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New Owner-Need Insurance Advice


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Just Bought into and 11 year partnership on a 1976 Mooney Ranger. I’m 60+ and I’ve never owned any Airplane before.  The two remaining partners are instrument rated. The one I replaced was not. I have 330 hours but no complex time. The insurance was $1,200 yearly and they split that 3 ways. That includes $1,000,000 Liability and $60k for the Ranger. Now they want 3GS annually. Does this sound right or should I be looking for a different insurance company? I’m really excited about Flying the Skies in the Mooney, but I may have to skip Lunches for a while. I would have enclosed a picture of my Ranger but after I chose the photo it appears upside down. Thanks in advance for any good thoughts. 

6C28F6C0-8041-40C5-B3D5-85B6BA3B1730.jpeg

Edited by PinballRick
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Wait...

First...

Welcome aboard, PBR.

go ahead and post the photo... I know a guy that operates the gravity switch around here...

I also know the insurance guy around here that can shed some light on the insurance question... @Parker_Woodruff

 

Insurance has some typical challenges for the first year of a pilot’s GA experience...

  • the first year typically costs an extra 1amu
  • usually a Mooney costs around 2amus to insure...lots of variables included...
  • there are ways to reduce the insurance cost... but they show up in year two...
  • Transition Training usually helps...
  • 10hrs of solo experience to carry passengers often helps...
  • getting your first near 100 hours in the first year often helps...
  • having an IR helps, but helps you even more...
  • MAPA training can be helpful...

So, there are a few things that can help reduce your insurance cost by lowering your overall risk...

That extra 1amu you probably are about to saddle your partners with for this year... how do you want to handle that?

Confirm with your insurance people.  They should be able to explain these details for you.

PP thoughts only, I have experienced the first year amu twice... each time I bought a different Mooney model...

PP thoughts only, not an insurance guy...

Best regards,

-a-

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$2000 is not uncommon for new Mooney owners with no Instrument Rating or Complex Endorsement. You'll get the Endorsement as part of your Transition Training (hopefully from an experienced Mooney CFII). Then as you gain experience, rates will come down; mine fell about 1/2 with 100 Mooney hours, and another 1/3 when I finished Instrument training.

Good luck, study up and fly safe!

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I bought my plane at 24. 80TT, 0 in type, no complex endorsement. $35k hull and 500k liability for me in 2015 was $1,300 by myself, it has since dropped to $800. I would suspect the rates have risen across the board recently due to some airframe losses, but $3k seems high. I'd shop around. We also have a flight club in which we were able to lower our rates by sending an affidavit attesting to restricting to no soft/grass fields, no paved under 3k ft, and saying all members take quarterly "flight reviews" with a CFI. Maybe you could try to negotiate the same until some time is built up

Edited by Raptor05121
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Nice C model.

Looks like the cowl intake baffle needs attention, BTW.  

Insurance for adding a new guy into long-insured partnership, with zero make/model, is likely to be considerably higher the first year.   Plus rates are up for the GA market overall.

Enjoy  

 

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  • 2 weeks later...

$3k seems high.  I insured a new PPL (60 hours TT, 0 complex) on my $50k hull value M20G for $1800/yr a few years ago.  Maybe that would be $2k today with the rate spikes we've seen recently.

Recommend you go through an insurance broker.  They will shop around for you and find the best deal based on your stats.  My broker changed my policy underwriter a few times over the years as my experience level changed...

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On 7/17/2019 at 7:44 PM, 3914N said:

$3k seems high.  I insured a new PPL (60 hours TT, 0 complex) on my $50k hull value M20G for $1800/yr a few years ago.  Maybe that would be $2k today with the rate spikes we've seen recently.

Recommend you go through an insurance broker.  They will shop around for you and find the best deal based on your stats.  My broker changed my policy underwriter a few times over the years as my experience level changed...

That's what my broker charged me for $65K hull value with 62 TT, 0 complex back in 2007 . . . . Since then, market went way down and now is springing up rapidly.

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  • 4 weeks later...

Good Evening Mooney experts,

I'm a mid 20s guy who has a family member with a m20k 231 valued @ 100k. I have permission to use the aircraft on a limited basis as long as I insure the plane for the year.  I have a PPL SEL 170 TT 35 Type.  Hangared in East FL with Bahamas coverage needed.  SO far I have a quotes $3,100-4,600 Aopa & falcon $1millon / $100,000  ~2k deduct.. 

I've looked through the forums and seems this year is all over the map with insurance companies...

Any suggestions on good company?  I did insured my Cessna 150 for about $500 a few years ago...  looks like speed DOES cost money, Yes I am going to start instrument training.

Thanks all!

 

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Anthony is correct. Rates have been falling the last few years, moving back up last year and this year. Get 100 hours in type and save $1000 seems to work; get 100 hours in type in one year and save even more. I did 100 in my C the first twelve months and saved 50%; no change the next year; then got Instruments and saved another 30%. Moved, went with Falcon and dropped another 20% followed by minor decreases, and now heading back up with everyone else . . .

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  • 2 weeks later...

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