If your aircraft insurance renewal is approaching, you might be thinking about shopping around. Perhaps you’re hoping to save money, compare coverage options, or simply see what’s available.
But many aircraft owners hesitate at this point because they’ve heard conflicting advice. Will your current broker find out? Could requesting another quote affect your existing policy? Can shopping around make it harder to get insurance?
The good news is that, in most cases, the answer to all these questions is no. But understanding how the aviation insurance market works can help you compare your options and make better decisions when renewal time comes around.
Why many pilots are hesitant to shop around
Unlike shopping for car insurance online, aircraft insurance can feel less straightforward. You arrange your policy through specialist brokers. Underwriting decisions vary between insurers. And jargon like “Broker of Record” (sometimes abbreviated to BOR) can make the process seem more complicated than it really is.
You might be worrying that requesting quotes from another broker somehow alerts your current insurer or puts your existing policy at risk. You might even be concerned that you’ll damage your relationship with your existing broker simply by exploring other options.
In reality, shopping around for quotes is a normal part of the renewal process. It won’t affect your existing insurance policy or premium, and simply exploring your options doesn’t mean you’re changing your current coverage.
How the quoting process really works
There are generally two types of insurers: those who “open quote” and those who don’t.
At ForeFlight Insurance Agency, the instant quotes we provide through the Aviation Insurance Marketplace are generated by insurers who participate in “open quoting”. This is how most insurance for light piston aircraft works.
The open quoting process allows multiple brokers to obtain quotes for you, as long as you aren’t already insured with that insurer. That means you can compare available options without your current broker being notified or your existing policy being impacted. Insurers who open quote do so because they utilize automated systems to generate quotes based on your application. An underwriter only gets involved in more complex applications.
Some insurers that specialize in specific types of risks, such as low-time pilots transitioning into more complex or expensive aircraft, pilots with a claims history, owner-flown turboprops and jets, or other special situations, do not open quote. These insurers manually review every application, so getting applications from multiple brokers for the same applicant could become overwhelming.
A Broker of Record is the broker whom the insurer recognizes as authorized to act on your behalf. This is often simply whichever broker is the first to submit an application on your behalf. If you already have a policy with the insurer, they’ll usually only release a quote to your existing broker.
This approach helps insurers avoid duplicate underwriting work created by dealing with multiple brokers for the same applicant. It’s particularly relevant for turbine aircraft because these involve manual reviews of more complex risks, making them less suited to auto-generated quotes.
You can switch your BOR by signing a Broker’s Letter of Authorization, which gives a new broker the right to act on your behalf. This doesn’t cancel your policy or reduce your coverage. It simply tells the insurer that you’ve chosen a different broker to represent you.
When should you start shopping?
The best time to begin comparing aircraft insurance quotes is typically 30 to 90 days before your renewal date. This gives you enough time to:
- Compare multiple options
- Ask questions about coverage
- Resolve any underwriting queries
- Complete any Broker of Record paperwork, if necessary
- Make an informed decision without feeling rushed
Leaving everything until the week your policy expires limits your options and adds unnecessary pressure.
What to expect when comparing quotes
Brokers don’t have relationships with every insurer, and different brokers may work with different insurers. That means two brokers can both search the market thoroughly but still approach different insurers.
Brokers also generally receive the same underlying quote from an insurer when they submit identical information. If quotes differ significantly, it’s often because the coverage or underwriting assumptions differ, not because one broker negotiated a secret discount.
How does ForeFlight Insurance work?
At ForeFlight’s Insurance Marketplace, we’ve carefully selected a group of insurance partners that collectively represent the majority of the aircraft insurance market in the US. These insurers cover a broad range of pilot experience levels, aircraft types, and operating profiles, allowing us to help you find the most competitive options.
Because our instant quoting platform works with insurers that support open quoting, you can explore available options in less than a minute without affecting your existing policy.
If we detect that you have an existing policy with one of these insurers and you then decide to proceed through our purchasing process, we’ll ask you to sign a Broker’s Letter of Authorization giving us permission to work on your behalf with your existing insurer.
Buy aircraft insurance with confidence
Understanding the difference between open quoting and Broker of Record arrangements helps debunk some of the myths surrounding the aircraft insurance quoting process. Rest assured that requesting quotes won’t affect your current policy, alert your existing broker, or reduce your coverage options. The most important thing is to start early, compare coverage—not just premiums—and work with a broker who explains the process clearly.
At ForeFlight Insurance Agency, our goal is to make aviation insurance easier to understand, giving you transparent information, competitive quotes and the confidence to choose the coverage that best fits how you fly.
Have questions about aviation insurance? Contact insurance@foreflight.com or schedule a no-obligation phone consultation here.
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