ReturningPPL wrote:CapnCrunch mentioned you can rent out your airplane assuming your insurance company likes it and you are set up as a commercial operation. I wonder what is involved if you were to set up a one airplane rental business and how much insurance companies would charge you for having the most poorly skilled pilots to the advanced pilots? I would think you'll need someone to give checkrides too?
No, you don't need to set up a "commercial operation" to rent your plane out. TC just defines it as a "commercial air service".
If you want to rent out your plane to a few pilots, it's very simple. All you need to do is phone the insurance company and get them put on the insurance (which probably won't cost anything if it's a simple plane), and then take their money. It would only be a bit more difficult if you wanted to rent to ANY pilot. Then the insurance will probably cost more, and you'll likely have a list of requirements from the insurance company.
ReturningPPL wrote:CapnCrunch mentioned you can rent out your airplane assuming your insurance company likes it and you are set up as a commercial operation. I wonder what is involved if you were to set up a one airplane rental business and how much insurance companies would charge you for having the most poorly skilled pilots to the advanced pilots? I would think you'll need someone to give checkrides too?
No, you don't need to set up a "commercial operation" to rent your plane out. TC just defines it as a "commercial air service".
If you want to rent out your plane to a few pilots, it's very simple. All you need to do is phone the insurance company and get them put on the insurance (which probably won't cost anything if it's a simple plane), and then take their money. It would only be a bit more difficult if you wanted to rent to ANY pilot. Then the insurance will probably cost more, and you'll likely have a list of requirements from the insurance company.
Where did you get this information from?
I've owned multiple aircraft and rented other pilots' planes. If you get a policy from COPA Magnes, it will include an open pilot policy, allowing anyone to fly your plane with your permission. If you talk to your insurance company and ask them about renting to multiple pilots, they will inquire about whether you are making a profit from it, and if so that will affect your insurance.
