It depends.
If you are asking about your life insurance you need to check if there is an entry for flying in a non-commercial operation. The same apply for trvel insurance. If privet flights are not mentioned than you are not covered. Most operators have £1,000,000 3rd party cover for any one incident. That means that if you crash and the a/c causes damage to so many people and so much property there is only £1,000,000 to distribute between all of you, you want more, sue the operator but than you need to prove negligence etc.
I personally have £2,000,000 for 3rd party cover.