The concept that with an engine failure, pull the chute, cash the check, buy a new plane.
Versus
Land the plane, pay for the repairs, and wait for a year for them to be done.
Does not really work that way. The insurance company will subtract the price of the engine from the check, which is for the price of a used plane with the same equipment list. You are still without a plane until you can find a used plane that is in similar condition, priced as the insurance company estimated yours was worth. Then add the price of the engine, out of your pocket, pay for a prepurchase inspection, and buy the plane. Then you find out why the owner put his “nice, clean” airplane up for sale.
The successful landing, pay to have the wings removed, and hauled to a suitable repair facility. Then you buy an engine with fewer hours than your failed one, switch engines, and sell the broken one for parts. You are now back in the air, with a plane that is exactly like the one you had. You’re out of pocket is about the same, and there are no unknowns on the condition of the ‘new’ plane.
Purely from my memory, in more than 50 years, our club has had:
2 off airport landings, changed engines in the pastures, and flew out. Cost of the mechanic and engine.
1 off airport, successful, but hit by a twister, totaled while in the custody of the insurance company. Value of the plane minus the engine.
About 4 or 5 engine emergencies that successfully glided to an airport, and were repaired. I experienced the classic windshield covered with oil, made a good ILS approach and landing. Even if you only bought gas, check the oil cap before restarting the engine.
We never lacked a plane for more than a month, except for that one totaled while in the custody of the insurance company, and took legal threat, over 3 months.
How long do you wait for a replacement Cirrus these days, if you pull the chute in the first year and opt for a new replacement?
And how long does it take to actually receive that check?