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Light Sport Pilot Insurance
If you have become a Light Sport Pilot, please be sure to advise your agent of your new status. Some of the policies are much more favorable toward Light Sport Pilots. One of the main reasons for the LS rating has to do with medicals for the older pilots. However, there is at least one company that is still requiring current and annual medicals for pilots 70 and above even if they are flying Light Sport. This doesn’t make much sense…so be sure to make your agent aware of your new rating so he/she can shop accordingly and avoid writing your policy with such companies. Do keep in mind that you will still receive credit for all of your previous ratings, even ATP and instrument and all of your previous hours. Of course, make sure the aircraft you will be flying complies with the Light Sport requirements.
Many of the policies offer coverage for non-owned aircraft (rental of other aircraft). The limits are usually the same as those reflected in your policy. For example if your aircraft is insured at $40,000, you would have up to $40,000 of coverage for non owned aircraft. You would also have similar liability limits for the same number of seats as in your insurance aircraft. However, some companies offer more hull – up to $50,000 or $75,000 regardless of the value of your aircraft, and some companies offer more seating regardless of how many seats in your insured aircraft. This type of coverage is usually offered to policy holders reflecting only one owner. If there are two more owners of the aircraft (except for wives who are usually non pilots) this type of coverage is not offered unless a special endorsement is included in the policy adding it back. Chartis adds this coverage back (for several owners) in their expansion coverages. Global can add it back for more than one owner, but for a charge per pilot starting with the second owner. Since there are so many variations, be sure to check your policy or call your agent to find out if you have coverage for non owned aircraft and if so, how much.
One last word with regard to student pilots – we have mentioned this before, but it still comes up often enough – students with lots of hours are next to impossible to insure. This would be around 150 to 200 hours. Please get your license before the 80-100 mark. 75 is even better. Insurance companies like to