AJ88V Posted January 9 Report Posted January 9 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? Quote
EricJ Posted January 9 Report Posted January 9 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. 4 Quote
1980Mooney Posted January 9 Report Posted January 9 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. Quote
AJ88V Posted January 9 Author Report Posted January 9 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. 1 Quote
Pinecone Posted January 10 Report Posted January 10 I would contact @Parker_Woodruff What I recall of what he has said is that changing or new policy on retract after 70 is hard to do. So now is a good time to change to a carrier that WILL cover you after 70. Quote
Parker_Woodruff Posted January 10 Report Posted January 10 We've got a strategy that has worked for many pilots. Since no one can perfectly predict the future, we also design our strategy around a couple "bail out" options that should be available around age 74/75. But we need a policy in force with an effective date at the pilots' age of 69 or earlier. Sometimes we can make 70-72 work on the 4 cylinder Mooneys. 7 Quote
MikeOH Posted January 11 Report Posted January 11 On 1/9/2025 at 10:47 AM, AJ88V said: ....but he mostly flies the Fuji KM2 (T38-adaptation) that's in the hangar next door. Don't know much about the insurance situation but I'm pretty certain the KM-2 is no T-38 adaptation 1 2 Quote
AJ88V Posted January 11 Author Report Posted January 11 55 minutes ago, MikeOH said: Don't know much about the insurance situation but I'm pretty certain the KM-2 is no T-38 adaptation Ooooppppppssss! T34 adaptation. Both are very cool airplanes! 1 Quote
MB65E Posted January 11 Report Posted January 11 I was really hoping for a cool T38 import derivative! -Matt 1 Quote
EricJ Posted January 11 Report Posted January 11 2 hours ago, AJ88V said: Ooooppppppssss! T34 adaptation. Both are very cool airplanes! They are! I love the KM2s. A T-34 or a KM-2 or something similar would be a fun airplane to have. Quote
AJ88V Posted January 11 Author Report Posted January 11 Well, I totally botched my neighbor's airplane. It's a Fuji LM-1 Nikko. This is a four-seat airplane with yokes instead of sticks. But very military in its build and very cool. https://en.wikipedia.org/wiki/Fuji_LM-1_Nikko 2 Quote
AJ88V Posted January 11 Author Report Posted January 11 Getting back on track, I spoke with my insurance agent (whom I've used for decades) and the news was pretty consistent with @Parker_Woodruff's comments above. It sounds like I'll be ok with my current insurer (going on for maybe 15 years?), but if I want to change insurers, I'd better do it soon. I posed two scenarios - massive avionics upgrade or purchase of a different airplane (Navion Rangemaster ) to see if it was even worth considering. No problem with the Mooney upgrade, but the Navion was a problem without an IFR rating. It sounded like a Mooney-model upgrade would likely be ok, but my broker didn't inquire about that specifically. (there are a lot of great Mooney J, K, and later planes available that are definite upgrade candidates!) The IFR rating is planned for this year, but having a plane without a modern IFR setup is major stumbling block. Working on it. 1 Quote
Pinecone Posted January 11 Report Posted January 11 18 hours ago, MB65E said: I was really hoping for a cool T38 import derivative! -Matt Except for the cost of flying it. 1 Quote
Hank Posted January 12 Report Posted January 12 21 hours ago, EricJ said: They are! I love the KM2s. A T-34 or a KM-2 or something similar would be a fun airplane to have. 3 hours ago, Pinecone said: Except for the cost of flying it. Yep, my thoughts exactly! Quote
MB65E Posted January 12 Report Posted January 12 8 hours ago, Pinecone said: Except for the cost of flying it. Flying it is cheap compared to the ejection seats. -Matt Quote
AJ88V Posted January 14 Author Report Posted January 14 Back on topic... I grab an old AOPA magazine (May 2024) to read in the gym and, lo and behold, find this gem by Kollin Stagnito: https://www.aopa.org/news-and-media/all-news/2024/may/pilot/insurance-tell-your-story also this on liability-only insurance https://www.aopa.org/news-and-media/all-news/2024/august/14/new-liability-only-insurance-for-senior-pilots 1 Quote
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