Why bother with aircraft renters insurance?

The excitement of showing up at a flight school to learn something new or borrowing a friend’s plane for only the cost of gas can quickly be overshadowed if there is an accident. Often, pilots find out all too late that they may not be covered under the aircraft owner’s insurance. With annual premiums as low as what it may cost for an hour of an attorney’s time, non-owned aircraft insurance, often known as renters insurance, can offer peace of mind for both parties involved.
Why bother? – The Renter/Borrower
It is best to think of the non-owned aircraft insurance policy as a legal defense. Regardless of fault, a renter policy will provide the insured with a legal defense if they were to be sued. Often, non-owned policy premiums are lower than what it would cost to simply consult a lawyer. In addition, if the individual named in the lawsuit should become responsible for the aircraft owner’s deductible, renters insurance policies cover physical damage, along with damage to property or bodily injury.
Why bother? – The Aircraft Owner or Flight School
An important factor to a flight school’s success is keeping clients happy and often, chasing down an insurance deductible can put a kink in that relationship. Requiring aircraft renters to purchase non-owned coverage will keep both parties content if this situation were to occur. Even if the aircraft owner were not to seek the deductible from the individual responsible for damage, this does not stop the insurance company from pursuing compensation. Non owned insurance policies will protect the insured renter/borrower from subrogation.
Another important aspect of non-owned coverage is loss of use. Typically, flight school insurance policies do not cover the financial loss the business may incur while an aircraft is off the line. This is where the renter’s aircraft insurance policy steps in, protecting the company from potential financial loss.
Why bother? – Aviation Insurance Resources
As pilots and current aircraft renters and borrowers themselves, Aviation Insurance Resources (AIR) understands the value of renters insurance. That’s why they’ve provided a quick and easy way for flight schools to offer their renters and pilots to obtain renters insurance.
Non-owned aircraft insurance is now available to be purchased online directly through the AIR website! Through a premier partnership with Starr Aviation, AIR offers personal non-owned aircraft liability protection in standard, experimental, multi-engine and helicopter aircraft! Pilots can now sign up and pay for insurance in an easy and secure policy porthole, receiving instant binder confirmation. To start coverage, simply follow this direct link. This online method has made it simpler for flight schools to request their renters to obtain coverage as well.
Many a pilot has stated that they fly to leave the worries down on the ground. With Aviation Insurance Resources and their renters insurance program, this is one less worry that a pilot will find themselves flying away from.