If You Fly A Lot and Have the Money, Private Aviation May Be the Way To Go

Written by Economic Development Jobs on February 27, 2018. Posted in Aircraft hangar insurance, Helicopter insurance

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The average person probably can’t afford to fly on private planes, but if you are wealthy and fly first class most of the time, it may be worth it to consider private aviation. There are different ways you can experience the industry, but you need to be fully aware of all that is involved, especially the costs, before you jump in.

One of the best ways to dip your toe in the water of the private aviation world is to buy time on a private plane. You can do this a couple of different ways. You can buy into a single plane or you can buy into a plane-sharing program. Either one of them gives you a certain usage time on the plane depending on how much you spend. If you don’t fly often, you might simply charter a plane each time you need one. But for more frequent fliers, it makes sense to buy into a plane-share program. These are programs where you pay a set fee to cover costs such as upkeep of the plane, hangar time and aircraft insurance. Then you typically have to pay additional fees for flight time. With more than 220,000 aircraft and nearly 600,000 pilots, there are plenty of opportunities to find planes.

Another way to get into the private aviation industry is to buy your own plane. This is a much more expensive option, but it also gives you more control. It also is the best option if you want to become a pilot. Most people who buy their own planes buy a small one, such as a Cessna 180, which is a four- to six-seat general aviation airplane. While owning your own plane may seem like a good idea, you have to take all the costs into account. For example, there are hangar costs, maintenance costs, fuel costs, pilot salaries and insurance for aircraft. Insurance for airplanes is expensive, so it is important to shop around for the best aircraft insurance rates. In addition to aircraft insurance rates, you also have to consider hangar insurance and other types of insurance.

However you choose to get into private aviation, whether owning your own plane or buying flight time, it’s important to do your research and consider all the pros and cons, especially the cost.

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