BWI offers comprehensive 1 year, annual aircraft renters insurance policies to protect you when flying aircraft that you do not own.
Our aircraft renters insurance policies our backed by A+ rated aviation insurance companies and we offer both liability coverage and optionally hull or physically damage coverage for the aircraft itself.
Don’t rely on the aircraft owner or flight school to carry adequate coverage. Protect yourself today with an aircraft renters insurance policy from BWI!
What is Aircraft Renters Insurance?
An Aircraft Renters Insurance Policy is an annual policy designed to protect you when flying aircraft that you have either rented or borrowed. Also known as a non-owned aircraft insurance policy, and typically written as a 1 year, annual insurance policy. Aircraft renters insurance policies offer secondary coverage, in the event that the aircraft owner either doesn’t have coverage or the coverage isn’t sufficient.
Aircraft Renters Insurance Basics
Aircraft renters insurance policies are primarily designed to protect you from liability damages incurred with the added risks of flying aircraft that you don’t own. Many pilots think that that their flight school or FBO has insurance that covers pilots renting their aircraft, but their insurance policy typically covers their interests in the aircraft and protects them against liability claims.
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 or FBO physical damage deductibles.
- Provide for your legal defense costs
If you are flying aircraft that you don’t own, having an aircraft renters insurance policy will give you the protection and peace of mind in knowing that in the event of a loss or accident, you have coverage in place to protect you.
What coverages are typically offered in aircraft renters insurance policies?
Liability Coverage: Aircraft Renters Insurance policies include liability coverage as standard. Aircraft liability insurance protects you against legal liability for damages arising out of bodily injury or property damage, caused while flying an aircraft. Aircraft liability insurance also provides you with legal defense, in the event you are sued if an accident occurs while flying.
Aircraft Liability Insurance is typically offered starting at $250,000 per occurrence and limited to $25,000 per passenger. The top-level liability insurance amount is typically $1,000,000 for each occurrence and limited to $200,000 per passenger.
Aircraft Physical Damage: Aircraft Renters Insurance policies also offer hull coverage for non-owned aircraft. Hull coverage can be added on to an aircraft renters insurance policy and is typically offered in amounts ranging from $5,000-$200,000.
The amount of hull coverage you should get depends on a few factors:
- Does the aircraft owner or flight school have an insurance policy that includes hull coverage? If so, does that policy have high deductibles?
- What is the value of the aircraft you are flying?
- Depending on the above, you should choose to either cover the deductibles with the amount of hull coverage in your aircraft renters insurance policy or cover the full value of the aircraft if the aircraft owner doesn’t have adequate coverage.
*Important note: Hull coverage on a non-owned aircraft or aircraft renters insurance policy is secondary coverage, meaning the aircraft owners policy is primary in the event of a loss. Further, hull coverage is only paid if you are legally liability for damage to a non-owned aircraft. Meaning you must be sued for coverage to activate.
What types of non-owned aircraft are typically covered?
- Single Engine Land Aircraft and Gliders
- Including Standard, experimental and light sport aircraft powered by a reciprocating piston engine.
- Any sailplane or glider.
- Single engine Seaplane Aircraft
- Including: Any fixed wing, single engine seat aircraft powered by a reciprocating piston engine.
- Multi-Engine Land Aircraft
- Including: Any non-pressurized multi-engine land aircraft powered by reciprocating piston engines.*
- *Exclusions to the above may apply, non-owned aircraft insurance policies do not cover any commercial use including your liability as a CFI.
What does an aircraft renters insurance policy cost?
- Aircraft renters insurance policies start at only $72 a year for $250,000 in liability coverage, limited to $25,000 per passenger.
- Liability coverage options go up to $1,000,000 per occurrence, limited to $200,000 per passenger and typically cost $470 per year
- Physical damage or hull coverage can be added as an optional coverage to an aircraft renters insurance policy. For $5,000 in physical damage coverage the cost is an additional $86, added on to the liability cost. For $200,000 in hull coverage the cost is around $1,663 in addition to the liability cost.
Frequently Asked Questions
Q: How much aircraft renters insurance do I need?Show Answer
A: We recommend carrying at least $1,000,000 in liability coverage, limited to $100,000 for each passenger. We also recommend carrying physical damage coverage including at least the value of the aircraft that you are flying
Q: What is non owned aircraft insurance?Show Answer
A: Non-owned aircraft insurance is an annual insurance policy designed to offer coverage for you when flying aircraft that you do not own. This can also be called Aircraft Renters Insurance.
Q: How much does aircraft renters insurance cost?Show Answer
A: Aircraft Renters Insurance policies start at around $72 a year for $250,000 in liability only coverage, which covers bodily injury, property damage and provides legal defense.
Q: Can I cancel my aircraft renters insurance policy before the term is up?Show Answer
A: Yes you can typically cancel an aircraft renters insurance policy before the annual term, but you may be subject to a minimum earned premium or cancellation penalty. Minimum earned premiums for Aircraft Renters Insurance policies are typically 6 months of earned premium, plus a 10% early cancellation penalty.
Q: If I already have an insurance policy on my owned aircraft, do I need an aircraft renters insurance policy?Show Answer
A: It depends on your owned aircraft insurance policy coverages. Typically most aviation insurance policies will include some liability and physical damage coverage for specific types of non-owned aircraft. Coverage typically matches the liability and physical damage limits of your owned aviation insurance policy coverages.
Q: Do I need aircraft renters insurance?Show Answer
A: If you are flying aircraft that you don’t own, an aircraft renters insurance policy is a great way to protect you with secondary coverage. The aircraft owners insurance policy is always primary but typically does not cover pilots or crew. An aircraft renters insurance policy provides protection for you and the aircraft depending on coverage choices.