159. Is Aviation Insurance Finally Getting Cheaper? w/ Tom Hauge

Aviation insurance guru Tom Hauge from Wings Insurance is back, and this time, he's got good news! After years of skyrocketing premiums, the insurance market is finally softening—meaning lower rates and fewer headaches for pilots and operators. Tom breaks down why this is happening, how you can take advantage of it, and what mistakes to avoid when renewing your policy. We also dig into contract pilot coverage, the risks of bush planes, and which aircraft are nightmares to insure. If you own or fly an airplane, you need to hear this one! Connect with Tom on LinkedIn | Wings Insurance Show Notes 0:00 Intro 2:47 Current Premiums & Softening Market 10:12 Plane Crashes & War Risk 25:13 Tips for Good Renewal Process 34:27 Having A Claim 41:41 Bush Airplanes 51:29 Cirrus Training 56:45 Terms to Know   Be sure to subscribe to 21Five's Youtube Channel to see our luggage review videos! Hard Landing: The Epic Contest for Power and Profits That Plunged the Airlines into Chaos by Thomas Petzinger Jr Connect with us on LinkedIn Our sponsors: Move your airplane without breaking your back or the bank! Max said the Amigo AeroTow's affordable T1 tug has 'changed his hangar life'. Learn more about AeroTow's family of aviation tugs and see why its earning rave reviews from top 40 aviation podcast hosts around the globe. Use code "21five" at checkout for $100 off any AeroTow product! -- Harvey Watt, offers the only true Loss of Medical License Insurance available to individuals and small groups. Because Harvey Watt manages most airlines' plans, they can assist you in identifying the right coverage to supplement your airline's plan. Many buy coverage to supplement the loss of retirement benefits while grounded. Visit harveywatt.com to learn more! -- Advanced Aircrew Academy enables flight operations to fulfill their training needs in the most efficient and affordable way—anywhere, at any time. We do this by providing high-quality professional pilot, flight attendant, flight coordinator, maintenance, and line service training modules delivered via the web using a world-class online aviation training system. Visit aircrewacademy.com to learn more! -- Tim Pope is a CERTIFIED FINANCIAL PLANNER™ and a pilot. His financial planning practice provides services to aviation professionals and aviation 401k plans. Tim helps clients pursue their financial goals by defining them, organizing & optimizing resources, planning, implementing, and monitoring their financial plan. Visit https://link.21fivepodcast.com/timothy-pope to learn more. Check out Tim's new podcast: The Pilot Money Podcast -- Employee Compensation Software That Answers "What's the Going Rate?" The AirComp Calculator™ is business aviation's only online compensation analysis system. It can provide precise compensation ranges for 14 business aviation positions in six aircraft classes at over 50 locations throughout the United States in seconds. -- VAERUS MEANS RIGHT, TRUE, AND REAL.Buy or sell an aircraft the right way, using a true partner, to make your dream of flight real. Connect with Brooks at Vaerus Jet Sales | Learn more about the DC-3 Referral Program -- The 21.5 Podcast is supported by our friends at ProPilotWorld.com - The Premier Information & Networking Resource for Professional Pilots -- Do you have feedback, suggestions, or a great aviation story to share? Email us [email protected] Check out our Instagram feed @21FivePodcast for more great content and to see our collection of aviation license plates. The statements made in this show are our own opinions and do not reflect, nor were they under any direction of any of our employers.