Starting back to training - Insurance question

[scarpozzi]

I'm going to start training before too long. I'm trying to get my finances in order so I can afford the costs more readily and get things moving along...thus I'm also trying to decide what my expenses are going to be. I've got under 20 hours from 13 or so years ago, but always had a CFI with me so I never dealt with insurance. I could have done my solo flight long before I quit, but opted to pay the CFI (for the company and learning too).

I was looking up some example non-owner quotes and am curious what you guys would recommend for coverage. What do most people go for? I'll probably be sticking with C152's and C172's for the first year, but may rent an Arrow that's available at a nearby flight school, so none of the planes will be over $100k. I don't plan on hitting any solid objects or clipping wings of other aircraft or doing anything stupid, but also don't want to waste money on insurance if it's overkill (especially if the aircraft is covered under another policy by the owner).


Thanks, for any advice.

 

[idahoflier]

I don't plan on hitting any solid objects or clipping wings of other aircraft or doing anything stupid

LOL! No one does!

So is the quote above renter's insurance? It's hard to answer your questions without knowing more about your situation. Are you young with relatively few assets or older with a nest egg? If you taxi into a Citation parked on the ramp the damage can add up pretty fast. You also need to know about the insurance policy covering the aircraft you're going to use and whether or not that policy subrogates.

As a student, you're not going to be taking passengers with you so the "Platinum" policy is probably overkill regardless of your financial status...

 

[scarpozzi]

LOL! No one does!

So is the quote above renter's insurance? It's hard to answer your questions without knowing more about your situation. Are you young with relatively few assets or older with a nest egg? If you taxi into a Citation parked on the ramp the damage can add up pretty fast. You also need to know about the insurance policy covering the aircraft you're going to use and whether or not that policy subrogates.

As a student, you're not going to be taking passengers with you so the "Platinum" policy is probably overkill regardless of your financial status...

Yeah...that was a bit of a joke. I suppose I'm really looking for a poll type response to see what most people go for or maybe what most student pilots pay. I assume most policies will be priced similarly...within a few hundred $$.

Yeah...I'll avoid jets and things that look shiny and expensive. I'm actually going to be flying out of a smaller airport for the most part and likely avoid any other traffic. I really miss the old airstrip I flew out of. There wasn't many planes around to hit.

 

[KiloBravo75]

You might ask your flight school or whoever you will be renting planes from if they have a requirement. Mine has different minimum aircraft damage requirements depending on what aircraft you wish to fly in. I've been training in a C152 so I kept that limit low for now, but once I finish my private checkride I'll bump it up for the bigger and better planes. I could certainly choose to go over and limit my liability, but their requirements are pretty in line with the value of the airplanes themselves.

For liability, I personally went with 500k/100k like you have selected there. I sort of went back and forth on that in my head. It wouldn't be hard to cause $250k of property damage just on a taxiway, so that wasn't enough for me.

 

[midlifeflyer]

I kinda do a rough calculation of the likelihood I might bend something and, if I do, how much damage I am likely to cause in relation to the value of the airplane. That's a very personal assessment. For example, I discount the likelihood of totaling the airplane and treat a prop strike as my bottom line scenario. Others will not. No one is objectively right or wrong.

 

[chesterc]

I'm going to start training before too long. I'm trying to get my finances in order so I can afford the costs more readily and get things moving along...thus I'm also trying to decide what my expenses are going to be. I've got under 20 hours from 13 or so years ago, but always had a CFI with me so I never dealt with insurance. I could have done my solo flight long before I quit, but opted to pay the CFI (for the company and learning too).

I was looking up some example non-owner quotes and am curious what you guys would recommend for coverage. What do most people go for? I'll probably be sticking with C152's and C172's for the first year, but may rent an Arrow that's available at a nearby flight school, so none of the planes will be over $100k. I don't plan on hitting any solid objects or clipping wings of other aircraft or doing anything stupid, but also don't want to waste money on insurance if it's overkill (especially if the aircraft is covered under another policy by the owner).
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Thanks, for any advice.

Just so happens I just bought renter’s insurance because I’m planning to start flying again after a 13 year absence. I’m a 100-hour pilot ASEL and I opted for $1M liability with $100K per person limit. And $60K hull coverage with a $5000 deductible. It cost me a little over $700.

I’ll expecting to be renting a Cessna 172K to 172M lineage aircraft, so $60K hull seemed appropriate.

 

[scarpozzi]

Just so happens I just bought renter’s insurance because I’m planning to start flying again after a 13 year absence. I’m a 100-hour pilot ASEL and I opted for $1M liability with $100K per person limit. And $60K hull coverage with a $5000 deductible. It cost me a little over $700.

I’ll expecting to be renting a Cessna 172K to 172M lineage aircraft, so $60K hull seemed appropriate.

Thanks. That's exactly the kind of info I was looking for.

 

[WDD]

Renters insurance?

1) As a student, ask your flight school. Probably not needed as a student. You might be on the hook for the deductible. Have to laugh at the "Platinum" $2300 policy. I put that in the bucket of extended car warranties, time shares, annuities, and home warranties. In other words, please don't go near that. If you want something to cover what you'd be on the hook for during training, maybe something $150 or so max.

2) After you get your ppl? It depends on who you rent from. I joined a club / rent from them. I have no need for renters insurance as their policies covers me.

 

[40YearDream]

The flight school I fly from carries no insurance! I bought $1 million liability with $70K hull renter's insurance. Cost ~ $875/year for a low-timer. I was informed by the agent that this policy only covers something that was my fault. So, I take that to mean that if the engine blows a cylinder-through no fault of mine - and I end up-close & personal with Michigan trees, the insurance doesn't pay That's probably not very likely, though.
I discussed this with the flight school owner, and he didn't seem too concerned.

 

[WDD]

A flight school with no insurance? Yikes - the owner(s) is completely exposed, every last cent he/she owns can be taken if something bad happens? I would find another flight school.

With your $875 policy, if the plane breaks and you damage something while going down, you're not covered? IMHO that's a high premium cost for little coverage.