Insurance Question

[KLRDMD]

On 2/9/2021 at 6:15 PM, RobertGary1 said:

Imagine what its like for the twin owners.

Not bad at all. I just got quoted on a 310 having 5 hours in M&M and the premium was quite reasonable, I believe and without any transition training requirements.

[201Steve]

The insurance is but a small portion of the ownership cost. I had low time, no complex, nothing and it was relatively expensive first year. The delta, however, was the cheapest thing for the year! That said, I plowed through 200 hours and an instrument rating in year one and it was my incentive to save $1,500 the next year. Felt like I got a discount on my IR! Or a discount on the flight time! Alas... it’s a drop in the bucket. 

[RobertGary1]

10 minutes ago, KLRDMD said:

Not bad at all. I just got quoted on a 310 having 5 hours in M&M and the premium was quite reasonable, I believe and without any transition training requirements.

A friend of mine wanted to buy an Aztec to give dual in. They wanted 1/5 Hull annually for premiums. 

[KLRDMD]

Just now, RobertGary1 said:

A friend of mine wanted to buy an Aztec to give dual in. They wanted 1/5 Hull annually for premiums. 

My quote is for 2.48% of the hull value.

"Give dual in" is the difference. My policy specifically states: PLEASE NOTE: Coverage does not apply if flight instruction is being provided to a pilot not named to the policy.

[Parker_Woodruff]

1 hour ago, PT20J said:

@Parker_Woodruff, just wondering if there is any difference in rates for hull coverage between a Cirrus and Mooney with comparable equipment and hull value for a  pilot with significant experience, instrument rated , etc. and 500 hours in each type.

Skip

Seems like the rates are running about the same these days. 

[RobertGary1]

25 minutes ago, Parker_Woodruff said:

Seems like the rates are running about the same these days. 

Shocking that the fixed gear cirus is the same. So it’s not a retractable premium?

[Parker_Woodruff]

3 hours ago, RobertGary1 said:

Shocking that the fixed gear cirus is the same. So it’s not a retractable premium?

If we are talking a $225,000 SR-22 and a $225,000 M20R, rates aren’t that far off . 

[DewayneD4]

 

On 2/9/2021 at 6:14 PM, Parker_Woodruff said:

Assuming a $100K airplane...It's doable but look for $4500-$6000 for your first year.  Year two with a good amount of RG time for all pilots involved should be $3K or less.

6 months ago I probably could have done this for $3500.

Parker@airspeedinsurance.com

214-295-5055

My personal experience: I purchased my Mooney M20K 231 while I was training for my PPL. I was covered as a student pilot with 0 hours in a Mooney and only 2 hrs RG/HP for $5,400. Of course I was required to have a PPL and 15 hrs of transition training before I could be covered solo and 35 Mooney PIC hrs before passengers would be covered. That coverage started 3/27/2020.

I am currently shopping for insurance and currently I have 130 total hours and a little less than 90 hours in my Mooney. The quotes I have received so far have been between $5,700 and $7,500 and most companies have refused to quote at all. I have been told that Mooney insurance has increased drastically but was not given a reason. I was naively hoping that my insurance would go down once I got my PPL and proved that I could actually fly the airplane. 

I'm also naively hoping that once I get my IR it will go down but I'm the first to admit that I tend to have too much of a positive outlook.

Dewayne

[1964-M20E]

Plan for the expense get the plane and fly it like you stole it the first year 100+ hours.  Then shop for a good discount and keep flying above 80 hours a year.

[KLRDMD]

2 minutes ago, DewayneD4 said:

I was covered as a student pilot with 0 hours in a Mooney and only 2 hrs RG/HP for $5,400. I am currently shopping for insurance and currently I have 130 total hours and a little less than 90 hours in my Mooney. The quotes I have received so far have been between $5,700 and $7,500 and most companies have refused to quote at all.

WOW! How things have changed and boy am I glad I have a few hours and ratings. Insurance on my current pressurized twin (quote obtained three months ago) is quite a bit less than your lowest quote mentioned above. My quote last week on a 310 is also less than half of what you're being quoted for your Mooney.

[carusoam]

Welcome aboard Dewayne!

Best regards,

-a-