Is insurance mandatory for airplane owners?

[lacofdfireman]

I know this is a real newbie question but I really don't know.. Just wondering if Insurance is mandatory if you paid cash for the plane... I know with a car you have to at least have liability insurance but Full Coverage is not needed unless you have a loan out on the vehicle... So with planes is it the same? I keep reading about Insurance rates of $2-3k for low time pilots per year... Would it be just plain stupid to not insure your plane if you owned it out right? Just curious...

[Ron Lee]

I am not aware that any insurance is mandatory. Comprehensive (airplane damage) almost certainly no. Whether you have it or not is your decision.

Personally I think not having liability is unwise.

[L.Adamson]

Liability is down to $600 or lower per year. But you might have to have full coverage the first year. I'm not really sure about that. I did have full, the first, and now liability only. $612 per year.

L.Adamson --- Rv6A

[Kevin Horton]

It depends on where you want to fly your aircraft. If you want to fly it in Canada, you are required to have liability insurance, even if it is a US registered aircraft.

The reg is very convoluted, but it appears to require $100,000 of liability insurance if the maximum take-off weight is 2300 lb or less, assuming the aircraft is not operated commercially.

[David Paule]

Often individual airports or hangar owners require liability insurance. Liability insurance by itself is much lower than "in motion" coverage.

You can also get "not in motion" coverage that protects the value of the aircraft for things like hail, other aircraft running into it, hangar rash, winds, etc.

In any event, assess your risk versus the cost to you if something happens.

[Kyle Boatright]

The simple answer is that insurance is NOT mandatory if you are using public airports in the US. Now, if you are renting a hangar, your lease may require it, and there may be other exceptions too, but the FAA doesn't require insurance.

[RV6_flyer]

I know of no U.S. FEDERAL regulation that requires insurance. I do feel that liability insurance is necessary to PROTECT everything you have in case of an accident.

The airport that I am based requires that I have liability insurance. The Feds require that you have insurance if you fly in to or out of a Military Base. Your insurance company is required to send a form in to the government before you are given permission to fly to the military base.

$1,000,000 liability for my RV-6 cost me less than $350 per year. I pay more for less liability coverage than that for my car.

[kevinh]

Originally Posted by RV6_flyer

$1,000,000 liability for my RV-6 cost me less than $350 per year. I pay more for less liability coverage than that for my car.

Is that per occupant? I'd love to be able to get $1M coverage, but my Nationair policy is $1M incident, but $100K per occupant which I bet for any serious injuries would be gone real fast.

[Brantel]

In TN there is a thing called the Financial Responsibility Law...Not sure is specifically calls out that you must have liability insurance on an airplane but if you are ever involved in an incident where you are liable, they will burn you for not having any....You might have a similar law in your state.

Full coverage is up to you or any local rules like your hangar etc.

[wrongway john]

You?re more likely to be sued by having insurance. For those that actually have the liability insurance, how much do those 1 million dollar policies actually pay out per person for medical?

I'm somebody who lives in a rural area, likes to fly over desolate places, fly in the best of weather, and won't be flying much more than 40-70 hours a year when I do get my plane up and running. Not interested in doing any extreme aerobatics, but will stick to the safe stuff. I haven't made up my mind yet, but I doubt I'll get any kind of liability insurance either, and the plane will be stored at my place.