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Everything posted by Parker_Woodruff
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Got the cash, but prefer to finance, where?
Parker_Woodruff replied to SilentT's topic in General Mooney Talk
Many of my clients seem to like Buckholts State Bank, WeFlorida Financial, Red River State Bank, and First Pryority Bank. I'll also note that the above banks don't seem to give me hassles as an insurance broker. There are a few banks that are a total pain to insurance brokers and I've had to go to war with at least one of their servicing companies lately (I/we lost, but it was the principle of the matter that was worth fighting). -
Oh...and as you're going through your training and you find the plane you absolutely want to own (and experienced aircraft owners agree that you absolutely should buy this plane), we can write a pro-flown aircraft insurance policy for you so that you can keep training in the rental plane but have a pilot you trust to keep the Mooney (or whatever you buy) exercised for you. Then we make it into an owner-flown policy once you take your private checkride.
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I would not do this. I'm a CFI and an insurance broker. Spend your time training and don't risk a maintenance item interrupting your training. Make your hard landings in a training aircraft The insurance options for a student pilot in a Mooney are exceptionally limited (and there are some undesirable coverage limitations with these carriers) and the companies I know of that would insure this model for a student aren't approved to write policies in California. Maybe one of them would do it, but I think there's a minimum hull they need and this won't meet that. There are certain mistakes that a CFI can let you get into in a training aircraft were the learning experience would be much earlier disrupted because it's more likely to have a result in aircraft damage for a Mooney if the mistake gets too deep. If you absolutely want to get an airplane and you want something with more capability than a C172 or 160/180 horsepower Piper, get a Cessna 182 or 235 horsepower Piper (Dakota etc). They're insurable for you as a student...and insurable with an insurance company & policy form you'd actually want. But really focus on learning to fly and not learning to own...
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Here's an article from Milliman providing insight into general aviation underwriting results from state-admitted insurance companies for 2022. The way I read this, there's a bit of airline exposure in here too, because there are some US-admitted insurers participating on small line slips for the airlines, too. https://www.milliman.com/en/insight/us-general-aviation-admitted-market-summary-2022-statutory-financial-results
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Nothing before you buy. Just buy and fly (a lot) your first year.
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And a New Year has passed and I haven't yet found any big attempts by underwriters to try and get rates up. And *another* aviation underwriter is entering the market...
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Help me buy hangar insurance....please.
Parker_Woodruff replied to Glen Davis's topic in General Mooney Talk
Your municipality being added as Additional Insured is a liability coverage for them if you do something that causes them to get sued or a demand made against them due to your negligence. It's doing nothing to buy new hangars for them. -
A lot of light aircraft insurers no longer "block" for personal use aircraft once a broker approaches them for a quote now that their quoting systems are more automated.
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Mooney J sticking to runway on take off
Parker_Woodruff replied to rturbett's topic in Modern Mooney Discussion
What does the tail section look like from the outside when the trim is in the takeoff position? You're looking for: - How do the elevators sit relative to the horizontal stabilizer? - What's the angle forward of the vertical stabilizer? If the scheme in your profile picture is current and if it was painted correctly (with the trim in the takeoff position), you'd be able to notice if something was off with the horizontal stabilizer & angle forward of the vertical stabilizer. -
RG tri-gear aircraft on most grass runways = bad. Not every runway is Triple Tree. Tailwheel FG aircraft on many or most grass runways = more forgiving.
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A difference in underwriting philosophy doesn't make something arbitrary. You have to set numbers somewhere. Just wait as more capacity keeps entering the market and I'm sure the underwriting will loosen...in some areas more than others...
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Well, the LSA guys don't have to have a medical and the BasicMed guys (myself included) only have to visit a physician every 4 years. A lot can change from age 74 to 78. We can't forget that in the middle of this, the Feds mandate a retirement age for ATC to age 56 and ATP jobs to 65 even with 2 people sitting side-by-side. The problem with the data that you ask for is there isn't the large sample size that's more available in the auto insurance world...
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It's not arbitrary though. I can think of different insurance underwriting companies with age related underwriting guidelines at ~65, 69, ~72, 75, and 79. The more the government gets involved, the less options there are. A lot of aircraft owners and aviation operators in Missouri found this out a few years ago and the course is finally being corrected. Basically, aviation insurance underwriting regulation in Missouri became so heavy handed that major companies just stopped insuring or writing new business there. I heard one company even got in trouble for charging *too little* on a policy. The same is happening in California where all kinds of insurance companies are just leaving because of regulation. I'm not aware of any aviation insurers leaving California, but I know some of them refuse to get set up to do business there.
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Auto insurance companies charge more for younger drivers and older drivers and auto insurance is much more regulated than aviation insurance. Auto insurers allowed to require a medical exam for older drivers. Insurance underwriting is discernment and some might call it "discriminatory" on many underwriting factors. One insurance company flat out won't cover non-hangared planes in many coastal states. Aviation insurers don't have the large numbers. But there's no reason to think that just because someone is in an airplane rather than a car at an older age that their skills aren't subject to decline. Check out Wilson vs. Associated Aviation Underwriters where the there was an attempt at employment and housing regulation to be imposed on insurance underwriting. https://caselaw.findlaw.com/court/ca-court-of-appeal/1846912.html Insurance as a viable product cannot survive if consumers demand that the exceptions dictate the rule...
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Where'd this news come from? I'd be really surprised if that went anywhere.
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I am not entirely sure, but the word "discovery" gets brought up a lot... For awhile in Texas (not sure this is still the case), a *jury* wasn't supposed to know if an alleged at-fault driver had insurance. The insurance company would not be named in the suit.
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It's probably a combination. Low limits but high net worth? They're probably coming for you anyway.
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depending on the plane, it'll probably push 5 figures all-in
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The right pilot & aircraft combo could conceivably get $2MM Smooth from the primary underwriting company and then up to $4 or $5MM excess liability. Maybe more. There are still insurance limits out there that I can't believe even exist.
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Lower pilot experience? Rate should go down substantially with more pilot experience.
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Plane crash near me in Plano
Parker_Woodruff replied to hammdo's topic in Mooney Safety & Accident Discussion
I hadn't heard this but I've always thought just this one incident might not have been the entire cause...and that there was probably structural weakening over time and this was the "final straw".