Starting your flight training is an exciting time. You may spend many hours researching flight schools, taking a discovery flight, getting your student pilot certificate and medical certificate, and beginning your ground and flight training.
So naturally, getting student pilot insurance may be far from your mind. And while you may not need insurance on that introductory flight where your experienced instructor is taking off and landing, soon, you will be taking off and landing yourself. As you prepare for your upcoming solo and being PIC of the aircraft, it is important to consider getting aircraft renter’s insurance. You should get student pilot insurance, also known as renters insurance or non-owned aviation insurance, before you solo for the first time.
Many student pilots assume their instructor, FBO, or flight school has insurance. While this is usually the case, these policies are designed to protect their legal and financial interests, not yours. The coverage may be limited, and not protect you from a lawsuit if you hurt someone or cause damage to another aircraft or vehicle. The flight school, flying club, or instructor, and their insurance company may come after you if they have to come out of pocket to fix or replace an aircraft.
While everyone has heard the saying, “flying is safer than driving,” do not use this idiom as a justification to dismiss risk, and not get insurance. This phrase carries some serious assumptions, including that you are being flown by two airline pilots with thousands of hours of combined experience, in an aircraft that has two engines and many backup, redundant systems that can be activated when necessary. In the U.S., several hundred people are killed each year in general aviation accidents, compared to almost no losses from airline flights, where years regularly go by without a domestic fatality in the U.S. As a student pilot, it’s important to recognize and mitigate flying risks, including financial risk.
Today we will cover the top reasons why you need insurance as a student pilot.
Get a no-obligation, Student Pilot Insurance Quote Here or call 800.666.435
Insurance Carriers May Reserve the Right to Subrogate
Subrogation, in the most simple terms, is the right of an insurance company to recover from a third party. The flight school insurance policy may not have a non-subrogation clause (where they promise not to go after the renter to recoup their loss). For example, if you have a hard landing and bend the propeller, you may also wrinkle the aircraft’s firewall. A bent firewall or engine mount is usually a major repair, and may even cause damage beyond economical repair. If the insurance company decides to go after you for damages, you may then need to hire an attorney to defend you in a civil court. The cost of a small renter’s premium would eliminate this risk.
If the Aircraft is Damaged, You Will Be Responsible for the Aircraft Owner’s Deductible
Aircraft Renter’s insurance will cover deductible amounts that the aircraft owner will be responsible for. Your flight school, CFI, or flying club should be able to provide you with the deductible amounts. These may be tiered, such as this example:
The insurance deductible for Fixed Tricycle Gear Aircraft typically is around $5,000.
The insurance deductible for Single Engine Retractable Gear, or Multiengine Aircraft, typically is around $10,000.
Higher deductibles mean lower premiums for flight schools, so you should assume your rental aircraft’s owner will have a higher deductible. It only takes one bad landing as a student pilot to create a devastating expense. Even if you walk away unharmed, having to come out of pocket cover a hefty deductible is enough to make some student pilots walk away from flight training forever. And because as many as 60-80% of student pilots do not get their pilot certificate, you can’t afford that risk.
Other Considerations
It’s generally accepted that, even with satisfactory repairs, an aircraft with damage history will have lower resale value than an aircraft with no damage history. Also, while a plane is being repaired, it will not be available to fly. This can result in a loss of revenue for the flight school or aircraft owner. The flight school or aircraft owner may come after you for these damages. Unfortunately, these losses are not covered by insurance. However, having a renter’s policy that you can promptly file a claim with after an incident to cover the deductible – will improve your rapport with the flight school or aircraft owner.
Insurance Is Affordable – Accidents Are Not
The cost of insurance to cover you through flight training as a student may be less than the cost of one of your lessons. Get a student pilot insurance policy and be free to focus on what’s really important – learning to fly.
Contact BWI Aviation Insurance for a quote today. We look forward to assisting you.
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Get a no-obligation, Student Pilot Insurance Quote Here or call 800.666.435
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