Insurance Question

[cforst513]

I have yet to start any actual flight training, but I was wondering about insurance. Do I have to get it as a student pilot? Once I get my PPL, CFI, etc, will I then be required to purchase insurance? Or if I just have a good life insurance policy, does that cover it? How much is insurance, typically, for a private pilot, single engine? I'm assuming it goes up as your training and ratings increase in complexity. Thanks!

 

[knelson]

I have yet to start any actual flight training, but I was wondering about insurance. Do I have to get it as a student pilot? Once I get my PPL, CFI, etc, will I then be required to purchase insurance? Or if I just have a good life insurance policy, does that cover it? How much is insurance, typically, for a private pilot, single engine? I'm assuming it goes up as your training and ratings increase in complexity. Thanks!

Ask your flight instructor about renters insurance. It's a good idea that too many people overlook. If your flight instructor doesn't know about it, check with the Aircraft Owners and Pilots Association. www.aopa.org

There are many ways to go about it, just make sure you do it and never have to use it! Good luck with your training and enjoy the ride.

knelson

 

[Lead Sled]

Rental insurance is something that you ought to consider. Of course, there are some pros and cons; but if you are flying a rented, borrowed, or flying club aircraft make sure you understand your insurance and liability status.

You need to verify that YOU, personally, are covered while you are flying the aircraft. In the event of an accident, if you are not personally covered, you may find yourself in a position where the insurance company covers the aircraft and aircraft owner (FBO) but not the pilot (you). In these cases, the insurance company will pay the owner for his covered losses according to the limits and terms of his policy and then go after the pilot (you) to recover the money that they had to pay out. This is called subrogation and it doesn't matter if you pay the insured's deductable or not - they're the ones covered, not you. Do insurance companies really go after rental pilots? You bet they do and they do it all of the time. Needless to say, this could be financially devastating. Fortunately, there are very reasonably priced “non-owner” aircraft insurance policies.

Can you get by without it? Who knows? Does it matter? Could you afford to buy the airplane that you're renting? It's really no different that driving without insurance. Just my personal opinion.

'Sled

 

[cforst513]

well, i am 21 years old and i will be living with my parents after i graduate from college in the spring. do i have to specifically have aircraft insurance or am i, since they still cover me, covered by my parent's homeowners or property insurance? i am not knowledgeable in the least bit when it comes to this topic. who are some reputable pilot insurance companies?

 

[MXMiles]

I am currently a student pilot and I too have been wondering about insurance for pilots. Other than renter's insurance is there any other insurance that I should consider. Right now I am on a very tight budget. What is feasible for me right now and what should I consider if I make flying my career.

 

[pilotman2105]

cforst513,

I was in your same shoes a few years ago. Going to school and I was "covered" for NON-AVIATION ACTIVITIES under the parents health/homeowner's insurance if anything were to happen. I had the parents pull out the actual policy and there was an explicit exception that the policy would not cover any aircraft related incidents/accidents. So renter's insurance was needed to cover anything else.

I would suggest that you do the same. I'm willing to bet that you will find the same exception.

 

[cessna_driver2]

What Kind of insurance are you guys asking about?

Aircraft rental insurance, Medical insurance, or Life insurance?

For aircraft insurance Some places offer (at time of rental) for a few dollars more additional insurance to rent the a/c. I agree w/ stated above. Check into AOPA. They offer legal & rental insurance. Anything is possible just not probable.

Medical insurance, I have no clue. I do not think an insurance will pay a medical problem if they think it is due to an accident or something to that effect.

Life insurance. Most common life insurances do not cover death or dismemberment if you were PIC or in other than an airline.

 

[hoop]

I am a student pilot also, and I went with AOPA renters insurance. You can go with the basic liability for $95, but I went with comprehensive as well. My total bill was $345 for a year. I hate paying it, but would hate paying for a plane even more.

 

[Pilotadjuster]

Many questions here; I am an insurance professional, so I'll try and give some guidance;

The renters policy is an excellent idea; make certain you purchase the aircraft damage (for the plane you are flying) portion, in AT LEAST an amount equal to the school's deductible. Find out first what that deductible is and if they have a "waiver of subrogation" clause. That means (if they have it) the insurance company cannot go after you personally for any damage to the aircraft. If they do not have that endorsement, you may need to obtain damage insurance for the full value of the aircraft at least.

Yours or your parent's homeowners insurance will NOT cover any aviation activity liability. It is specifically excluded from any coverage. The AOPA site has some good articles as well regarding renters insurance and suggestions on its purchase. Also - if you have a local agent (try the one the school buys from), go in and talk with them about what coverage you need; particularly if they have the school's policy, they will have some idea of your potential liability, particularly for the aircraft damage.

Life insurance - aopa or www.Pilotinsurance.com have policies for pilots at very reasonable rates. many other policies have a standard exclusion for activities as "pilot or crewmember".

Once you have your CFI, you may not be covered by your FBO; check with them first and get it in writing that you are an additional insured. If you are not covered, try aopa or join NAFI www.nafinet.org , both have reasonable CFI policies.