Flying an aircraft that you don’t own comes with its own set of risks and uncertainties. To ensure that you are adequately protected, BWI offers comprehensive 1-year, annual aircraft renters insurance policies. With our policies, you can fly with confidence, knowing that you have the coverage you need.
What is Aircraft Renters Insurance?
Aircraft Renters Insurance is an annual policy designed to safeguard you when flying aircraft that you have rented or borrowed. Also known as non-owned aircraft insurance, this policy offers secondary coverage in case the aircraft owner’s insurance is insufficient or nonexistent.
Aircraft Renters Insurance Basics
Aircraft renters insurance policies primarily aim to protect you from liability damages that may arise when flying aircraft you don’t own. While flight schools or FBOs may have insurance that covers their interests, it typically doesn’t provide adequate coverage for pilots renting their aircraft.
With aircraft renters insurance, you gain coverage for a range of situations, including third-party bodily injury, third-party property damage, physical damage to the aircraft, payment of flight school or FBO physical damage deductibles, and legal defense costs.
What Coverages Are Typically Offered?
Aircraft renters insurance policies generally include liability coverage as standard. This component protects you against legal liability for damages caused while flying an aircraft, covering bodily injury or property damage. It also provides legal defense in case you are sued following an accident.
Liability coverage typically starts at $250,000 per occurrence, with a limit of $25,000 per passenger. The highest level of liability coverage typically reaches $1,000,000 per occurrence, with a limit of $200,000 per passenger.
In addition to liability coverage, aircraft renters insurance policies also offer optional hull coverage. Hull coverage protects non-owned aircraft from physical damage. The coverage amount depends on factors such as the deductibles of the aircraft owner’s policy and the value of the aircraft being flown. Hull coverage amounts generally range from $5,000 to $200,000.
It’s important to note that hull coverage on a non-owned aircraft is considered secondary coverage and is only paid if you are legally liable for the damage. This means you must be sued for the coverage to take effect.
What Types of Non-Owned Aircraft Are Covered?
Aircraft renters insurance typically covers various types of non-owned aircraft, including:
- 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 fixed-wing, single-engine seat aircraft powered by a reciprocating piston engine.
- Multi-Engine Land Aircraft, including non-pressurized multi-engine land aircraft powered by reciprocating piston engines.
It’s important to note that exclusions may apply, and non-owned aircraft insurance policies do not cover any commercial use or your liability as a CFI.
What Does an Aircraft Renters Insurance Policy Cost?
Aircraft renters insurance policies are available at affordable rates. For instance, policies start at just $72 a year for $250,000 in liability coverage, limited to $25,000 per passenger. If you opt for higher liability coverage, such as $1,000,000 per occurrence and $200,000 per passenger, the cost typically reaches around $470 per year.
In addition to liability coverage, you can add optional physical damage or hull coverage to your policy. Physical damage coverage costs an additional $86 for $5,000 in coverage and around $1,663 for $200,000 in coverage, on top of the liability cost.
FAQs
How much aircraft renters insurance do I need?
We recommend carrying at least $1,000,000 in liability coverage, limited to $100,000 for each passenger. We also suggest carrying physical damage coverage that includes at least the value of the aircraft you are flying.
What is non-owned aircraft insurance?
Non-owned aircraft insurance, also known as Aircraft Renters Insurance, is an annual policy designed to provide coverage when flying aircraft that you do not own.
How much does aircraft renters insurance cost?
Aircraft renters insurance policies start at around $72 a year for $250,000 in liability-only coverage, which covers bodily injury, property damage, and legal defense.
Can I cancel my aircraft renters insurance policy before the term is up?
Yes, you can typically cancel an aircraft renters insurance policy before the annual term. However, you may be subject to a minimum earned premium or cancellation penalty. Minimum earned premiums for Aircraft Renters Insurance policies are typically six months of earned premium, plus a 10% early cancellation penalty.
If I already have an insurance policy on my owned aircraft, do I need an aircraft renters insurance policy?
It depends on the coverages provided by your owned aircraft insurance policy. While most aviation insurance policies include some liability and physical damage coverage for specific types of non-owned aircraft, the coverage typically matches the limits of your owned aviation insurance policy.
Do I need aircraft renters insurance?
If you are flying aircraft that you don’t own, an aircraft renters insurance policy is highly recommended. While the aircraft owner’s insurance policy is primary, it typically does not cover pilots or crew. An aircraft renters insurance policy provides protection for both you and the aircraft, depending on your chosen coverages.
Conclusion
Don’t leave your safety and financial security up to chance. BWI’s aircraft renters insurance policies offer comprehensive coverage for liability damages, physical damage to non-owned aircraft, and legal defense costs. With affordable rates and flexible options, you can fly with peace of mind, knowing that you are protected every step of the way.
