All I needed was a printed copy of the value of the drone. Printed it directly from the DJI website.
INSURANCE
- Thread starter magicj23
- Start date
Before my new Phantom 4 Pro, I owned a Phantom 4 for about 16 months (about 350 trouble free flights), I try to be very careful and thorough, but there is sure plenty to go wrong. It is good to know there is insurance for what could go wrong.
I think there is some confusion. A “rider” is a policy added to an existing policy.
Where as a PAP or personal articles policy IS a policy unto its own. State Farm is insuring my drone as it’s own policy. And not a rider on any existing one. For my P3S it’s about $16 a year ,however, there IS a minimum of $30 per year charge.
Bottom line no deductible , no depreciation , covered for $500 under ANY loss.
Where as a PAP or personal articles policy IS a policy unto its own. State Farm is insuring my drone as it’s own policy. And not a rider on any existing one. For my P3S it’s about $16 a year ,however, there IS a minimum of $30 per year charge.
Bottom line no deductible , no depreciation , covered for $500 under ANY loss.
Out of warranty? State Farm does not cover repairs. It is not an extended warranty. It covers losses, not repairs. And the day after your claim is paid, your policy will be cancelled. Then that claim goes into a database that ALL insurance companies share. It will impact your future insurance rates and needs forever. Not just State Farm, but everyone. Sad but true.
Do not be confused. There is plenty to go wrong, but insurance is for loss only, not repairs.
- Joined
- Apr 3, 2017
- Messages
- 55
- Reaction score
- 7
- Age
- 70
OK, TAKE NOTE! I have insurance with state farm, backed my P3P into a tree framing a roof shot. Cracked motor arm. State Farm was informed that I was flying a paid mission as a part 107 pilot. They cut me a check for the full replacement cost. (well, what I paid for it)
Appreciate you sharing your experience. That testimony will help to address some of the questions and confusion that seems to be making the rounds concerning drone insurance coverage provided by State Farm.
Yes, there is still a fair amount of confusion concerning the "drone insurance" coverage provided by State Farm, in spite of so much being posted on this site. Coverage is available through a stand-alone Personal Articles Policy. There is no requirement to have a past or current insurance policy of any type with State Farm, despite what some agents may say. The policy will cover your drone and related accesories (batteries, etc.) for a modest fee. I trust your clarification above will help to remove the confusion. Thanks.
And you will continue to pay and pay and pay in higher rates. Not now but later and forever. It's how insurance works and keeps Mrs. 360 employed. Thank you!
My State Farm agent told me it's a stand alone policy that will not affect future rates.
Instead of a complete stranger on the Internet who wife works in some form or fashion for an insurance company?
The information you posted is speculation and you are presenting it as fact without have ANY first hand knowledge or experience.
Truth is, small Inland Marine claims are almost never considered to raise the rates of another major policy.
Hmmm. So being married to an underwriter for a major insurance company is not firsthand knowledge or experience and nothing more than speculation. Really? Oh well :>
Truth is.....well, you know.
Are we getting this information from your wife? No. So it's not first hand. We are getting from someone whom it was explained to and assuming that nothing has changed when going from person to person. If your wife had this information and shared those facts here, it would be first hand information. As it is, you can only repeat what you think is accurate information.
The other issue is, your information is incorrect. You present a rate increase as a certainly. It's not. Not by a long shot. Period. I also doubt it was explained to you as such.. Hence, no first hand knowledge.
I just lost my P3S that I had insured with SF for $60/yr. Hit a wire strung across the river and in it went.
When I insured it last year, I took in my sales receipt of everything I bought which they put on the policy for the price I paid for them.
I just received a check from them for drone, battery and ND filter. No deductible, full price.
They were very nice and told me that if I replaced the drone to let my agent know so they could insure whatever I got...
When I insured it last year, I took in my sales receipt of everything I bought which they put on the policy for the price I paid for them.
I just received a check from them for drone, battery and ND filter. No deductible, full price.
They were very nice and told me that if I replaced the drone to let my agent know so they could insure whatever I got...
Yes, your honor! You are clearly more knowledgeable than I am. I stand corrected!!
So to add to your vast knowledge of the insurance industry, I would suggest you Google CLUE reports.
And in the interest of the group, I am moving on and "Ignore" at least one member from my view. :>
I know all about CLUE reports and I've never denied that a claim would show up there. So that has nothing to do with this. What I stated was that your statement that an Inland Marine claim _would_ increase other insurance premiums is incorrect. The truth is, most carrier won't (for a small 1ST party claim) and it's certainly not a given as you stated.
