NAFA member Adam Meredith, President of AOPA Aviation Finance Company, answers your aviation finance questions.
Question: I'm in the process of buying my first airplane. I'm planning to pay for it without financing. Do I need title insurance? If so, where can I get it?
Answer: While title insurance may not be necessary, it does help with peace of mind. Especially when purchasing an older aircraft that may have gone through several ownership changes. Title insurance will protect you in the event a prior registration or bill of sale was filed incorrectly. AIC can assist in acquiring title insurance if you wish to purchase it. At the very least a thorough title search should be conducted prior to purchase through one of the aircraft title an escrow companies in Oklahoma City. AOPA members receive a discount through our strategic partner, Aero-Space Reports, for using their title and escrow services. Please feel free to reach back out to us if any other questions should arise during your purchase, we’d be happy to help.
Question: I have an Experimental GlaStar that I built and have flown for 20 years, can I get an appraisal on that from AOPA? Let me know what information on the plane you need if you can do it.
Answer: AOPA does not offer in house appraisal services. We utilize tools such as VREF and Aircraft Blue Book to determine value. Experimental aircraft, however, do not have book values. VREF offers certified desktop appraisal services but an appraisal can be obtained from any appraiser licensed with the Professional Aircraft Appraisal Organization (https://appraiseaplane.org/) or American Society of Appraisers (https://www.appraisers.org/Home).
This article was originally published by AOPA Aviation Finance Company on July 6, 2021.
