Renters Insurance???

WindyCityPilot

WindyCityPilot

Well-Known Member
Hey everyone,

Just a quick question. What does everything think about renters insurance? I'm getting close to solo'ing and was wondering if it would be worth my money to get a renters policy. Are they worth it? Where are some good places to get quotes for renters insurance from? Any place to stay away from?

Any thoughts, info, tips anyone has are welcome!!!

Thanks in advance!!

Andy
 
I am in the same spot, I think I'm probably going to go with the AOPA's renters insurance policy because it seems to be the cheapest and most reliable. I'm probably not going to buy the policy until the day of my solo though /ubbthreads/images/graemlins/bandit.gif

Ryan
 
You will find that an increasing number of FBO's will not let you rent their aircraft without Renters Insurance. The FBO I work for recently made this decision too. I was a little peeved at having to shell out an extra $700 to let my Wife and I fly the 172's, but I guess that now I have a little more peace of mind knowing we are both covered should something happen to the aircraft or any passengers we may take up. These days you just don't know who will sue you for the slightest thing. I was a little supprised to find that the insurance premium was the same regardless of which license you hold or ratings added /ubbthreads/images/graemlins/confused.gif. We went with the AOPA insurance with optional coverage on the aircraft up to $25000.
 
It's a good thing to have whether the FBO requires it or not. Have you ever seen how much a new propeller costs?

I had AOPA insurance last year. It's not really AOPA, they just send it through to AIG to give you your policy. It's sort of like how the AOPA Visa card is an MBNA bank card, just more blatant. I switched to Avemco this year and saved a lot of money ("AOPA" insurance=$445, Avemco=$250)
 
I think it is a good idea to have.

Just about any damage you may have the misfortune of making will cost more than the yearly premium, at least if you go with Avemco. A flat tire, very easy to get that to turn into something else, and that is the kinda thing that is just beyond your control.

I've got the standard Avemco rental policy, and for a bit more, they allow a CFI to add on a coverage that covers the same amounts in all aircraft I instruct in. Forget exact prices, but on their web site, and the cheapest out there. Certainly under $300 for what I have.
 
Keep in mind that FBOs do like everyone else and take high deductibles to lower their premiums. It's not unusual for the deductible to be $5000 and you will be on the hook for at least that much if the the plane is damaged.
 
So is Avemco the best choice for renters insurance? Seems like most of the people who have responded either used them or mentioned them.

What would everyone recommend for coverage levels for a student pilot who is renting just your basic Piper Warriors for his training? There is nothing fancy about the planes, single nav and com, no ADF, just your basic training plane.

Would the basic package from Avemco be good for me? Here are the details on the package:
Provides $25,000 Bodily Injury (Each Person),$250,000 Property Damage, and $250,000 (Each Accident). $5,000 Aircraft Damage Liability(ADL).

Or do you think I should go for the next package up which has these limits:
Provides $50,000 Bodily Injury (Each Person),
$500,000 Property Damage, and $500,000 (Each Accident). $10,000 Aircraft Damage Liability(ADL).

Thanks for all the info so far on this topic!

Andy
 
As a student pilot without renters insurance, I was just wondering if anyone knew how common it is for your average student to hold the insurance. Do you think its worth it?
 
[ QUOTE ]
What would everyone recommend for coverage levels for a student pilot who is renting just your basic Piper Warriors for his training? There is nothing fancy about the planes, single nav and com, no ADF, just your basic training plane.

[/ QUOTE ]

Don't think that just because an airplane is basic or simple that it is not easy to do thousands of dollars in damage for even a minor incident. Remember, these aren't cars. Parts and service for any aircraft is incredibly expensive because it is all federally certified. The piper warrior you asked about may be worth less than $30,000 but have a prop strike and you could easily recieve an $8,000 bill. Most basic insurance will provide adequate coverage, the increases generally give you a little more money for damage but mostly they raise the coverage for personal injury. If you're just training, the basic coverage should be fine.
 
Yeah I realize that repair bills for planes are expensive...which is why I asked the question if the basic coverage is enough or if I should up the Aircraft Damage Liability(ADL) to a higher value.

Thanks everyone for the info so far....if anyone else has any thoughts I'd love to hear them.
 
I'd get the insurance.

And it's only "worth it" if you end up having to use it.

But you never know if you will or not, thus it being called "insurance" or as Chris Rock puts it: "In Case **** happens"
 
[ QUOTE ]
"In Case **** happens"

[/ QUOTE ]

"So...ah...**** didn't happen, can I get my money back?"

"We don't need gun control, we need ourselves some bullet control. If a bullet cost $5,000 there wouldn't any innocent bystanders."

Chris Rock owns.

Cheers


John Herreshoff
 
pwned? /ubbthreads/images/graemlins/smile.gif

Yeah, but it'd be all out of control like "Kill Bill" with the swords and stuff!

But on topic, I'd take out the insurance. No use having this conversation about saving a few dollars, then hopping in a Cessna, bending a little metal and hoping you'd had it.
 
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