Why do owners and pilots of helicopters need insurance? – While a helicopter may be utilized in a variety of ways and is often dependable, it can also be dangerous; not to mention the fact that a lot of things can go wrong with a helicopter, including vandalism and landing damage.
- As the owner and operator of a helicopter, you are responsible for any mishaps.
- For instance, if you operate sightseeing tours and one of your clients has an accident while boarding your helicopter, you might be held liable for the individual’s medical care and any potential claims.
- Similarly, if your helicopter were damaged by a storm, vandalism, or an accident, you would be liable for any necessary repairs.
Obviously, the expenses involved with lawsuits, medical treatment, and repairs may be astronomical. Investing in a comprehensive helicopter insurance coverage is crucial for this reason. If something were to happen to your helicopter, your insurer would cover the associated costs instead of you having to pay out of yourself.
A Breakdown of Helicopter Insurance Costs: – Helicopter Insurance is a subset of Aviation Insurance that consists of two distinct coverages: Liability Coverage and Hull Coverage. Every helicopter insurance policy includes liability coverage, which is normally restricted to $1,000,000 total liability and $100,000 per passenger.
- The coverage provided by liability insurance includes Bodily Injury, Property Damage, and Legal Defense.
- In the case of a loss, $100,000 will be earmarked for each passenger, which will cover medical expenses and cap the total compensation for each passenger.
- If there are two passengers in your helicopter, each will have $100,000 in liability insurance, leaving you with $800,000 to pay any damage (outside of the aircraft) Limited Only to The average cost of helicopter insurance ranges from $2,800 to $4,000, depending on the make/model, pilot credentials, and loss history.
Hull Coverage or Physical Damage Coverage is the second coverage included in a helicopter insurance policy. This coverage is optional and protects against damage to the helicopter itself. Hull Coverage in Aviation Insurance is based on (Agreed Value), which means that if you request a quotation for $350,000 in hull coverage and obtain a price that includes $350,000 in coverage, the insurance provider agrees that your helicopter is worth at least $350,000.
In the case of a total loss, the insurer will pay $350,000, minus any applicable deductible. Hull Coverage Cost for helicopter insurance varies greatly based on a number of variables, but normally ranges between 4% and 10% hull rate. For $350,000, this represents an extra premium of $14,000 to $35,000, excluding liability costs.
Helicopter insurance, as well as Aviation Insurance in general, is a specialized line of insurance, and we recommend employing the services of an Insurance Broker who specializes in Aviation Insurance. At BWI, we have specialized in Aviation Insurance for the past 42 years.
What is the price of an emergency helicopter?
Obviously, an emergency airlift can be rather costly. The National Association of Insurance Commissioners (NAIC) estimates that a typical 52-mile flight costs between $12,000 and $25,000.
What is the price of a Life Flight helicopter?
Without insurance or supplementary membership in an air ambulance group, the typical out-of-pocket cost for a ‘life flight’ (also known as a MedEvac) can vary between $12,000 and $25,000. (National Association Of Insurance Commissioners).
Does health insurance cover transportation by helicopter?
Please do not fill in this area. The majority of comprehensive medical insurance policies cover both land and air (helicopter) emergency medical transport. The decision to use an air ambulance is often decided by medical staff on-site, not by the patient.
What is the cost of a private helicopter tour?
# 6 What you should know about Helicopter Insurance Requirements
How much does it cost to start a helicopter tour business? Unlike other small enterprises, the startup fees for a helicopter tour firm are substantial. Depending on size, manufacturer, and model, the cost of the helicopter alone ranges from $150,000 to $300,000.
If you require a private pilot’s license, it will cost between $10,000 and $15,000, while a commercial pilot’s license would cost between $18,000 and $20,000 to get. Additionally, you must lease a hangar for your aircraft at a monthly rate ranging from $1,500 to $3,000, on average. You must also publicize your firm, which is a worthwhile initial investment of $3,000.
In addition, you will need around $1,000 worth of helicopter fuel to get started. Lastly, you will need insurance, the costs of which can vary but are normally between $11,000 and $15,000 per year.