Renter's Insurance?

How many of you guys carry renter's insurance? I never have in the past but I'm
older and wiser now and have been thinking about it. Specifically, that offered
through AOPA.

How much hull insurance is necessary? I'm pretty sure the FBO insures their
aircraft but surely there's a deductible I need to consider.

Your thoughts?




--
Mortimer Schnerd, RN

VE

You need to talk to the FBO and do a risk analysis of how much risk you
want to take vs. how much you are willing to pay for insurance. You
can't deligate all risks in life to insurance co's, you just need to
decide how much risk you are willing to take vs. how much you are
willing to pay to deligate. If the FBO is a business their insurance
may or may not cover you, the renter, for liability (in my experience
most policies do). If the FBO is a club it almost certainly will cover
you for liability. There are a lot of trolls in this news group that
believe you should continue to buy insurance until you run out of
money. Please don't listen to them and do your own risk analysis.
-Robert

On Fri, 27 May 2005 10:51:32 GMT, "Mortimer Schnerd, RN"
wrote in
: :


Your thoughts?

The Non-owners Policy should probably cover the FBO's deductible
amount, and loss of service as a minimum. There is also the issue of
subrogation to address.

Larry Dighera wrote:
The Non-owners Policy should probably cover the FBO's deductible
amount, and loss of service as a minimum. There is also the issue of
subrogation to address.


The base policy (with AOPA's company) covers damage to others and property but
not the aircraft itself. Depending on how much hull insurance I add, the
premium goes up *very* rapidly and significantly. That's why I thought to only
cover the FBO's deductible.




--
Mortimer Schnerd, RN

VE

Mortimer Schnerd, RN wrote:

The base policy (with AOPA's company) covers damage to others and property but
not the aircraft itself. Depending on how much hull insurance I add, the
premium goes up *very* rapidly and significantly. That's why I thought to only
cover the FBO's deductible.


It may be expensive, just realize that you could be on the hook for
whole hull value if you were to blame for the damage. The way it
(normally) works is that the FBO's insurance covers the FBO. They will
pay the FBO for the loss of the hull, minus the deductible. The
insurance company can then go after you to recover their loss
(subrogation that Larry mentioned). That's why renters' insurance
exists. It protects you, the renter, from having to cough up for the
hull.

From a marketing standpoint, I think the insurance companies'
motivations to offer renters' insurance was a stroke of genius.
Liability and hull for renters costs nearly as much as if you owned.
In the old days before renters insurance, the companies could only make
money from one policy on each aircraft. Now you have what amounts to
multiple people, paying multiple premiums to insure the same aircraft
for the same risk.

John Galban=====N4BQ (PA28-180)

From a marketing standpoint, I think the insurance companies'
motivations to offer renters' insurance was a stroke of genius.
Liability and hull for renters costs nearly as much as if you owned.
In the old days before renters insurance, the companies could only make
money from one policy on each aircraft. Now you have what amounts to
multiple people, paying multiple premiums to insure the same aircraft
for the same risk.

To be fair to the companies, the risk (for any given aircraft) goes up
(or at least is less controlled) if there are multiple pilots flying it.
If I own a plane and fly it myself, I can get one rate based on my
experience. But if I let all comers fly it, then the special deal I got
because of my incredibly perfect flying ability shouldn't be expected to
hold. I have no control over what the next dolt will do to my plane,
and neither does the insurance company.

Jose
--
The price of freedom is... well... freedom.
for Email, make the obvious change in the address.

Recently, Jose posted:

To be fair to the companies, the risk (for any given aircraft) goes up
(or at least is less controlled) if there are multiple pilots flying
it. If I own a plane and fly it myself, I can get one rate based on
my experience. But if I let all comers fly it, then the special deal
I got because of my incredibly perfect flying ability shouldn't be
expected to hold. I have no control over what the next dolt will do
to my plane, and neither does the insurance company.

Yes, but the insurance company has only one aircraft to repair or replace,
regardless of how many people are flying it. Their total hull loss costs
are fixed. Unlike the income from renter pilots who buy insurance, their
liability doesn't increase in a multiplicative relationship. For example,
if 100 renters' premiums were $1k/year for a $100k hull coverage, there is
no risk. 110 renters' premiums = $10k pure profit, and *each year* that
the plane isn't totalled, the whole amount is pure profit (the numbers
used are just for convenient math).

Neil

I"m not sure what "normal" is. Of the 3 FBOs I've bothered to check
with 2 of them have policies that cover the renters for liability (as
if they were named) and hull (minus deductable). The FBOs say it
doesn't cost much more and if the renter gets sued odds are the FBO
will be sued anyway. Its easier to keep friends and cover your renters
on your policy.

-Robert

On 27 May 2005 15:22:36 -0700, "John Galban"
wrote:

The way it
(normally) works is that the FBO's insurance covers the FBO. They will
pay the FBO for the loss of the hull, minus the deductible. The
insurance company can then go after you to recover their loss

I know that this does happen. When I was in training, I dinged a prop.
The instructor's insurance company thought it should pay only the
deductible, but the airport's insurance company demanded and got
repayment of the whole amount of a new prop and the engine tear-down
and inspection. I felt very badly about it.


-- all the best, Dan Ford

email (put Cubdriver in subject line)

Warbird's Forum: www.warbirdforum.com
Piper Cub Forum: www.pipercubforum.com
the blog: www.danford.net
In Search of Lost Time: www.readingproust.com

Are there many companies that sell renter insurance???
The place I was taking lessons from now requires renter insurance.
Just wondering if the prices vary much?
--
Have a good day and stay out of the trees!
See ya on Sport Aircraft group
http://groups.yahoo.com/group/Sport_Aircraft/







"Mortimer Schnerd, RN" wrote ..
Larry Dighera wrote:
The Non-owners Policy should probably cover the FBO's deductible
amount, and loss of service as a minimum. There is also the issue of
subrogation to address.


The base policy (with AOPA's company) covers damage to others and property
but not the aircraft itself. Depending on how much hull insurance I add,
the premium goes up *very* rapidly and significantly. That's why I
thought to only cover the FBO's deductible.




--
Mortimer Schnerd, RN

VE