Flying is an expensive activity, and a contributing factor is the cost of insurance. Our aircraft are fully insured for dual instruction and for solo flight by our customers. However, renter’s insurance is strongly recommended because our insurance policy doesn’t include a waiver of subrogation (very few policies do), meaning the insurance company can go after the student/renter for the damage to the aircraft in the event of a claim arising out of the negligence of the student/renter.
There are several companies that offer aviation renter’s insurance policies including AOPA, AVEMCO and Falcon. Aviation renter’s insurance policies are written with two separate components: one that covers bodily injury and property damage, and another that covers physical damage to the aircraft being flown. These two components are priced separately based on how much coverage is desired. Prices for bodily injury and property damage coverage range from about $100-500 per year, depending on the carrier and the amount of coverage.
In order to determine how much coverage you want to purchase for aircraft physical damage in the event of a total loss, you need to know the insured value of the aircraft. For our aircraft with the lowest hull value, the Cessna 150, full hull coverage for a renter costs about $150-200 per year, depending on the carrier. These estimates are based on information made available by the carriers and are subject to change.
Keep in mind that even a “minor” incident that causes no injury can require very expensive repairs. For example, a hard landing that results in a prop strike will likely result in a large claim involving a complete overhaul of the engine and replacement of the propeller, which could cost $30,000 or more — effectively a total loss in some cases.