Buying a plane advice

[StraightnLevel]

What plane are you buying?

If you own the plane you can save on insurance by liability only.

Which ins companies will write a liability-only policy? I was not able to find any takers for my Bonanza, likely because the hull value is too low to make the policy worth writing from the insurer’s POV (speculation from the agent I dealt with).

 

[Bell206]

Assuming as a new plane owner he has a mechanic to go look at it.

It has always been my recommendation, and a number of others mechanics recommendation, to select your mechanic before you select and buy your aircraft. By simply having your mechanic perform the prebuy or at least to be involved in the prebuy, you will greatly reduce the chances of major issues on its first annual. Ironically, it is one of the least followed proactive recommendations for a million and half different reasons. A good portion of the major issues associated with private, recreational aircraft ownership can be prevented or the effects reduced by simply more due diligence and education on the owners part.

 

[4RNB]

Which ins companies will write a liability-only policy? I was not able to find any takers for my Bonanza, likely because the hull value is too low to make the policy worth writing from the insurer’s POV (speculation from the agent I dealt with).

BWI

How does Hull value impact a liability policy???

Aviation insurance - Wikipedia

en.wikipedia.org

At above links, I only have the first "type", their is nothing about hull value involved.

 

[StraightnLevel]

BWI

How does Hull value impact a liability policy???

Aviation insurance - Wikipedia

en.wikipedia.org

At above links, I only have the first "type", their is nothing about hull value involved.

Good point. As I noted, that was what the agent said....you're right, it doesn't really make much sense.

 

[WDD]

I'm finding the most difficult part in CT is finding a hangar. I will not buy a plane without it. I'm not leaving a plane in our weather. It is crazy that I need to wait for a hangar before I buy a plane.

You might find it hard to even find a tie down. If you really want to own, you may have to have it on tie down for a few years before you can find a hangar close enough to you.

Do you want to forgo years of ownership waiting for a hangar?

 

[chemgeek]

Definitely count on the first few annuals being significantly more expensive than usual. New to you used planes will usually come with considerable deferred maintenance and/or AD/SB compliance. Additional deferred maintenance issues are likely to appear over the first couple of years. This was true for both of the planes I have owned. Nothing outrageous, just double or triple the "usual" annual inspections and repair expense for 2-3 years. You can make some of these issues go away (e.g. failing avionics) by spending even more money on upgrades.

 

[ArrowFlyer86]

So I got the $120 per year covered. What major other expenses am I missing?

First thing I'd point out is that if you consider $120/yr a "major expense", then aircraft ownership is going to be quite the eye opening experience
Joking aside -- IDK how your annuals will be 2k unless you do them yourself. You might wanna ask around and see if that's a realistic rate. It's not even kind of close to realistic for me.
But good idea to assume your first year annual will be several times your run-rate annual, as I saw you estimated in your original post. It'll go down over time but first couple years I'd expect to be pricey.

 

[texasclouds]

If you can afford it, go for it while you are healthy and able.

 

[Pinecone]

First thing I'd point out is that if you consider $120/yr a "major expense", then aircraft ownership is going to be quite the eye opening experience
Joking aside -- IDK how your annuals will be 2k unless you do them yourself.

Agreed.

Also, cheap annuals are WHY first annuals for a new owner are more expensive.

For my plane, to do the annual in accordance with factory recommendations takes about 34 man hours.

 

[Half Fast]

Get a wife into horses. She won't say a word. She'll actually be happy for you.

That's what I did. While it relieves objections, it also doubles expenses.

 

[Half Fast]

I'm finding the most difficult part in CT is finding a hangar. I will not buy a plane without it.

Some airports won't rent you a hangar or even put you on the waiting list until you own a plane. I had to show my bill of sale for the plane when I signed the lease for my hangar since I hadn't ferried the plane yet.