Question: I own and insure my plane, but want to borrow a friends - do I need more insurance? – David E.
Jim: David – thank you for writing in...I was in the same situation last summer when I wanted to borrow a friends Mooney to complete my commercial check ride. At that time, I owned a Cessna 172, but needed access to a complex aircraft for a brief time. Luckily, most of our policies include “non-owned” or renters insurance as a part of the owners aircraft policy. And, better news yet – most of the time this is included for Free!
Look for the section labeled something to the effect of “use of other aircraft.” This section will define exactly what’s covered for both liability and physical damage to the borrowed or rented aircraft. Now this does not mean you can go and rent a jet or helicopter, unless that is what you own and insure on your policy. Typical restrictions include a maximum of 6 seats, a 300 horsepower engine and the borrowed/rented aircraft must be in the same category and class, and for the same use as your insured aircraft. Notice that gear configuration is typically not a restriction…so good news, but review the paragraph or two in your policy – I imagine you’ll be pleasantly surprised that this complementary coverage is fairly broad.