You are responsible for any damage you may cause to the aircraft up to the deductable of our policy, which is the $5000. We recommend, but do not require a non-owned physical damage policy for a minimum of $5000.
Our aircraft insurance company could subrogate/sue if they determine you were negligent, in which case you could be held responsible for all physical damages to the aircraft including the entire hull value. Our most expensive 172/Cherokee has a hull value of $80,000.
You may also want to consider a bodily injury/property damage policy. This will cover damages outside of the aircraft. You’ll want to consider what you will be flying over; average cost of a house, farmers’ crop fields, etc. Go with a limit you feel comfortable with and that covers your assets.