rental insurance

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bd32322
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rental insurance

Post by bd32322 »

Any companies specializing in da42 insurance. I am a renter and the place renting them out has coverage, yet insist on renters having their own insurance. Renters can be liable for the deductible, which is 3k, however, the premium quoted by AOPA is $800 per year which didnt make sense to me. In four years, I would have paid premiums equal to the deductible!

Thanks,
Bode
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Colin
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Re: rental insurance

Post by Colin »

I use Victoria Neuville at Air-Pros. (Google can help you find her.) I was with Avemco for 11 years and their quote to insure me in the DA42 was almost $20k. It was closer to $7k for the first year with Victoria and they've gotten it lower almost every year.
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Re: rental insurance

Post by bd32322 »

Thanks. I’ll contact her
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cptndavid
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Re: rental insurance

Post by cptndavid »

Try Sue Bonin at Norcom 1-201-836 4770. My bill was $3,855.00
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Re: rental insurance

Post by CFIDave »

Just a couple of comments:

Renter's Insurance
If I understand Bode's request, he's interested only in renter's insurance (for a DA42), which is a very different type of policy than owner's insurance for a DA42. If a renter has an accident, the owner's or flight school's insurance policy will pay for the damages to the aircraft or for liability. However, the insurance company will then go after the renter to get reimbursed for the damage or liability -- this is referred to as insurance "subrogation." So the real purpose of renter's insurance is to protect the renter from the threat of subrogation.

One other way to protect against subrogation is to have the pilot added to the owner's policy as a "named insured," but that adds to the owner's or flight school's insurance cost, and only a limited number of named insured pilots can be added to an owner's policy. Hence the need for renters insurance instead.

The market for renter's insurance is even smaller than that of owner's insurance (see below). So Bode's rate quote from AOPA actually isn't that bad.

Owner's Insurance
As many aircraft owners here know, the GA aircraft industry is so small that there are only about a dozen underwriters that insure GA aircraft. Except for AVEMCO that sells direct, the only way to obtain an owners insurance policy is to work through an aircraft insurance broker. No matter which broker you choose, your aircraft will be insured through (i.e., you will be "shopped" by your broker to) the same small number of underwriters. This is why you can only work with one broker at a time; underwriters don't like to provide multiple quotes through multiple brokers for the same aircraft owner.

So for an owner's insurance policy, pick a broker who is knowledgeable about Diamonds (and their safety record), and knows WHICH of the underwriters are likely to offer the best rates and coverage for Diamonds -- and thus is best equipped to negotiate on your behalf.
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Re: rental insurance

Post by Rich »

Don't confuse the notion of being responsible for the deductible, which typically has a tolerable ceiling, with being the possible subject of subrogation. The insurance company won't care a whit about the deductible. It's that $40K amount they're responsible for that they might come after you for.

I stress might. It's been a number of years, but I've had two aircraft totaled by others while I had the planes under a commercial policy. In both cases I had my check within two weeks and the insurance carrier (Avemco) never uttered a peep against the PIC's.

Still, there's that risk...
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Re: rental insurance

Post by bd32322 »

Thanks for the info. Yes, subrogation is the risk. I am hoping to get favorable rates from the insurers mentioned here because they just might be more familiar with the DA42s. Fingers crossed!
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Re: rental insurance

Post by Rich »

I have non-owner insurance to fly other planes by dint of having an owner's policy for my Star. But it doesn't restrict by type. That is, it doesn't cover just flying another DA40. So the coverage extends to anything I'm legally certified to fly. I think that's the way most of these policies are designed and are priced to the average aircraft accident rate, given ones experience and ratings.
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Re: rental insurance

Post by Daneshgari »

Hi All:
Has anyone added a student pilot to their insurance? is that possible?

Thanks

Perry
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Re: rental insurance

Post by Rick »

Daneshgari wrote:Hi All:
Has anyone added a student pilot to their insurance? is that possible?

Thanks

Perry
I did this last year. My wife decided to get her PPL, so when she was ready to solo, I added her to my policy as a named insured. My premium went from $1000 to $1900 (a 2007 DA40). After she flew a number of solo flights, has decided not to go on to do the test and check ride, so this year I dropped her from the policy and my rate went back where it was before.
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