An Aviation Renter’s Insurance policy will provide priceless coverage in the event that you are held legally liable due to your operation of an aircraft that you don’t own.
If there were no additional benefits offered by aviation renters insurance, that one benefit would be sufficient to justify the costs. It is remarkably affordable to purchase aviation renters insurance and taking to the skies without, just doesn’t make a great deal of sense.
The Scope of Benefits for Aviation Renters Insurance
As with most aviation insurance, you can find both liability and hull insurance within renters insurance. The liability coverage will typically start out at $250,000 per occurrence and limited to $25,000 per passenger. If you want additional coverage, you can go for a top-shelf policy that will give you $1,000,000 per occurrence and limited to $200,000 per passenger. Then, if you want to add hull coverage you can find it offered in amounts ranging from $5,000 to $200,000.
So if you have been a pilot for any period of time or own your own aircraft, all of those coverage options are going to sound very familiar to you. What may not sound as familiar to you is the cost. Aviation renters insurance can start out as low as $72 dollars for the entire year and even if you pursue the top-tier liability only coverage, you’ll still come in under $500.
This means you’ll have coverage for third-party bodily injury, third-party property damage, and optional physical damage to the aircraft as well as coverage to pay flight school or fixed base operator physical damage deductibles. Now, you may think that the aircraft owner or the flight school insurance coverage will protect you. That’s not always the case. You have to remember that those policies were written to protect the interest of the policyholder or flight school and not the student.
Airplane Rental Insurance Will Provide for Your Legal Defense Costs
Unfortunately, we live in a fairly litigious society here in America and you don’t have to do anything wrong to be dragged into an expensive legal defense. You likely won’t find a lawyer who will pick up the case for less than $250 bucks an hour which means the aviation renters insurance pays for itself by the time you get past the first or second hour billed. Not to mention the average legal defense cost can hit $25,000 or higher.
Once again, you don’t have to actually be in the wrong for someone to sue you when you are piloting an aircraft that you do not own. Which means that you can still wind up paying $25,000 or more simply because someone thinks that you are in the wrong and liable. Now remember that aviation renters insurance can start out as low as $72 dollars for an entire years worth of coverage. Even if you are not seeking the top-tier level of coverage, that basic coverage comes with the same legal defense protections.
When In Doubt, Protect Yourself
For over 40 years, BWI Aviation has been providing insurance solutions to aircraft as a family owned and veteran owned business. We always give our best advice to pilots and we can help pilots narrow down the best policy for the best rates. Moreover, we source new rates every single year to make sure they are not missing out on new savings. Aviation renters insurance is one of easiest decisions to make and we can help guide you through getting the right coverage to mitigate your liability exposure when flying aircraft that you don’t own.
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Get a no-obligation, Aircraft Renters Insurance Quote or call 800.666.435