Buying a private jet is a choice that can transform how you travel – but it also has significant responsibilities. While private aviation offers unmatched speed, flexibility, and privacy, ownership isn’t a good fit for everyone.
Don’t commit to a purchase without understanding what ownership entails, the potential pros and cons, and how to protect your investment with private aviation insurance.
What Does Jet Ownership Involve?
You should understand the full scope of ownership costs and obligations before signing on the dotted line. Once you acquire your aircraft, you’ll be responsible for:
- Storage and hangar fees
- Fuel and flight crew salaries
- Ongoing maintenance and inspections
- Compliance with FAA regulations
- Aircraft insurance
- Operational oversight or hiring a management company
Your insurance partner can help you simplify some of those responsibilities and mitigate risks.
Benefits of Owning a Private Jet
High-net-worth people choose private jet ownership for many compelling reasons.
1. Flexibility and Convenience
Set your schedule, bypass commercial airports, and access destinations that commercial airlines may not serve.
2. Time Efficiency
Avoid layovers, long security lines, and delays. The time savings alone can justify the cost for busy executives.
3. Comfort and Customization
Tailor the cabin to suit your preferences – whether that means office space, sleeping quarters, or luxury amenities.
4. Privacy and Security
Enjoy peace of mind while traveling, especially when discretion is a concern.
5. Tax Advantages
Depending on how you use your aircraft, you may be eligible for tax incentives or deductions under current IRS guidelines.
Drawbacks to Consider
Private jet ownership is freeing in many ways, but it still brings some challenges. Weigh the potential downsides before you commit.
1. High Upfront and Ongoing Costs
Jets range from several million to tens of millions of dollars. Annual operating costs, including maintenance, fuel, and crew, can total hundreds of thousands.
2. Depreciation
Of course, jets depreciate over time. Resale value will depend on market conditions, usage, and upkeep.
3. Regulatory Compliance
Staying airworthy means adhering to strict FAA maintenance and inspection schedules, all of which you must meticulously document.
4. Limited Use
Fractional ownership, jet cards, or chartering may be more cost-effective than outright ownership if you fly fewer than 200 hours per year.
What Insurance Coverage Do Jet Owners Need?
A private jet is a valuable and complex asset. Insurance is not optional – it’s essential. At Ingram Aviation Insurance, we tailor coverage for aircraft of all sizes and uses.
- Liability insurance: Covers bodily injury and property damage resulting from an accident. Required for legal and financial protection.
- Hull insurance: Protects against physical damage to the aircraft, whether from a collision, weather event, or other covered incident.
- Ground risk coverage: Applies when the plane is parked or undergoing maintenance. It covers damages not related to flight.
- Crew and passenger coverage: Policies may also include medical payments and personal injury protection for pilots, crew, and guests.
- Legal defense: Your insurance may cover legal expenses, depending on the policy.
Why Work With Ingram Aviation Insurance?
At Ingram Aviation Insurance, aviation coverage is our sole focus. That specialization means:
- Faster, streamlined underwriting that clears you for takeoff without unnecessary delays
- Custom-tailored policies that reflect how and where you fly
- Exhaustive industry knowledge to explain your risks and obligations
- Direct access to aviation insurance experts who guide you through the process
- Responsive help when your circumstances or aircraft usage change
No matter which aircraft you choose, we’ll help you protect your investment, passengers, and peace of mind.
Thinking About Buying a Jet? Let’s Talk First.
Private jet ownership offers incredible advantages – but it also comes with unique responsibilities. Partner with Ingram Aviation Insurance to enjoy all the benefits of flying privately while minimizing financial risk. Contact us to discuss your goals – we’ll help you secure the coverage you need to fly confidently.