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Should You Buy a Plane? The Pros and Cons
Do you have thoughts about buying your own airplane or helicopter? Perhaps you have your license and like the idea of hassle-free long-distance travel or the simple joy of being aloft and seeing the world as few people do. While renting is another possibility, you may be uncomfortable with not knowing how other renters treated the plane. People generally aren’t as careful with rental property as they are with their own. In any case, you like the idea of having your own plane. Should you go ahead? What are the pros and cons?
The Pros of Buying a Plane
No Airport Security Hassles
Travel via the airlines isn’t the experience it was decades ago. Today, it’s just a way to get from point A to B, accompanied by the less than pleasant airport security routine. Owning your own plane means bypassing that and going where you want, when you want, and bringing whatever you want with you, including your hunting rifle. You can go straight to your destination without connections unless it’s beyond the fuel range of your plane.
You can see more at five thousand feet than you can from ground level in your car or from a little window at 40,000 feet in an airliner. Ever wondered what a bird’s eye view of your favorite fishing spot looks like? Take a look and find out. Perhaps you’ll discover a better spot.
According to the Transportation Security Administration, you should get to the airport 90 minutes before the departure time of domestic airline flights. With your own plane, allow a few minutes to park your car near your plane and go inside.
The Cons of Buying a Plane
Planes Are Expensive
Beyond their purchasing price, everything about plane ownership comes out of your pocket such as financing, maintenance, inspections, storage, and fuel. Depending on the plane, the cost per hour of flying them can be hundreds or thousands of dollars. If you think you’ll save money on transportation costs with a plane, think again. Flying by airlines is far cheaper. Unless you get a commercial license and can get good-paying gigs, flying your airplane will be an expensive hobby, and you should have the financial means to afford it.
Planes Are Complex
This means you can’t get slack with their maintenance like your car. There’s no roadside shoulder to pullover to if your plane has mechanical problems in flight. You will have to stay on top of its upkeep. Sometimes this may require lengthy repair work, during which you can’t fly.
Whether caused by pilot error or mechanical problems, any person suffering from an injury or property loss because of a flying accident can take you to court. Protecting your financial assets and even your way of life will require good pilot liability insurance. For more information about the liability and insurance aspects of flying, contact us.
Authored by Rick J. Lindsey, President, Chairman, and CEO of XINSURANCE
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.