physical damage coverage
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for the aircraft whatsoever.
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The second coverage that you can purchase
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for your aircraft is
All Risk Not In Motion.
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This gives you liability so
that you can be legal in Canada
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and also gives you physical
damage for the aircraft
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while it's on the ground and
the engine is turned off,
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but the moment that an
individual turns the engine on
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there's no longer physical
damage coverage for the aircraft,
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this coverage is perfect for an individual
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that wants to store their
aircraft in a hanger,
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or they want to have it tied down outside.
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It will help protect in the
case if there's a hail storm
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or if there's a wind storm.
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And if there was actual loss in this case,
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there would be coverage
under the policy wording.
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Once again, this is the second
coverage that you can get,
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All Risk Not In Motion.
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So what then is the best coverage
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that you can get for your aircraft?
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Before we answer that let's
talk about today's sponsor.
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Today's sponsor is Air1 Insurance.
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They have been doing aviation
insurance for over 30 years.
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They have pilots on staff,
and if you give them a call,
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they will give you a free,
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no obligation quote for your aircraft.
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They have very competitive
rates and high customer service,
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and can help you with all
your aviation insurance needs.
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What is the best coverage
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that you can purchase for your aircraft?
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This would be All Risk
Flight and Ground coverage.
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This once again gives you liability
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so that you can fly the aircraft,
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but it also gives you a
physical damage for the aircraft
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for when it's on the ground
or when you're flying it.
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And essentially, if you're following
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all of transport Canada's regulations
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and you purchase this coverage,
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and then you go and crash your aircraft,
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the insurance company
would essentially write
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you a check for your
aircraft less the deductible.
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And that is why this is the
most comprehensive package
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that you can purchase for your aircraft.
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So the three coverages
that we talked about today,
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were number one, liability only,
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number two, All Risk Not In Motion
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and number three, All
Risk Flight and Ground.
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So what coverage should you purchase?
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It's really up to you what
coverage you want to purchase
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and what you're able to afford.
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But for myself, I would personally buy
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All Risk Flight and Ground as it is by far
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the most comprehensive package
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that you can purchase for your aircraft.
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before we end the video here,
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please make sure that you hit
the notification bell below
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and subscribe to this channel.
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And please give this video a thumbs up
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so that I can continue to make
great videos, just like this.
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I hope that you have a fantastic day
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and I look forward to
seeing you in the next one.
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