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Insurance question.

Steve0715

By Steve0715
in General Mooney Talk

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Steve0715

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I’m almost 72 and have a past history of CHD complete with triple bypass 2 plus years ago.  Yesterday I talked to my doctor/ame about getting my 3rd class medical.  He’s optimistic but no guarantees.  
 

I have had a LTA license for 45 years and in 1983 got my sel.  My plane was a 1980 201.  TBH I was looking for a V35 Bonanza but fortunately found the Mooney and loved it.  I ended up selling it in 1987 because….

I’m still actively flying LTA but want to get another plane.  I want an Ovation.  I have a friend to train me and give me a FR.

my question is, should I call an insurance agent and ask what it would take to insure me?  Open to suggestions here but I figure I best find out this question early.

I am truly enjoying Mooneyspace.  You guys can be entertaining but I have already learned so much.  Thanks for that.

Steve

 

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thinwing Grand Master

thinwing

Posted
Posted
7 minutes ago, Steve0715 said:

I’m almost 72 and have a past history of CHD complete with triple bypass 2 plus years ago.  Yesterday I talked to my doctor/ame about getting my 3rd class medical.  He’s optimistic but no guarantees.  
 

I have had a LTA license for 45 years and in 1983 got my sel.  My plane was a 1980 201.  TBH I was looking for a V35 Bonanza but fortunately found the Mooney and loved it.  I ended up selling it in 1987 because….

I’m still actively flying LTA but want to get another plane.  I want an Ovation.  I have a friend to train me and give me a FR.

my question is, should I call an insurance agent and ask what it would take to insure me?  Open to suggestions here but I figure I best find out this question early.

I am truly enjoying Mooneyspace.  You guys can be entertaining but I have already learned so much.  Thanks for that.

Steve

 

steve ,as you know there are currently only 2 LTA insurers that i know about so at 72 you donot have any insurence history for fixed wing except 83to87.With that being said,because of your advaanced age,Avemco is probably your only bet.Unfortunately,you not having a need for class 3 since you sold your 201,you cannot use basic med because of the 10 year requirement.This assuming you simply flew hot air balloons with out any medical ,which is perfectly legal.I think your real obstacle is getting a 3rd class medical probably with yearly reporting requirements....Im guessing that alone will take more than ayear..good luck

rotorman Community Regular

rotorman

Posted
Posted

I'm spending 2 grand a year ensuring my 80 201J and just got a note from the agent saying to expect an increase. I have read insurance is getting harder to come by, especially for seniors.

Fly Boomer Grand Master

Fly Boomer

Posted
Posted
22 minutes ago, Steve0715 said:

Yesterday I talked to my doctor/ame about getting my 3rd class medical.  He’s optimistic but no guarantees.  

No idea what LTA is.

1. Before it's too late, get on Basic Med.
2. Before you are too old to insure, get with an insurance company that won't cancel (ask Avemco).

Steve0715 Collaborator

Steve0715

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Posted
21 minutes ago, thinwing said:

steve ,as you know there are currently only 2 LTA insurers that i know about so at 72 you donot have any insurence history for fixed wing except 83to87.With that being said,because of your advaanced age,Avemco is probably your only bet.Unfortunately,you not having a need for class 3 since you sold your 201,you cannot use basic med because of the 10 year requirement.This assuming you simply flew hot air balloons with out any medical ,which is perfectly legal.I think your real obstacle is getting a 3rd class medical probably with yearly reporting requirements....Im guessing that alone will take more than ayear..good luck

Yes, I only need my statement that I can operate the balloon.  No medical.  My doc says it will be a process.  We are going to put together, with my cardiologist, my history.  Other that the CHD, I have no medical issues.  But it is a hurdle.  Doc says 2 months (a miracle) to maybe 6.  And yes, it will take yearly updates.  I am a stubborn SOB so it is what it is.

 

WaynePierce Rising Star

WaynePierce

Posted
Posted

If you are able to get your new Class 3 physical passed, I would drop it for BM as soon as practicable. Good luck on your 3rd Class and insurance.

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Steve0715 Collaborator

Steve0715

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Posted
23 minutes ago, Fly Boomer said:

No idea what LTA is.

1. Before it's too late, get on Basic Med.
2. Before you are too old to insure, get with an insurance company that won't cancel (ask Avemco).

Yep, LTA…I’m a hot air balloon pilot.  

Steve0715 Collaborator

Steve0715

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3 minutes ago, Parker_Woodruff said:

Get the medical done asap.  What's your total fixed wing hours?

Fix wing time..250.

LTA..1500

Never any insurance claims and have actually never carried hull in my hab.

M20F Grand Master

M20F

Posted
Posted

Good luck Steve, it’s only money and you can’t take it with you.  Enjoy it!

Steve0715 Collaborator

Steve0715

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thanks Parker, we are going to proceed on the medical front quickly.  This is the make or break deal.  Insurance, well the question is more if and under what requirements.  I have a pretty good tolerance for costs.  I might actually consider Rmags project Mooney.  OMG what a nice one.  I did say I’d like an Ovation but my main criteria is I need a plane that is solid.  I don’t need a project.  Thanks for responding.

LANCECASPER Grand Master

LANCECASPER

Posted
Posted
2 hours ago, Steve0715 said:

I might actually consider Rmags project Mooney.  OMG what a nice one.  I did say I’d like an Ovation but my main criteria is I need a plane that is solid.  I don’t need a project.  Thanks for responding.

