What happens with the airplane insurance after I buy it, would it be transfer to me or would I have to buy insurance for the ferry flight. (During the ferry flight, the airplane would still be registered to the previous owner at the FAA).
The new owner will likely cancel his insurance policy the moment that the money is in the bank. So...I suspect that unless you don't pay him until delivery to Texas, you will need to have the aircraft insured...UNLESS...you choose to "self-insure" meaning take the risk of damage or liability claims. In the U.S. (you are in Mexico right?) Insurance is generally owned by the purchaser, not necessarily attached to a specific aircraft. So...when I hand over the cash to buy a plane, car, boat etc, I have it insured at that moment. Likewise, when it sells, I want the buyer to take the risk of his actions, not me, so the insurance comes off as soon as I have my dinari.
