ForeFlight has launched the beta version of its Insurance Fair Price Tool, designed to give aircraft owners greater transparency into aviation insurance pricing — one of the most opaque financial aspects of aircraft ownership today, according to company officials.
Available to all individual ForeFlight subscribers via ForeFlight Web, the tool uses anonymous insurance policy data shared by pilots, as well as each pilot’s own aircraft and flight experience data, to show an expected insurance premium range based on similar pilot profiles.
Pilots can clearly see where their policy falls within this “fair price” range and also view insights on contributing factors that could impact their premiums, ForeFlight officials said.
The Fair Price Tool is being released as an open beta, which means the data-driven technology underlying it is still being developed and improved, company officials said, noting that having more pilots upload their own insurance policies will further refine the data quality before its full launch.
“Insurance costs have increased in recent years, and many pilots don’t know if they’re getting a fair deal. This is a big step toward bringing more transparency to an outdated, inconsistent system,” said Tim Schuetze, CEO of ForeFlight.
“We’ve worked with hundreds of aircraft owners for several months in developing this tool,” said Henrik Hansen, Chief Technology Officer at ForeFlight. “The feedback we’ve received has been overwhelmingly positive. Pilots appreciate having a way to gain clarity on one of their biggest ongoing expenses. We’re excited to use our data-driven technology to help.”
Aircraft owners with individual ForeFlight accounts can start using the Insurance Fair Price Tool now by logging into their ForeFlight account via their browser at Plan.ForeFlight.com/Insurance.
