Most pilots who rent or borrow aircraft don’t understand the need for Renter Insurance and how it protects them. More often than not the FBO or aircraft owner does not provide adequate coverage – if any – to the renting pilot putting them at a huge personal financial risk. Purchasing an aircraft renter policy is the best way to protect yourself if you were to become legally liable due to a loss.
Comparing aircraft renter insurance policies is rarely comparing apples to apples. Some policies may seem to be lower priced, but when you look closer, they may not include what you really want or need. Follow this simple checklist to help you decide if a particular renter insurance policy is right for you.
- When is my policy effective?
- Does the FBO/Flight School require aircraft physical damage coverage? If so, how much?
- Does the policy have a per passenger sublimit, or the more restrictive per person sublimit?
- Does the policy offer a No-Fault Deductible?
- Does the policy include medical payments?
- What types of aircraft are approved under the policy?
- Does the policy cover personal effects for my passengers?
- Does the policy include legal defense?
- Are any AOPA membership or claims-free discounts offered
- What is the covered territory on the policy
- Can I add my employer as additional insured?
The insurance application itself is straightforward; simply decide how much legal liability and physical damage coverage you want to have and any additional coverage you might need. You will need to answer questions about your experience, pilot certificate and ratings, total hours logged, and hours flown in the last 12 months.
AssuredPartners Aerospace has a team of aviation insurance specialists ready to help you get the protection that you need. They can give you examples of how each coverage applies to your individual situation and help you figure out the right coverage for you, at the price you can afford. You can learn more about Aircraft Renters Insurance by downloading a free Guide Book here.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.