New PPL, considering M20F

[AJ88V]

State Farm.  Maybe my policy is grandfathered?

I'll say that it is a bit of a PITA.  Have to cover high limits on all the other liability (house, car, plane) to get it.

[Hank]

45 minutes ago, AJ88V said:

I'll say that it is a bit of a PITA.  Have to cover high limits on all the other liability (house, car, plane) to get it.

Yes, those are required for an umbrella policy. Nice high limits on everything you have, then the umbrella pays next.

When the lawyers are looking, do they see only the individual policy being pursued, or are they also aware of the umbrella over it? That would make my pockets deeper, therefore a fatter, juicier target.

[MikeOH]

27 minutes ago, Hank said:

Yes, those are required for an umbrella policy. Nice high limits on everything you have, then the umbrella pays next.

When the lawyers are looking, do they see only the individual policy being pursued, or are they also aware of the umbrella over it? That would make my pockets deeper, therefore a fatter, juicier target.

Maybe so.  But consider that when it comes to looking for 'deep pockets' don't you think the lawyers are going to look at your assets?  That's the 'fat juicy target'.  So, would you rather them go after your 'fat juicy' umbrella policy or your assets?  I have an umbrella policy since I want them going after my insurance rather than my stuff!

[MikeOH]

1 hour ago, AJ88V said:

State Farm.  Maybe my policy is grandfathered?

I'll say that it is a bit of a PITA.  Have to cover high limits on all the other liability (house, car, plane) to get it.

@AJ88V

Thanks.  State Farm would not quote me for an umbrella policy that covers GA flying.

Please make sure you REALLY are covered; as in, make sure there is no exclusion for it buried in your policy and you're not just taking an insurance agent's word for it.

This GA umbrella issue has come up several times here on MS and IIRC no one had any luck.

[MBDiagMan]

As I recall, I had just a little over 100 hours when I bought my first Mooney.  At that point, virtually all of my time was tailwheel and the jump to the Mooney involved the wonderful instructor that ferried the plane to my home airport flying with me for a day.  When it comes down to it, a Mooney is just another nose wheel airplane except you have to remember to put the wheels down.

My initial insurance was only very slightly more expensive than my Cessna insurance.  I think I had to have ten hours with a CFI and that was it.  The rate stayed very affordable until I reached the age of 74 and then it tripled in one fell swoop.  I think at your age it won’t be ridiculously expensive.

Don't let anyone talk you out of a Mooney.  There is no shortage of naysayers, most of which haven’t even been inside of one, but will tell that it’s cramped, hard to get into, expensive to maintain,…….   In eight years of Mooney ownership, I have found none of those complaints to be true for me.

[PMcClure]

I bought my F at 100 hours and it was the best aviation decision I ever made. Insurance was too bad, but it is something to check. Nothing like having your own airplane! 

 

[dkkim73]

1 hour ago, MBDiagMan said:

Don't let anyone talk you out of a Mooney.  There is no shortage of naysayers, most of which haven’t even been inside of one, but will tell that it’s cramped, hard to get into, expensive to maintain,…….   In eight years of Mooney ownership, I have found none of those complaints to be true for me.

This is true of getting a plane in general. You can come up with a lot of potential snags as an intelligent person, and others *definitely* will. 

Mooneys are a bit "conformal" to get into; I like to make a comparison to a sports car. But the elegance of engineering is pretty darn cool, esp. when it takes the form of a very beefy main wing spar or very low form drag. 

D

Ps. After 120ish hrs in type, after a long GA hiatus, my insurance cost mercifully *almost halved* this year. The lowest quote was an outlier, but they all went down. Hallelujah! 

Pps. Let me share a funny comic I saw that applies to aircraft ownership: 

 

[Pinecone]

I am in the camp with the buy a nice plane and enjoy it, but start your Instrument Rating soon.

It will nice flying and using the plane and not purely training.  But you are in a training mindset, so it is good to continue that.

So mix it up, not pure training, but not pure fun.

It makes a lot of sense to do your IR in the plane you will be flying for a while.  Versus renting a trainer and then learning to do it in your airplane.

Plus, the term "My Plane" has such a nice ring to it.

 

[NickG]

On 11/10/2024 at 4:56 AM, Schllc said:

I would keep the momentum you have with your ppl. You will need Tom”relearn” a it of things and go back into school mode.  In addition to the continuity, I am of the opinion that an IR should be mandatory for a ppl.  If you aren’t just bopping around on sunny days to sight see, and actually plan to use your plane for travel, the experience you gain there has a good chance of saving your life. It will also make you a much better pilot. 

Yes. This is sage advice. Couldn’t agree more. IR should be mandatory and is a lot more  challenging than people think. The best way to approach it is when you’re still in the training mode. If you plan on xc flying its is indispensable. Yes, flight following is ok (until they get busy and then you hear “radar services terminated”) but if you want to climb above or descend through a layer on an otherwise vfr flight, you’ll need it. Most of my trips are xc and almost all filed IFR.

Enjoy your new privileges and I agree with those who recommend that you don’t waste hours and money in a 172 - you’ll want to build hours and experience in a Mooney if that’s what you want (good choice!)