6 Important Facts About Aircraft Renters Insurance
Aircraft Renters Insurance protects pilots when flying aircraft they have rented or borrowed. Renters Insurance, also known as Non-Owned Aircraft Insurance, covers the out-of-pocket costs of an aircraft accident, such as deductible, excess liability (property damage / bodily injury), and defense costs. Policies are inexpensive and economical, making it a great option for Flying Club Members, Flight School Students, and Certified Flight Instructors (CFIs).
1. Renters Insurance policies can be purchased for pilots as young as 14.
Coverage can be purchased by any individual, aged 14 or older, who wants to rent or use an aircraft that is not owned or registered in whole or in part by you, your spouse, parent, child, sibling, or corporation. Policies include Personal Non-Owned Coverage and Flight Instructors Personal and Professional Non-Owned Coverage.
2. Renters Insurance provides coverage for an entire year.
A policy period is for one year, based on the policy inception date. Policies cannot be backdated to cover losses or damage sustained prior to the start date.
3. There are 3 types of coverages available for purchase.
LIABILITY COVERAGE
Liability coverage is required in order to start a policy.
This covers any Property Damage or Bodily Injury (outside the aircraft and including Passengers) for which an insured is legally liable, caused by an accident/incident arising from your use of such non-owned aircraft.
MEDICAL COVERAGE
This coverage is for a minor medical expense incurred within one year from the date of injury, to or for each passenger, including crew (pilot), who sustains bodily injury by a covered accident/incident.
Expenses can be applied to: Clinic visit, x-ray or dental service, necessary ambulance, prosthetic devices, and hospital expenses.
PHYSICAL DAMAGE COVERAGE
This covers any Physical Damage to the non-owned aircraft for which the insured is legally liable, caused by an accident/incident from your use of such non-owned aircraft, including loss of use of the non-owned aircraft.
This coverage can also apply to a deductible you may be responsible for.
Learn more about Renters Insurance coverage options in our post, “More about Renters Insurance Coverage Options.”
4. Many types of aircraft can be covered with Renters Insurance
SINGLE ENGINE FIXED WING AIRCRAFT
Includes coverage for Sailplanes/Gliders
Non-Pressurized, piston engine not exceeding 450 HP (7 Seats max)
MULTI ENGINE FIXED WING AIRCRAFT
Includes Coverage for Single Engine Aircraft/Sailplanes/Gliders (7 seats max)
Non-pressurized, piston engines not exceeding 350 HP (each engine) (7 seats max)
HELICOPTERS (PISTON)
Includes Coverage for Single Engine Fixed Wing Aircraft (7 seats max)
Single, piston powered engine not exceeding 450 HP (4 seats max)
SEAPLANES (SINGLE ENGINE FIXED WING)
EXPERIMENTAL, LIGHT SPORT AIRCRAFT ARE INCLUDED
5. Coverage extends beyond the United States.
A Renters Insurance Policy only applies to accidents/incidents that are sustained within the policy territory, which extends beyond the United States:
Within and enroute between the political boundaries of the United States of America, its territories and possessions, Canada, Mexico and those portions of the Caribbean and Central America that lie West of 59° West longitude and North of 7° North latitude, excluding any part of Columbia, Cuba, Guyana or Venezuela.
6. Renters Insurance Rates are “Flat.”
Rates for Renters Insurance polices are “flat,” meaning they are not impacted by pilot age, pilot certificate and ratings, or pilot hours.
Rates are impacted by the following items:
Type of aircraft being insured
The amount of coverage you purchase
Your personal aviation accident history (Accidents, losses, or claims sustained within the past 36 months)
Discounts are also available for pilots who have completed a FAA Basic, Advanced, or Wings Program.
