How much renter's insurance?

[dsb137]

Other than 'as much as you can afford' is there a rule of thumb for what is apropriate? I haven't flown since 2002 and forunately haven't had any incidents in the 40 some odd hours I've logged to date, because I've never had any renter's insurance. I don't know why, but it was never mentioned at my previous school, and I never thought to ask. I just assumed (yes I know what that means...) that they wouldn't let me up in the plane if everything wasn't kosher. Now I'm looking to complete my PPL and the CPC that I'm going to fly with handed me a doorstop of a renter's agreement. It clearly states that no insurance is provided for the renter's benefit, and that renter's insurance is highly recomended. The cheapest plane I can rent from them is a 2003 172SP, yet the most renter's insurance I can buy is $150K.

The current AOPA renter's insurance schedule:

Bodily injury and property damage:
$250,000/25,000 $81
500,000/50,000 $109
500,000/100,000 $172
1mil/100,000 $209

Optional coverage for damage to non-owned aircraft:

$5,000 $94
10,000 $166
20,000 $238
30,000 $333
40,000 $428
60,000 $570
80,000 $736
100K $926
150K $1,354

Can you even buy a 2003 172 for $150K?

Thanks for the help,
Dave

 

[KennyFlys]

Check your private messages.

 

[Dwight B. Van Zanen]

When I rented, the FBO had $0 coverage for student renters. I got the liability and hull coverage sufficient for the value of the plane I was flying. I learned on a '70's C-152, so hull value of $25,000 was enough. I was also checked out on a C-172 at another FBO after I passed the PP, where they had a $5,000 deductable, and in a PA28-181 at another where they had a $5,000 deductable. In both cases the plane was in the $40 - 60k value range. I did not increase the renter insurance for that, but I considered it. Since I bought into a partnership I am covered for non-owned rented aircraft too.

Advice: Get the insurance, with high enough limits that you can pay for the plane you rent - or at least enough of it so you could deal with paying the difference if it is a total loss. Not sure if getting the deductable covered it enough to be safe, unless it is from the same company as the FBO uses and the coverage is coordinated. If you have insurance that substantially covers the hull, your insurance will have an interest in minimizing their exposure and help you. If you just have the minimum deductable covered, they will write the check and write you off.

 

[dsb137]

<snip>
Advice: Get the insurance, with high enough limits that you can pay for the plane you rent - or at least enough of it so you could deal with paying the difference if it is a total loss. Not sure if getting the deductable covered it enough to be safe, unless it is from the same company as the FBO uses and the coverage is coordinated. If you have insurance that substantially covers the hull, your insurance will have an interest in minimizing their exposure and help you. If you just have the minimum deductable covered, they will write the check and write you off.

Makes a lot of sense, and goes along with my own take on the matter. I guess my problem is justifying $150K worth of insurance while flying around in a $250K plane. The ironic part of this is that the school has a Super Decathlon that I would much rather be flying, and that the $150K would cover, but they won't let you solo it...

 

[poadeleted20]

FWIW, I carry $75K hull on my non-owned insurance. I figure that's enough to buy an affirmative defense and settle with the owner's insurer if there's a subrogation, even on much more valuable aircraft.

 

[midlifeflyer]

500,000/100,000 $172
1mil/100,000 $209

Between those two, I think the 1 mil isn't worth the extra $37. The people most likely to be injured or killed in a crash are your passengers. So the most the insurance company is likely to pay in a fully-loaded 4-seater is $300K even with that $1 mil coverage.

I agree with Dwight on the hull coverage, as modified by Ron's post - you want to have a reasonable amount to cover the most likely things to happen with you arguably at fault.

 

[TangoWhiskey]

Makes a lot of sense, and goes along with my own take on the matter. I guess my problem is justifying $150K worth of insurance while flying around in a $250K plane. The ironic part of this is that the school has a Super Decathlon that I would much rather be flying, and that the $150K would cover, but they won't let you solo it...

Dave, $150K is more than sufficient for a newer 172. They're not $250K airplanes. That would even exceed the value of the 2002/2003 T182's, as the non-Turbo models are selling starting at the 180K-220K range, depending on hours and other variables.

The 2003 172's at ASO.com are 142-148K:

http://www.aso.com/i.aso3/search.js...powersearch&typeid=&mmgid=-1&modelgroup=false

 

[AWACSEng]

Hello all. This is my very first post here. I'm just starting training for my PPL and have a simple question. Are the premiums stated above the annual cost or is that monthly? Thanks for the responses in advance. BTW, this site is a great source of info for newcomers like myself.

 

[gismo]

Hello all. This is my very first post here. I'm just starting training for my PPL and have a simple question. Are the premiums stated above the annual cost or is that monthly? Thanks for the responses in advance. BTW, this site is a great source of info for newcomers like myself.

Annual.