Jan. 8, 2004 - The cost of aircraft renters' insurance has dropped dramatically, thanks to the efforts of AOPA and the AOPA Insurance Agency .
"Effective January 1, 2004, the AOPA Insurance Agency can offer aircraft renters insurance rates that are 22 to 28% lower than last year's," said AOPA Insurance Agency Executive Vice President & General Manager Greg Sterling. "As the largest light aircraft insurance agency in the country, we were able to work with major 'A-rated' underwriters to offer our members more affordable premiums. And the lower rates apply to both new and renewing policies. Plus, members renewing their AOPA Insurance Agency renters policy can take advantage of an additional 10% discount if they were claim and accident free during the previous policy year.
"Because four of out five pilots rent an aircraft when they take to the skies, improving our insurance products for the renter pilot was a major goal of the AOPA Insurance Agency and one we're proud to have achieved."
Many pilots who rent aircraft think that they are covered by the FBO's insurance policy.
"In most cases, that's simply not true," Sterling cautioned. "The FBO's liability coverage is designed to protect the FBO, not the renter pilot. In many cases the renter pilot is flying with no liability coverage at all. And if the aircraft is damaged, they can be held responsible for the FBO's deductible, which can be $2,500, $5,000 or even more."
The AOPA Insurance Agency is owned by AOPA on behalf of the association's more than 400,000 members, and works on behalf of both members and non-members alike to find the best available aviation insurance coverage.
"After more than 64 years, AOPA's mission remains the same - to keep general aviation fun, safe, and affordable," said AOPA Senior Vice President of Products and Services Karen Gebhart. "These new rates certainly help keep it affordable. And they make it easier for pilots to have peace of mind knowing they're covered while flying a rented aircraft."