Pay only when you fly insurance launched

Pilots who fly just a few times a month, or even a year, are now being offered insurance cover for their aircraft ‘on demand’, ie, when it’s needed.

The aircraft will still be covered full-time when it’s parked, but the pilot can buy the legally required cover just for when he goes flying.

The insurance is called ‘FlyCovered’ and has just been launched by specialist insurers Tokio Marine Kiln (TMK), Covered Insurance and brokers 3XD.

Aircraft owners receive annual ground cover on the aircraft when it’s not in the air, with the option to purchase flight coverage when needed. The on-demand flight coverage offers fully comprehensive physical damage protection for the aircraft and the pilot’s liability in accordance with EU laws.

Customers can manage their policies, purchase flight days and even cancel flight days online instantly 24/7 from a smartphone, PC or Tablet.

FlyCovered’s three policy options:

• Ground Cover: Annual ground cover with the option to purchase flight days when needed
• On Demand: Annual ground cover with seven days of flight cover included. Additional days can be purchased when needed at a fixed daily rate
• Frequent Flyer: A traditional comprehensive annual aviation insurance.

“Customers are increasingly demanding more flexible, cost-effective insurance and pilots are now able to benefit from on-demand insurance through the FlyCovered platform,” said Paul Brown, chief technology officer at Covered.

“Regulations require pilots to have public liability cover when flying and this cover can be added to the policy even on the same day as you intend to fly.

“Many pilots only get to fly 15 to 20 times a year and traditional insurance policies do not offer the flexibility required for this market.

“With FlyCovered, pilots have access to the benefits of a fully comprehensive policy and can save money by only paying for the flight days they need.”

FlyCovered