AARP Aircraft Insurance

[AJ88V]

Ok, pretty much nothing about AARP, only wanted to catch attention and spur discussion on something weighing on my mind.

I turn 66 next month and finally joined AARP even though I won't be retiring for another year.

Aviation is a major part of my retirement plan, and either '88V is getting a whole lot of over-priced avionics installed or I'm upgrading planes.  My worry is insurance.

Right now I'm carrying a hull value of $75K, but that will have to increase significantly with either upgrade above, maybe $150K or even $200K.  Planning to call my broker today, but getting some ominous news reading the 'net.  Things like:

• "I've been told by several people....and a broker......is that after age 68 it's impossible to switch carriers or get first time insurance."
• "Insurance is requiring me to get a 3rd Class Medical instead of Basic Med"

What's your experience?

[EricJ]

1 hour ago, AJ88V said:

Ok, pretty much nothing about AARP, only wanted to catch attention and spur discussion on something weighing on my mind.

I turn 66 next month and finally joined AARP even though I won't be retiring for another year.

Aviation is a major part of my retirement plan, and either '88V is getting a whole lot of over-priced avionics installed or I'm upgrading planes.  My worry is insurance.

Right now I'm carrying a hull value of $75K, but that will have to increase significantly with either upgrade above, maybe $150K or even $200K.  Planning to call my broker today, but getting some ominous news reading the 'net.  Things like:

• "I've been told by several people....and a broker......is that after age 68 it's impossible to switch carriers or get first time insurance."
• "Insurance is requiring me to get a 3rd Class Medical instead of Basic Med"

What's your experience?

I've been friends with my insurance guy since before I bought an airplane (we used to race cars in the same org).   The last time I talked to him about this he said that they actively manage this for people by keeping track of which carriers are best for continuing coverage past a certain age, and switch you over before you pass their last entry date for continued coverage.   So talk to your insurance guy and see if they do something similar, or if they at least have a plan or something that you can leverage.   This stuff is constantly changing as the business landscape changes, so who knows what the situation will be as we all age, but at least that's the feedback I've gotten so far.

Another option is to sort out if/when it might be better to go to liability-only if that makes sense for you.  I figure if push comes to shove that's always an option for me.

 

[1980Mooney]

2 hours ago, AJ88V said:

I turn 66 next month…’88V is getting a whole lot of over-priced avionics installed or I'm upgrading planes.  My worry is insurance.

Right now I'm carrying a hull value of $75K, but that will have to increase significantly with either upgrade above, maybe $150K or even $200K.  Planning to call my broker today, but getting some ominous news reading the 'net.  

I find it interesting that you are considering insuring the hull for about $100K+ more than any other C on the market (about 2.5 times more than the average and up to $125K more than your current value). 

That must be one heck of an avionics upgrade that you are considering…

I hope that you won’t need to spend any money on an overhaul or prop and don’t want new paint or interior  

You might get a whole lot more for your money by upgrading to someone else’s plane. 

[AJ88V]

24 minutes ago, 1980Mooney said:

I find it interesting that you are considering insuring the hull for about $100K+ more than any other C on the market (about 2.5 times more than the average and up to $125K more than your current value). 

That must be one heck of an avionics upgrade that you are considering…

I hope that you won’t need to spend any money on an overhaul or prop and don’t want new paint or interior  

You might get a whole lot more for your money by upgrading to someone else’s plane. 

I've owned my plane for almost 30 years, low TSMOH, low prop since new, and ok paint (2008?).  Since the plane is owned outright, $50K-ish of avionics would still put me in the low $100K region.  The higher numbers are if I jump to another plane instead.  So, buy the old gal some flashy bling, or divorce to get a hot Slovakian model?

As for @EricJ's comments, my hangar neighbor is maybe 10 years younger than me.  Says he has 5 planes (I believe him), but he mostly flies the Fuji KM2 (T38-adaptation) that's in the hangar next door.  He says he can only afford the insurance with very low hull values on them.  I guess I could risk the loss of the aircraft in the future if insurance jumps through the roof.