Renter's Insurance?

SkyChaser

SkyChaser

Pattern Altitude
Joined
Mar 22, 2020
Messages
2,310
Display Name
Display name:
SkyChaser
I've been looking into a few places to rent an airplane from to get back into the air, and all the ones I have come across all require renter's insurance (understandably!). The outfit I am looking at renting from said I would only be responsible for paying their insurance deductible should something go wrong, so they recommended I get insurance that covers about $5K liability. This matches the policy I had as a student.

When I had renter's insurance as a student, I just went through AOPA and AssuredPartners because I got a small discount from a promotion running at the time. That policy lapsed last November. Should I just call them up and ask for that to be reinstated? Or does anyone here have recommendations as to which company to go with?
 
I went with Avemco. I think it was significantly cheaper than the other providers, but I can't remember exactly.
 
I’ve used Starr Gate because they do by the month and I’ve only been required to have it when I was doing my accelerated courses. So I bought a month each time. It is a very painless process to get it. I have no idea if it’s competitive on rates. $30 for a month when I was spending close to $15K for commercial and multi add on wasn’t a needle mover.
 
I used AVEMCO and liked it. The process for getting renters insurance is super easy and pretty affordable.
IIRC I took out a lot more than 5k$. The rental place had told me that in the event of an accident the plane will be covered by their insurance, but their company will use subrogation to recoup those costs from me (any+all costs initially paid by the insurance company). Not sure if that's standard practice though.
 
Thanks, guys! I appreciate the suggestions. The guy I spoke with at the flight school said that all they would want from me if something happened was enough to cover their $5K deductible, and that all I would need to carry for insurance to rent from them would be $5K liability. I don't really know too well how that works, though.
 
SkyChaser said:
Thanks, guys! I appreciate the suggestions. The guy I spoke with at the flight school said that all they would want from me if something happened was enough to cover their $5K deductible, and that all I would need to carry for insurance to rent from them would be $5K liability. I don't really know too well how that works, though.
Click to expand...
That’s exactly what I got from Starr Gate when I did my IR accelerated. The multi required $10K so that was about $40 if I recall correctly. They also offer annual.

Keep us posted please on what you find. I’m considering getting some. Our club doesn’t require it and I can comfortably write a check for the deductible but I figure part of the purpose of insurance is to defend the claim leagaly as well.
 
The rental place only requires you to cover the deductible because that’s the extent of their liability. Be sure that their insurance company can’t come after you to recoup the insurance company’s losses.

Have a discussion with Avemco. If you’d like, I’ll be glad to shoot an email to the lady who helped me and get you two in contact.
 
Yeah, I think my flight school requires students to have $25k in liability before soloing. $5k seems low.
 
I used Google to see who offered, and AVEMCO was NOT the cheapest.

If you have USAA, go through their gateway.
 
You have to shop for renters insurance,the FBOs insurance may not be the cheapest.
 
Hull coverage for renters insurance always seemed like a joke. I’m not sure they’ll even write $750k, which is how much a new cirrus would go for (minimum).
Some people rent planes like that… I guess. Because I see them availiable.
 
TCABM said:
USAA partners with Falcon for aviation insurance. They (Falcon) have a non-owned (renter’s) product.

https://falconkvl.aero.insure/dtm/application/pno/us/applicant-information
Click to expand...

But you need to go through the USAA portal. Falcon has a specific staff of people who deal with USAA customers.

The same with USAA customers and travel insurance. USAA partners with Travel Insured, and get different packages and rates from non-USAA customers.

I go through USAA/Falcon for both my renter's insurance and insurance on my Mooney
 
dans2992 said:
Hull coverage for renters insurance always seemed like a joke. I’m not sure they’ll even write $750k, which is how much a new cirrus would go for (minimum).
Some people rent planes like that… I guess. Because I see them availiable.
Click to expand...

In most cases, your renter's insurance is only to cover the FBO's deductible. My local FBO requires $20K hull overage.
 
All the school will seek from you is 5k, but their insurance company could come after you for the rest of you're at fault. I cover myself for the cost to repair the plane I am renting.
 
PilotRPI said:
All the school will seek from you is 5k, but their insurance company could come after you for the rest of you're at fault. I cover myself for the cost to repair the plane I am renting.
Click to expand...

That is the concern. How do renters of a $500k+ aircraft cover this liability? Seems like they’re flying “naked”, TBH.

This is a big advantage of an “equity” flying club. You’re named insured. No renters policy required.
 
When I was renting, used AssuredPartners. Good no nonsense service, they were easy to work with. As everything in aviation, it’s expensive.
 
PilotRPI said:
All the school will seek from you is 5k, but their insurance company could come after you for the rest of you're at fault. I cover myself for the cost to repair the plane I am renting.
Click to expand...

Examples?
 
Pinecone said:
Examples?
Click to expand...
Are you asking m for examples of subrogation in the insurance industry? I'm not an insurance expert. Call an insurance company when getting a quote and they can talk you through it more intelligently than I. Maybe it's belt and suspenders but I fly pricey aircraft and make sure I'm covered.
 
You state that the primary insurance company will subrogate you as the pilot. Do you have any examples of this?
 
Half Fast said:
Be sure that their insurance company can’t come after you to recoup the insurance company’s losses.
Click to expand...

This is important advice and usually people are unaware of this. Make sure the FBO's policy has a "Waiver of Subrogation" otherwise the FBO will be covered for any loss, but the FBO's insurance carrier may seek damages from you. If I was looking for renter's insurance I would look for a policy that covers the hull value of the aircraft I was renting and had the liability coverage I deemed sufficient.
 
I will definitely check with the FBO for the waiver you guys mentioned! The guy I talked to made it sound like I didn't need to worry about paying for the plane in case something happened, but I didn't realize that those waivers were a thing.
 
dans2992 said:
That is the concern. How do renters of a $500k+ aircraft cover this liability? Seems like they’re flying “naked”, TBH.

This is a big advantage of an “equity” flying club. You’re named insured. No renters policy required.
Click to expand...

They are technically flying naked, yes.

That said, we had two egregious claims at our flight school, and begged our insurance to subrogate against the renters, and the conversation was a non-starter. I wonder if this attitude will erode with the tight insurance market.
 
The ability to subrogate against a pilot seems like double dipping on the part of the ins company.

In theory, both the FBO and the renter SHOHLD carry insurance, which would result in the same risk being paid for… twice.
 
dans2992 said:
The ability to subrogate against a pilot seems like double dipping on the part of the ins company.

In theory, both the FBO and the renter SHOHLD carry insurance, which would result in the same risk being paid for… twice.
Click to expand...
It does seem that way for the hull, doesn’t it?

The renter pilot is really buying subrogation insurance, I guess. You can’t buy enough to cover a totaled Cirrus, but carrying any insurance at all obligates the carrier to pay for your legal defense, regardless of the cost. AVEMCO has a reputation for honoring that commitment. Maybe others, too.

Interesting idea about insuring with the same company the FBO uses. When a friend and I were sharing airplanes, we made sure to do that. They can’t subrogate their own insured. Remember: they have to pay for your defense. Subrogation against you puts them on both sides of the dispute.
 
You must log in or register to reply here.
Back
Top