Parker_Woodruff

Missile conversion

More financial risk compared to what can be recovered from salvage. The pilots and pilot behavior are probably about the same in each.

Having been in this for the most part of the years from 2010 to today as both an agent and an underwriter, the thing I cannot grasp is how hull rates past a certain point still decline. Let's say a $300,000 Cirrus is quoted at a 1.00% hull rate and an $800,000 Cirrus is quoted at 0.8%. At the end of the day, each of those planes has about the same salvage value. It seems like the rates would trend back upwards past a certain point. You need to get dollars in on the first dollars of the hull, and then the middle dollars can start the decline. But past a certain point, the underwriters are inviting more risk with what I'd assume has very little additional salvage value.

The M20K has been the best thing going in Mooney insurance for a long time (short body and mid-body). Sometimes it seems better than long body, too.

Mid $5000s? $6000? at $1MM/$100K or $1MM/$200K liab.

Premium is ok here, all things considered. May be able to get you smooth coverage, may not. Not sure what your deductible is, but there's enough premium here we could negotiate it either way.

we want upgraded pics of the new ride as, IIRC, the last time we saw it in a shipping container.

How much retractable gear time do you have right now? If you're with the right insurer for this aircraft before age 70, I don't expect that you'd receive a very large premium increase upon reaching age 70. There'd be some increase around that age, but not enough to drive an aircraft purchase decision.

good thing that wing got left behind...

In Texas, you can post a deposit (cash or CD) of $55,000 with the State Comptroller for auto insurance. That covers state minimums. There’s not really any defense that comes with that like having an insurance policy.

Hopefully you were with the right insurer beforehand or we can maybe get liability only. Liability only isn’t usually a problem with 4 seat fixed gear aircraft (performance of a C182 or less)

I had no idea they offered in-person formal training. Good to know.

Depends on the plane. I recently quoted insurance for a prospective purchase Cessna 340 to a very active pilot in his mid-70s at very good rates. Below $250K Hull there are generally insurance options (sometimes, but not always, good quality insurance policies) for almost any mass-produced piston single for pilots prior to age 80. Recent pilot hours are helpful to the cause (50+ in previous 12 months is good, more is better). The insurance market is softening. Underwriting seems to soften first, followed by rate. In a claim-inflationary environment, flat rates are effectively rate decreases.

Many commercial aviation insurance clients (flight schools, maintenance shops) have been seeing rate decreases. We'll see what happens with personal aircraft.

Things get expensive past mid-December

While price is one of the most important data points, what this tool doesn't do is evaluate coverage quality. While most auto insurers have fairly common policy coverages, aviation coverages can be substantially different from insurer to insurer. Some important items: Is Non-owned hull & liability covered? To what limit? $100K? The value of the insured aircraft? A percentage of the aircraft's value? How many seats maximum? What about emergency landing expenses where there's no damage to the aircraft? $10K? $25K? Up to the value of the airplane? Hail damage limits for cosmetic hail damage? 10% of the agreed value minus a deductible? Or is all hail damage covered? What about getting that written off the policy if you primarily hangar your plane? Crew bodily injury exclusions? Someone gets a low price on insuring their Mooney Acclaim, but did their agent tell them that their insurer excludes crew bodily injury? So if they're receiving training and the CFI is injured in an accident, they policyholder will be defending themselves if the CFI brings a demand/suit. Does the tool just use the baseline of $1MM Each Occurrence for Bodily Injury and Property Damage limited to $100K each passenger bodily injury? We really like to see $200K each passenger (this usually only costs $70-$300 more per year).

We've got a strategy that has worked for many pilots. Since no one can perfectly predict the future, we also design our strategy around a couple "bail out" options that should be available around age 74/75. But we need a policy in force with an effective date at the pilots' age of 69 or earlier. Sometimes we can make 70-72 work on the 4 cylinder Mooneys.

Here are some other salvage sites you all might find of value. "Login as guest" is available on the sites that have a login page. Old Republic Aerospace: https://aircraftsalvageonline.com/Account/Login?ReturnUrl=%2f USAIG: https://www.usau.com/claims/salvage/ Starr Aviation: https://starraviationsalvage.com/login USSIC, Avemco, HCC: https://www.tmhcc.com/en-us/contact-us/underwriting-teams/aviation-group/avemco/aircraft-salvage#!/list

Like BWI, we can do the Beacon 6 month policy for the first term. In special circumstances Beacon can offer the 6 month policy on subsequent renewals (planning to sell plane, etc.)

The M20K seems to be the sweet spot for insurance for instrument rated pilots flying short & mid-body Mooneys.

You'd spend more renting a complex plane to gain RG hours than you would just paying the higher premium for the first year. We can get you covered in a Mooney as a brand new private pilot with one or two quality insurance companies.

It's a mixed bag. I believe most do not exclude it. Most companies that exclude it won't have any heartache providing a policy endorsement to allow special flight permits it as long as it's not a new policy where coverage was started with the plane being out of annual for an extended period of time. One company that requires notification always asks me "when was the most recent annual/when did the plane last fly" kind of questions. What they don't want is some chronically uninsured & not flying aircraft where they get to take the risk on that first takeoff...

Procedurally speaking, it could be done if the owner got a policy for it or if the buyer leased it first for more 30+ days. I've had people ask to do this before and I'm not signing an insurance company up for a day's worth of premium (that could be around $5 on a plane like this, including about 75 cents of commission to the broker after spending about $2-9 on DocuSigns and $3-$ to absorb an ACH fee) to take a risk of on flight. So I'd negotiate a minimum earned premium to do this. If the plane needs a special flight permit to get this done, the insurance piece might not get done at all. Older airplanes are being tough enough on the loss ratios without adding one to the mix that hasn't been flying for a tiny amount of premium.

You could try EAA's partner in Canada.

Not much, if any - depends on the insurance company