Rental insurance?

av8tr1

av8tr1

"Never tell me the odds!"
I am doing some training at a school which self insurers their aircraft. The airplane I am training in is a 1967 PA30. They claim that I will be responsible for any damages to the aircraft. However while I am receiving instruction from the CFI they are responsible as the CFI is PIC. When I am on my check ride however which shouldn't be more than 1.5 they suggest I have my own insurance. Not sure how much to ask for. Avemco is asking for $1575 for 100K which is roughly what I think the aircraft is worth. $1575 seems like a lot for a hour and a half flight.

What should I be looking for here? Do I need replacement value for the aircraft?

I've heard Avemco used to offer single trip policies. Anyone know if they still offer these?
 
How is avemco asking you to pay that much? I got renters insurance from them, and it was about $300. Also, as I read you post more closely, shouldnt you just be responsible for the deductible, not the entire hull value?
 
Not necessarily just the deductible. The FBOs will have insurance to protect them, but their insurance company can still come after you for the damages. That's why you will need liability.
 
ozone said:
How is avemco asking you to pay that much? I got renters insurance from them, and it was about $300. Also, as I read you post more closely, shouldnt you just be responsible for the deductible, not the entire hull value?
Click to expand...

Might want to go back and read it again
av8tr1 said:
I am doing some training at a school which self insurers their aircraft.
Click to expand...

What you probably have is a SEL policy with a 10K damage liability which may cover just the deductible. The PA30 is a multi engine complex airplane. I have to insure the entire hull as the company "self insures" meaning they don't have insurance thus no deductible.
 
gotWXdagain said:
Seems kind of nickle-and-dimey on their part.
Click to expand...

Yeah I agree but they are the only option in 3 hours of me unless I want to pay 3x the amount. Which actually may end up being more expensive if I have to spent $1600 on insurance for one single flight.
 
av8tr1 said:
Yeah I agree but they are the only option in 3 hours of me unless I want to pay 3x the amount. Which actually may end up being more expensive if I have to spent $1600 on insurance for one single flight.
Click to expand...

Can the insurance be prorated over 12 months?
 
A PA30 is not worth $100k.

Sounds like you need non-owners insurance to cover the deductible for their policy. AOPA, EAA, and a slew of others offer that sort of policy.

Then again, a call to AOPA wouldn't hurt. After reviewing the rental agreement, they'll tell you exactly what sort of liability you are exposed to.


Sent from my iPhone using Tapatalk
 
CFI A&P said:
A PA30 is not worth $100k.

Sounds like you need non-owners insurance to cover the deductible for their policy. AOPA, EAA, and a slew of others offer that sort of policy.

Then again, a call to AOPA wouldn't hurt. After reviewing the rental agreement, they'll tell you exactly what sort of liability you are exposed to.


Sent from my iPhone using Tapatalk
Click to expand...

Sigh, once again, they are self insured. There is "no insurance" policy on the aircraft thus "NO" deductible.
 
av8tr1 said:
Sigh, once again, they are self insured. There is "no insurance" policy on the aircraft thus "NO" deductible.
Click to expand...

Sorry, I missed the self insured part. Hull value is not priority here... How do they plan to cover all the other expenses in the event of an accident ? Medical, property other than the airframe....

A non-owners policy from AOPA/EAA is the way to go. Take a look at Barnstormers and Trade a plane for comp hull values. The best part about this policies is that they apply to any aircraft you're legally operating (rated, current, not-stolen or used in the commission of a crime.


Sent from my iPhone using Tapatalk
 
CFI A&P said:
Sorry, I missed the self insured part. Hull value is not priority here... How do they plan to cover all the other expenses in the event of an accident ? Medical, property other than the airframe....

A non-owners policy from AOPA/EAA is the way to go. Take a look at Barnstormers and Trade a plane for comp hull values. The best part about this policies is that they apply to any aircraft you're legally operating (rated, current, not-stolen or used in the commission of a crime.


Sent from my iPhone using Tapatalk
Click to expand...

in this case hull insurance is the priority. Medical and property will come with the hull insurance.

If I wreck the plane on the check ride the FBO has said I am responsible for the full amount of the aircraft and loss of income during the time it takes to replace it.
 
Did this not come up during your solo flights or were you at a different training facility?
 
Hull and liability are typically two separate policies. I would hope that they don't self insure the liability as that can rapidly grow to a very large number. Many states actually have laws in place that would prevent them from self insuring the liability. As far as the hull goes that sounds steep for avemco but without knowing the specifics it's hard to say. It sounds as though these guys are trying to cut expenses by passing off the burden of insurance to the customer. Not a very smart business practice in my opinion as you can accomplish the same thing indirectly by increasing rates and thereby controlling the insurance actually purchased. Anyway my experience is a company that cuts cost by cutting insurance is cutting elsewhere also
 
I was looking at the Avemco site and they talk about a fee for early cancellation. They don't mention pro-rating a refund if you cancel early. I would call them and see if they pro-rate a refund and how much the early cancellation fee is.
 
av8tr1 said:
Solo flights? Dude I've been flying professionally for 20 years. This is a MEI add on rating.
Click to expand...
Sorry, I read your post and didn't read your signature/self-accolades box. I retract my post and replace it with this one:

Well then "Dude", you certainly; 1) Should have come across this issue long before now, 2) Should have plenty of money to cover the cost, or 3) Should be able to get your employer to cover the cost, if you're getting this training for your professional job. IMHO.....
 
You must log in or register to reply here.
Back
Top