Do you own a vintage or classic aircraft built before the mid-1980s? As aircraft age, getting the right insurance coverage becomes more crucial. By 2025, major changes in antique aviation insurance are on the horizon.
In this all-encompassing guide, we’ll explore everything you need to know about insuring antique aircraft in the coming years. You’ll learn about evolving coverage options, regulations, market trends, and best practices for filing claims. Let’s get started!
Types of Antique Aircraft Insurance
Antique aircraft fall into three main categories:
Vintage Aircraft Insurance
Vintage planes are typically models from the WWII and post-war era (1945-1955). Popular vintage aircraft include the North American P-51 Mustang, Boeing B-17 Flying Fortress, and Douglas DC-3.
Vintage aircraft policies offer liability and hull coverage just like standard plans. But they factor in the unique parts and maintenance required by older planes. Expect to pay higher premiums for vintage models than modern ones.
Classic Aircraft Insurance
Classic aircraft are post-war, piston-engine planes built from 1956 to the mid-1980s. Some examples are Cessna 172s, Beechcraft Bonanzas, and Piper Cherokees.
Since they're newer than vintage aircraft, classic planes can often be insured at lower rates. But specialty underwriters familiar with these models may still be needed.
Ex-Military Aircraft Insurance
Many antique aircraft for sale are ex-military models like decommissioned trainers and transports. Coverage considerations for ex-military planes include their flight purpose, avionics upgrades, and maintenance history.
Always disclose if your aircraft was militarily operated. Underwriters will evaluate its current condition and usage to determine insurability.
Coverage Options for Antique Aircraft
Like any plane, antique aircraft need liability coverage in case of property damage or bodily injuries. But several other coverages are also recommended:
Liability Insurance
Liability protection covers pilot errors, mechanical issues, and other problems that lead to damage claims. It's the minimum coverage required by regulators for certified aircraft.
Liability limits for vintage aircraft often start around $1 million. Some owners opt for higher umbrella policies up to $10 million or more.
Hull Coverage
Also called “all-risk” coverage, hull insurance covers aircraft damage or total loss. This includes accidents, natural disasters, vandalism, or theft of the entire plane or its components.
Hull deductibles typically range from 1-5% of the plane's insured value. Improperly secured aircraft may face a deductible as high as 10%.
Emergency Landings
When mechanical issues, bad weather, or fuel starvation force unplanned landings, this optional coverage helps pay for transportation andlodging costs.
Personal Effects Coverage
If cabin belongings like headsets, tablets, or avionics gear are damaged or lost in an incident, this add-on helps pay for replacements.
Regulations and Compliance for Antique Aviation
Operating and insuring antique aircraft involves adhering to aviation authority guidelines:
Federal Aviation Administration (FAA) Rules
For U.S.-registered aircraft, FAA regulations include:
- Requiring inspection by an FAA-approved mechanic every 12 months
- Mandating liability insurance for aircraft over 12,500 lbs or with more than 9 seats
- Necessitating transponders and lighting for night flights
European Union Aviation Safety Agency (EASA)
For Europe-registered antique aircraft, EASA regulations involve:
- Permitting flights with a Permit to Fly instead of a Certificate of Airworthiness
- Requiring maintenance logs, annual inspections, and EASA Flight Crew licensing
State Regulations
Individual U.S. states may impose special taxes, licensing fees, liability limits, or operating restrictions for antique aircraft registered in that state.
Antique Aviation Insurance Market Outlook for 2025
As the antique aircraft market evolves, insurance trends for 2025 include:
Premiums Projected to Rise
As restoration costs increase, liability payouts grow, and underwriting profits shrink, premiums for antique plane insurance will likely rise over the next few years.
New Underwriting Requirements
Insurers may institute additional pilot experience requirements, attendance at safety seminars, personal background checks, and increased inspection rigor.
Value-Based Premiums
Premium costs will become more directly tied to an aircraft's changing valuation year-over-year rather than a flat rate.
Customer Segmentation
Brokers will offer policies tailored to distinct owner profiles, such as heavier pilots, newly licensed pilots, or strictly hobbyist fliers.
How to File an Antique Aircraft Insurance Claim
When the unthinkable happens, here are some best practices for filing an antique aircraft insurance claim:
Report Incidents Immediately
Contact your broker right away after any accident or damage. Prompt reporting often leads to faster claim resolution.
Document Everything
Take photos of the aircraft, damage, accident site, etc. Get statements from witnesses. Secure maintenance records showing aircraft airworthiness.
Cooperate Fully with the Insurer
Provide all requested information. Allow aircraft inspection and salvage if needed. Communicate openly with claims adjusters.
Understand Reasons for Denial
Common claim denial causes include lack of regular inspections, unauthorized pilots, improper maintenance logs, or operating outside the policy terms.
Don't Abandon Aircraft
Unless given permission by the insurer, don't dispose of any aircraft parts until the claim investigation concludes. This protects your claim eligibility.
The Future of Antique Aviation Insurance
While insuring antique aircraft today is very feasible, the process will likely become more rigorous by 2025. As underwriters strive for profitability in a shrinking market, regulators aim for increased flight safety, and claims continue rising, costs will increase and eligibility tighten.
For antique aircraft owners, partnering with specialty brokers, adhering to guidelines, and maintaining your plane should help secure coverage with fewer hassles. But it's wise to plan for higher premiums and stricter requirements in the years ahead.
Despite challenges, the antique aviation insurance market will endure. The unbridled joy of cruising the skies in a vintage or classic aircraft endures as well. For devoted antique aircraft aficionados, extra planning and diligence is a small price to pay.
Have you faced challenges insuring an older aircraft? What changes do you anticipate in antique aircraft insurance by 2025? Share your thoughts and experiences in the comments below!