Aircraft Insurance Renewal in Canada: 10 Things Every Aircraft Owner Should Review Before Renewing

By Caleb Winterburn

Vice President, Aviation Insurance

Covalen

For many aircraft owners, an insurance renewal arrives, they glance at the premium, make sure it looks reasonable, and renew for another year.

The problem is that your aircraft, your flying experience, and even the insurance market may have changed significantly since your last renewal.

A renewal is one of the best opportunities to make sure your coverage still matches your needs and that you're not paying for coverage you don't need or missing protection you do.

Here are ten things every Canadian aircraft owner should review before renewing their aircraft insurance.

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1. Has your aircraft value changed?

   
   

Aircraft values have changed dramatically over the past few years. Some models have appreciated while others have stabilized or declined.

If your aircraft is insured for less than its current market value, you could face problems after a total loss. If it's insured for significantly more than it's worth, you may be paying more premium than necessary.

Your insured value should reflect what it would realistically cost to replace your aircraft today.

2. Have you gained more flying experience?

   
   

Insurance companies consider pilot experience when determining premiums.

If you've accumulated additional total time, time on type, earned an instrument rating, completed recurrent training, or obtained another licence, your renewal is the perfect time to ensure your insurer knows.

More experience can often improve your insurance profile.

3. Have you added new equipment?

   
   

Many owners install upgrades such as:

GPS and avionics

Glass cockpit systems

Engine monitors

Interior upgrades

Float or amphibious conversions

Propeller or engine upgrades

These improvements may increase the value of your aircraft and should be reflected in your policy

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4. Is your liability limit still appropriate?

   
   

Many owners simply renew the same liability limit year after year.

Ask yourself whether your current limit still makes sense.

Would $1 million be enough?

Would $2 million provide better protection?

Should you consider $3 million?

The right answer depends on your aircraft, where you fly, how you use it, and your personal financial situation.

5. Are all pilots listed correctly?

   
   

If your spouse, business partner, instructor, or another pilot now flies the aircraft, your broker should know.

Some policies automatically provide flexibility, while others require approval for additional pilots.

Never assume someone is covered without confirming.

6. Are you still using the aircraft the same way?

   
   

Perhaps you now:

Fly more cross-country trips

Operate from grass strips

Use floats

Provide transition training

Use it for business travel

Any change in how the aircraft is operated could affect your coverage.

7. Review your deductibles

   
   

Choosing the lowest deductible isn't always the best option.

Likewise, selecting a very high deductible simply to save premium may leave you paying much more after a claim.

Your deductible should be an amount you're comfortable paying if something unexpected happens.

8. Don't focus only on price

   
   

The lowest premium isn't always the best policy.

Coverage differences may include:

Open pilot warranties

Ground risks

Spare parts coverage

Emergency expense coverage

Trip interruption

Forced landing recovery

Claims service

The goal is finding the best overall value, not simply the cheapest price.

9. Ask questions

   
   

Many aircraft owners renew without asking a single question.

Ask your broker:

Has anything changed?

Are there better options?

Are there discounts available?

Has the market become more competitive?

A good broker should be reviewing your policy every year rather than simply sending an invoice.

10. Work with someone who understands aviation

    
    

Aircraft insurance is different from home or automobile insurance.

The broker should understand aircraft values, pilot qualifications, maintenance requirements, and how Canadian aviation actually works.

Experience matters when helping protect one of your largest investments.

Final Thoughts

Your annual renewal is much more than a payment reminder. It's an opportunity to make sure your coverage still reflects your aircraft, your flying, and your goals.

A short conversation today could prevent a costly surprise tomorrow.

If you'd like a second opinion on your aircraft insurance, I'd be happy to review your current policy and explain your options with no obligation.

Request your aircraft insurance quote today at https://covalen.ca/en/aviation-insurance

About the Author

Caleb Winterburn is Vice President of Aviation Insurance at Covalen and has spent nearly two decades helping Canadian pilots protect their aircraft. As a commercial airplane and commercial helicopter pilot, Caleb combines real-world flying experience with aviation insurance expertise to help aircraft owners make informed decisions. He regularly speaks at aviation events across Canada and shares practical insurance advice through articles, videos, and educational presentations.