Insurance question

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ConstaP67

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May 10, 2022
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Paul C Jr
Hey y’all, let me know if this is common or if I’m crazy.

Have PPL and IFR, 255 hrs, 25 in last 12 months all dual….the other 230 hrs was 27-29 years ago.

All my time is fixed gears non-complex

Decided over the winter it was time to get back into it…I quit back in the day because I ran out of time and money. I’ve managed to remedy both of those situations, but….now have to go through bureaucratic hell known as FAA Medical and go through the Cog Screen process due to adderall scrip I had during my off years.

My question…if I go ahead and buy now, (so I can train and work on IFR proficiency in the plane I’ll eventually fly) would I be able to get insurance with a rider that the plane will only be flown with CFII until I get my Class 3 Med back?
 
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If you held a valid medical anytime after July 15, 2006, you can do Basic Med.

BUT, if your AME has already submitted your medical application, it’s too late. You can’t unring the bell. Once begun, the process must be followed to completion.
 
Yep original Class 3 medical was in 1993. So no basic med for me.

I’ve got 9-12 months to wait and test and then wait some more.

meanwhile I’d like to be able to fly 6-8 hours/month working on IFR proficiency and general training w my CFII in the plane I’ll be flying after I’m done w all the BS.

will the insurance co’s laugh at me or insure me as long as I fly w CFII?
 
All you can do is ask. Plenty of people buy planes to train in before having their PPL, but not having a medical, especially a deferral situation, might be different.
 
People buy planes all the time they don’t intend to fly but plan on hiring pilots for. Just need to name the CFII on the policy.
 
In a word, yes - you'd be crazy LOL.

Rent, don't buy.

I'd fly with a CFI for 10 or 20 hours to kick the rust off of basic VFR (whatever it takes), pass the IFR written, and then fly with the CFIII to work on the instrument. Maybe in a year or so when you're done you might have some daylight in the medical problem.
 
Already did that. I’ve logged 25 hrs and have basically earned my BFR sign off. Pending medical of course. And I already have my instrument rating. Just waaaaay out of currency :)

Sure the smart thing is keep renting and flying w my CFII but can’t help but think how valuable the hours and experience will be to be training in my long term plane.

Sure it could go off the rails but then I just sell it….
 
Seems risky to buy a plane not knowing for sure you can pass the medical...
 
As long as the cfi has time on type, it should be easy.
So it depends on what you end up buying.
I don't imagine that you are planning to purchase a new G650, so it should be simple.
 
Rent? Really?

Then why all the advice, even when working on PPL to buy and lease back to the school?

The only potential downside to buying without a medical is if you buy now, it is a sellers market and prices are high. In a year or two, if you can't get a medical and decide to sell, it may be a down market and you can't sell it for what you paid. But then again, you flew it for a couple of years. :D

And you could look for partners instead of selling. You could also fly with them, you don't need a CFI to fly, you just need a current pilot. Used to be a guy locally that owned and Aerostar. He lost his medical, so he had a couple of people who would ride with him, so he was legal. He did all the flying.
 
Sounds like you just want to buy. Big reason for owning is you can fly when you want. Which you can’t do now. Flying in a rental plane will be close enough to your plane you might eventually own.

Real question for you is when to own. Is still a year to see if you can get your medical. In the meantime just rent and train IFR to kick that rust off using all the new what not.

“Patience grasshopper”
 
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If you have the disposable income, buy. Talk to insurance company first, though.
 
I think you’re asking a question the insurance company won’t ask. All they will tell you is how many hours of dual instruction or transition time you may need if you have no time in that airframe. Having a lapsed (current) medical may or may not be a limitation on the policy. Don’t ask, just request quotes for the coverage you want and see who says what, then go from there. Note, I’m not saying to be dishonest, just ask for a policy quote and terms first; broker will ask for your total and categorized hours and the last BFR and medical dates. Then read the proposed policy and see if you need to clarify something if your coverage might be jeopardized by your medical currency or SI, who can be PIC, letting CFI fly the plane, etc (open pilot policy or named pilot policy). I’ve had 2 different insurers with the same broker over the last few years and AIG was/is the insurer that gives me an Open Pilot provision. That Open Pilot deal will allow your CFI to fly with you in it, regardless of your medical status. The above is my opinion of some of the policies I’ve seen for what you want to do.
 
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Thanks, appreciate all the feedback. Having never been through this before helps to hear from those who have.
 
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