3 Things to Know Before Buying an Aircraft

Owning an aircraft is exciting for many first-time owners. Without a budget and understanding of what you need, you can easily go overboard. Here are some things to consider when purchasing an aircraft.

Ancillary Items

Aircraft need a storage place for the plane, fuel and other items. According to iSure, aviation insurance brokers can cover more than the aircraft. Ancillary items such as hangars, flight memorabilia and airstrips have their own liabilities to cover.

Aircraft Type

What do you need in an aircraft? Do you need to haul multiple passengers or fly long distances? You may not need the latest and greatest flying machine. Consider the type of flying you regularly do when determining the type of aircraft to buy. Budget and financing ability will also play a part in determining the aircraft you buy.

Document Inspection

Unless you are buying a brand-new plane, it is crucial to thoroughly inspect the documents of the aircraft before purchasing. These documents can be daunting but have all the detailed information you need to know. They log hours the aircraft has flown, maintenance upkeep and past problems. These documents help you know what you are getting into.

Purchasing an aircraft and keeping these things in mind can help you make a good purchase. Properly insure this expensive investment to mitigate your liabilities.