The InsurTech offering will empower pilots of light aircraft to customize plans according to their time in the sky.
Palo Alto, CA — November 2, 2021 — SkyWatch, the leading InsurTech company for aviation, announced today that it has launched a usage-based insurance product for rented light aircraft that offers yearly, monthly, weekly, and daily coverage options. The launch is in collaboration with Global Aerospace, Inc., a leading provider of aviation insurance and risk management solutions for the aviation and aerospace industries. SkyWatch will distribute the product – available in most US states – directly to pilots and via select partners, while Global Aerospace will provide underwriting expertise and prompt claims handling.
Most pilots across the US are renters, which means that flying in an irregular and spontaneous fashion is common. However, available insurance policies run on a yearly or monthly basis, so many of these pilots, from leisure enthusiasts to young students and their instructors, end up paying insurance costs even when they are not flying. SkyWatch is the first to offer not only annual and monthly options but also weekly and daily plans, better-enabling pilots to pay only for their time in the sky.
“Together with Global Aerospace, we’re providing pilots with flexibility and freedom through this usage-based insurance product,” said Tomer Kashi, CEO and Co-Founder of SkyWatch. “SkyWatch is committed to providing the best value to all aviators and leveraging data is key to offering flexible and cost-effective insurance options. The difference we make for aviators inspires us to keep innovating on all fronts.”
“We are excited to partner with SkyWatch to provide an industry-first offering. The decision to build an easy-to-use, technology-based platform to provide pilots of rented or borrowed aircraft with flexible and affordable usage-based coverage options aligns with our commitment to drive innovation and simplify the process of buying insurance,” said Jeff Bruno, President and Chief Underwriting Officer of Global Aerospace.
Pilots can get covered in 90 seconds for as little as $5 a day by visiting www.skywatch.ai and entering just a few details.
About SkyWatch
SkyWatch has established itself as an InsurTech leader with its innovative insurance solutions for the world of aviation. From light aircraft to drones, its data-driven, usage-based insurance products are designed to provide the highest coverage at the absolute lowest price. SkyWatch has offices in Tel Aviv, Israel and in Palo Alto, and is a licensed insurance broker in all 50 US states and in Canada. SkyWatch is a part of VOOM, a leading provider of usage-based insurance products for the future of mobility. See more at www.skywatch.ai.
About Global Aerospace
Global Aerospace is a leading provider of aerospace insurance with a worldwide portfolio of clients who are engaged in every aspect of the aviation and space industries. Headquartered in the UK, we have offices in Canada, France, Germany, Switzerland and throughout the United States. Across the world, we employ over 300 people. With experience dating back to the 1920s, the company’s underwriting is backed by a pool of high-quality insurance companies representing some of the most respected names in the business. For additional information about Global Aerospace, please visit www.global-aero.com. To learn more about the company’s SM4 safety program, please visit sm4.global-aero.com.
Rats. I re-upped my Renter’s Insurance before seeing this.
But 1) My rate was just under $300. I fly 35 hours a year, so just under $10/hr for Insurance. I wonder if I really would have saved any money? 2) How would this new type of Insurance ‘fly’ with the Flight School that I rent from? They like to have a Policy on file, to know in advance that I’m covered when I schedule.