Whenever I’m asked by a pilot whether or not they should purchase a non-owned aircraft insurance policy, my answer is usually yes, but this depends on a few things:
1. What are their typical flying habits.
2. Do they have an active aircraft insurance policy on an aircraft they currently own that includes non-owned coverage.
Non-owned aircraft insurance policies, also called aircraft renters insurance policies, are actually very affordable and offer great coverages for pilots flying aircraft they don’t own.
Assuming You Are Covered By Others, Is Dangerous
We’ve been in the aviation insurance industry since 1977, and it is actually rare that a pilot or organization does not believe they need to have insurance coverage. The problem is that they far too often assume that the coverage is paid for and provided by someone else.
This could be a student pilot undergoing flight training or someone who just rents an aircraft from the original owner. Yes, the flight school likely has an aviation insurance policy, as does the original owner of a rented plane.
In the event of an aircraft insurance loss or accident, the aircraft owners insurance is always primary and a non-owned policy would step in, if coverage was inadequate or to protect the policyholder.
If you regularly fly aircraft that you don’t own, we definitely recommend purchasing an aircraft renters insurance policy.
What Will Non-Owned Aircraft Insurance Cover?
Aircraft renters insurance policies can provide coverage for:
- Third-party bodily injury
- Third-party property damage
- Physical damage to the aircraft itself
- Can provide coverage to pay flight school for FBO physical damage deductibles
- Provide for your legal defense costs
Aircraft renters insurance policies also offer hull coverage for non-owned aircraft. Hull coverage can be added on to an aircraft renter’s policy and it is typically offered in amounts ranging from $5,000 to $200,000. Keep in mind that hull coverage on non-owned aircraft or renters insurance policies is secondary coverage. This means that the aircraft owners policy is primary in the event of a loss. As a result, hull coverage is only paid if you are legally liable for damage to a non-owned aircraft.
The Best Argument for Non Owned Aircraft Insurance is Price
Non-owned aircraft insurance is remarkably affordable and for those who may regularly find themselves in the cockpit of an aircraft that they don’t own, the price makes it a must have. The prices could vary depending on the month, day, or year that you read this article, but right now aircraft renters insurance policies start at only $72 for an entire year of coverage. That $72 will get you $250,000 in liability coverage limited to $25,000 per passenger.
Get an aircraft renters insurance quote online today, in just a few minutes by clicking here.
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