@Rmag's airplane has been finished for several years. It sold last week without ever hitting the market for more than the average Ovation.

Steve0715 Collaborator

Steve0715

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1 hour ago, LANCECASPER said:

@Rmag's airplane has been finished for several years. It sold last week without ever hitting the market for more than the average Ovation.

Yes, I was aware as I have read a bunch of the threads here.  More an attempt at a humorous reply to the idea I might have to settle for a J. 

kortopates Grand Master

kortopates

Posted
Posted

Just wanted to say i am rooting for you to get your 3rd class.
Although it would seem like a good idea to move to a Basic Med after you get the 3rd class medical, i am hearing from older clients that some insurance companies are insisting that they maintain their 3rd class to continue to be insurable to fly complex high performance aircraft.
But one step at a time…
Good luck!


Sent from my iPhone using Tapatalk

hammdo Grand Master

hammdo

Posted
Posted

Best of luck! I have CHF, Pacemaker, and was able to get my 3rd class 2 years in a row before deciding on Basic Med. I had to wait around 8 months for the first 3rd class - and that was during Covid! You'll have to pass the Bruce Protocol test I'm guessing- you're over 70 so that will be about 6 minutes on the tread mill and level 2 on the test.

Work hard and you can make it happen...

-Don

thinwing Grand Master

thinwing

Posted
Posted
21 hours ago, Steve0715 said:

Yep, LTA…I’m a hot air balloon pilot.  

Me too...kubichek 105k racer...once you get your class 3 special issuance...(it would be good for I guess a year maybe)that is time to go basic med...Avemco could ask you to review it every year even though it is good for 4 years with 2 year course (through aopa)....much easier and better with your own cardilogist and you to review for basic med requirement

thinwing Grand Master

thinwing

Posted
Posted
21 hours ago, Steve0715 said:

Fix wing time..250.

LTA..1500

Never any insurance claims and have actually never carried hull in my hab.

1500!!!...assuming half the avalible 2340 weeks were even flyable due to winter ,storm or wind conditions over a safe 8 or 10 kts...that is truely an impressive number even for professional ride pilots...I fly with a mentor pilot about my age who shows me his 2 or 3 hundred flyn badges....hes at 600 and has been flying about the same time...you must have been averaging twice a week ! (for my fixed wing friends...a typical hot air balloon flight lasts about an hour but typically takes an hour or so prep time on takeoff and after landing with requirement for 2/3 people to crew,so getting weather,crew and time off work to all lineup...Steves logged 1500 actual flight time is an increadable  feat!)I am truely impressed!

Steve0715 Collaborator

Steve0715

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Posted
1 hour ago, thinwing said:

Me too...kubichek 105k racer...once you get your class 3 special issuance...(it would be good for I guess a year maybe)that is time to go basic med...Avemco could ask you to review it every year even though it is good for 4 years with 2 year course (through aopa)....much easier and better with your own cardilogist and you to review for basic med requirement

Hmm, you might know Mike Bauwens.  Good friend.  Mine is a 60k racer.

l’ll have to jump through hoops on a yearly basis most likely.  If I can get on the basic med program I will do that.  Called Avemco today and was surprised that they give me good credit for my past Mooney time.  I’m planning to start instrument training so they like that.  If I stay with a 201, I’ll get covered.

LANCECASPER Grand Master

LANCECASPER

Posted
Posted
On 5/24/2022 at 3:38 PM, Steve0715 said:

I’m almost 72 and have a past history of CHD complete with triple bypass 2 plus years ago.  Yesterday I talked to my doctor/ame about getting my 3rd class medical.  He’s optimistic but no guarantees.  
 

I have had a LTA license for 45 years and in 1983 got my sel.  My plane was a 1980 201.  TBH I was looking for a V35 Bonanza but fortunately found the Mooney and loved it.  I ended up selling it in 1987 because….

I’m still actively flying LTA but want to get another plane.  I want an Ovation.  I have a friend to train me and give me a FR.

my question is, should I call an insurance agent and ask what it would take to insure me?  Open to suggestions here but I figure I best find out this question early.

I am truly enjoying Mooneyspace.  You guys can be entertaining but I have already learned so much.  Thanks for that.

Steve

 

Regarding the medical this offers hope:

https://www.beechtalk.com/forums/viewtopic.php?f=7&t=208304

LANCECASPER Grand Master

LANCECASPER

Posted
Posted
42 minutes ago, toto said:

Quick synopsis?

BT doesn't seem to have any public content - everything is behind a registration wall..

Stan Musick a Dr. on Beechtalk said this:

As I mentioned in another post, I have an airman who came to see me, with a history of:

-being a runner, running 5 miles per day
-thin, looked very healthy
-began feeling "less than well"
-cardiologist recommended stress test
-had cardiac arrest, and V-fib while getting stress test
-intubated, ICU, comatose for days
-got a cardiac stent for a Left Anterior Descending lesion


-Did rehab
-went through the FAA protocol
-6 months after event, now has a new 1st class medical in his pocket


I suspect had he ignored his symptoms, he, like Jim Fixx, would have arrested and died on side of the road. He, like Jim Fixx, had a strong family history of heart disease.


While I'm sure it was no fun for him to go through the process, he now has a medical, and "better plumbing"

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