Airplanes are complex and expensive machinery. Thus, prior to purchasing insurance, you should determine the value of your aircraft so you can obtain the maximum insurance coverage. The insurance limits should equal your airplane value if the amount is lower than its value. You might be stuck with out-of-pocket expenses, if you are in any kind of accident mishap. Consider liability, hull and medical coverage these are must have for your insurance needs.
Buy Hull insurance coverage because it covers the physical damage to the aircraft. Therefore, it should be based on the market value of the airplane. The coverage should be sufficient to replace the airplane in the event of an accident.
Not only do you have to protect the airplane, you have to purchase liability insurance coverage for property damage as well as bodily injury to other people. You might think that this type of coverage is included in your hull plan, but it is not part of the standard plan.