Hi all. I'm a new pilot as of last week. I started shopping planes around Christmas and got serious over the summer. One big issue aside from the high prices on high time engines and outdated avionics was insuring my purchase. I finally found a low time 1966 M20E that was well cared for by an older gentleman. Paid $71k. Quotes were ridiculous. Most ranging from $5k-$6k/year for $70k hull value. If I'm willing to pay that, why not just buy a second plane and keep it as backup? A few in the $4k range. So I did what any good Dad would do, I told my girls there would be no Christmas this year, drained our bank account, and paid cash for the plane without insurance. My instructor and I picked it up and flew it to my home airport where I have a hangar. Now that I have my ppl, I was able to get a policy with Avemco for $3,042/year. I called them around the beginning of the year to inquire about a M20F I was considering, still $70k hull value, and the quote was $3,200. I'm putting this information out here because this thread discussed various insurance coverages and pricing for low hour pilots. I only have 85hrs total, all in a C172. I also live in South Louisiana where we spend this part of the year with one eye on the Gulf of Mexico waiting on the next Category 4. So maybe pricing is coming around...