Insuring And Financing A Helicopter: How-to
When you’ve decided what helicopter fits your needs, it’s time to decide on financing and insurance. Similar to your home or car, insurance protects your new investment.
There are several resources available to help you navigate the complexities of both financing and insurance. From the original equipment manufacturer (OEM) to the helicopter community, resources exist to help you determine your long-term costs such as your initial loan, training, potential crew, and maintenance. Textron Financial is also an option to start with in this process.
As you’re considering a finance strategy, the Customer Advantage Plans may be a good option. With CAP, maintenance costs are predictable so customers can accurately budget their expenses. It offers four plans that cover unscheduled and scheduled removals while aligning with your revenue and costs. In addition, CAP plans provide access to Bell’s OEM-backed inventory to reduce your downtime, and a personal account manager so you can enjoy one-on-one support 24/7.
Bell 429 owner Christian Palmaz says the CAP program has been a great resource for him.
“The aircraft reliability is class-leading,” he says. “But one of the things that you need is parts availability. We've noticed that with the competing aircraft, it's been difficult to get parts on demand when you need them. What's unique about the 429, particularly under the CAP program, is there seems to be just an enormous amount of availability.”
In the rare times Palmaz has needed a part for his aircraft, his experience has been that Bell shipped parts overnight so his aircraft can get quicky back into service.
Next comes insurance. Experts recommend working with a broker to find the right company. Defining the mission for your helicopter, who will fly it, and experience factors into getting the best premium.
If you plan to fly your own helicopter, experience, and certification matter. With your purchase, you get access to the world-class Bell Training Academy in Fort Worth, Texas, Valencia, Spain or Singapore, where you can receive flight and maintenance training utilizing Bell aircraft and state of the art Flight Training Devices/Simulators. Without putting extra stress on your newly purchased helicopter, you will receive training in a dedicated practice area where the training will include emergency procedures and auto-rotation training. Customers will complete a dual syllabus that includes both aircraft and simulator training so they can experience different conditions and scenarios. Bell Training Academy also offers additional courses that cover Night Vision Goggle (NVG) training and Inadvertently entering Instrument Metrological Conditions (IIMC) training.
“The Bell Training Academy provided not only enormous amount of support, but the initial program is extremely comprehensive,” says Palmaz. “I've found that going back every single year for my recurrence leaves me extremely well-prepared. Not only gives you that recurrent skill that you need but keeps you up to date on what's happening with the aircraft on a worldwide market scale.”
Safety features on your aircraft can also help the underwriting process and save you money. According to experts, that includes hiring a professional pilot for your first year for a better rate. It also gives you time to gain more flight training and experience if you decide to pilot your own helicopter.
Remember, Bell is here to help every step of the way.
“What I most appreciate is Bell has that, any time, day or night, there’s a number you can call, and someone will pick up and help you,” says Palmaz, adding, “there’s a whole team dedicated to supporting you, but it's not just a call center. These are individual people like engineers or flight support crew. There's always somebody there to help out.”
Thinking above and beyond is what we do. For more than 85 years, we’ve been reimagining the experience of flight – and where it can take us.
We are pioneers. We were the first to break the sound barrier and to certify a commercial helicopter. We were a part of NASA’s first lunar mission and brought advanced tiltrotor systems to market. Today, we’re defining the future of advanced air mobility.
Headquartered in Fort Worth, Texas – as a wholly-owned subsidiary of Textron Inc., – we have strategic locations around the globe. And with nearly one quarter of our workforce having served, helping our military achieve their missions is a passion of ours.
Above all, our breakthrough innovations deliver exceptional experiences to our customers. Efficiently. Reliably. And always, with safety at the forefront.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more information, visit: www.textron.com.
Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, changes in aircraft delivery schedules or cancellations or deferrals of orders; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; changes in government regulations or policies on the export and import of our products; volatility in the global economy or changes in worldwide political conditions that adversely impact demand for our products; volatility in interest rates or foreign exchange rates; and risks related to our international business, including establishing and maintaining facilities in locations around the world and relying on joint venture partners, subcontractors, suppliers, representatives, consultants and other business partners in connection with international business, including in emerging market countries.
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