Most student pilots and many licensed pilots rent airplanes from flight schools, or flying clubs. Regardless of whether you rent, or borrow an airplane, as the pilot you are at risk should a loss occur.
The one misconception among pilots that fly aircraft owned by others is, “the aircraft owner’s insurance policy will cover me”. This misconception has caused many pilots financial loss. Most aircraft insurance policies are designed to protect the owner of the aircraft. If you damage the airplane or injure someone while piloting an aircraft you don’t own, the owners aircraft insurance policy could pay the claim for the owner. The insurance company could also sue you to recover their losses.
Most aircraft insurance policies have a deductible that the owner pays, with the insurance company paying the balance. Even if the insurance company does not pursue recovery of their loss, the airplane owner may pursue recovery of their deductible, as well as loss income if the aircraft belongs to a flight school.
Pilots flying aircraft they do not own, should consider purchasing Personal Non Owned Aircraft Insurance with the following coverages;
Aircraft Liability Insurance. This policy will protect you against claims if your passenger(s) are injured, or if you damage property of others.
Aircraft Physical Damage Insurance. This policy will cover the damage to the aircraft. This policy should at minimum equal the value of the most expensive aircraft you will fly.
Medical Payments are normally included in Aircraft Physical Damage policies. These payments are to cover medical bills for the occupants of the aircraft. This medical payment amount is normally $1,000, but options for higher amounts are available.
AvQuest Insurance Service represents several companies that offer Personal Non Owned Aircraft Insurance. One of our experienced representatives would be happy to assist you in providing a quote.