Tips for a pilot looking to fly on a budget
August 23, 2011, 05:09 pm
As the number of student pilots who complete their pilot's certificate program continues to dwindle, some analysts suggest the restrictive cost of flying is a primary cause of the problem, according to Plane and Pilot Magazine.
Most pilots looking to fly on a budget will want to own an aircraft. While this seems counter-intuitive, the cost of renting can quickly exceed the cost of ownership for regular fliers, though joint programs that help pilots share ownership costs help offset the sticker shock of owning a plane.
One form of co-ownership, known as fractional ownership, is similar to renting but carries more guarantees and spreads out costs. Co-owners typically buy shares of a single aircraft and are allocated usage corresponding to their percent of ownership. Maintenance and other fees may apply, but the total cost is usually somewhat reasonable.
The cheapest way to log flight hours is to joining the Civil Air Patrol, a federally funded volunteer group. CAP pilots are tasked with search and rescue missions, disaster relief and a number of government aviation initiatives, while aircrafts and hours are completely free.
Regardless of how a pilot flies, pilot insurance is a critical component of his or her portfolio. Because of the nature of the hobby or profession, it's crucial that a pilot is properly covered. According to the Insurance Information Institute, although the number of Americans covered by their employers is on the rise, individual life insurance policy holders only account for about 33 percent of the population, the lowest level in decades.
Are you covered? Are you overpaying? Find out! Get a Quote Now!
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