State Farm Drone Insurance

[jbuy41]

I think that agents are looking for drone coverage. Personel Articles covers cameras, and P4 is a camera.

 

[SteveP55]

Thanks jbuy41,
Yea I still need to get a hold of my agent again and see if they have got with the program yet LOL.
Thanks for the input !
SteveP55

 

[kerrylaw7307]

Iowa 6/2017 - State Farm covered my Phantom 3 Pro under their Personal Articles Policy for $30 a year. Covers repair or replacement due to Fire, Theft, or Accident. No deductable, no depreciation. You do not have to have an existing policy covering anything else. It is its own policy so it wont effect your car or home insurance rates if you have to file a claim. It covers the Drone, battery(s) and case. In my case up to $1,000.00. I took it in along with a copy of a P3P that sold on Ebay. They looked at it and the paperwork and Im insured!
$30 a YEAR!!!!!! Cheaper than ANY tracker! Covers EVERYTHING! WOW!!!

 

[Lefty63]

I have a SF policy for my P3P and P4P. $65/yr for both. Just curious if they would require a flight log for a claim. I've had a few crashes with the P3P, and opted for the insurance when I bought the P4P. Just curious if they would deny the claim if the flight log showed I'm a poor pilot.

 

[kerrylaw7307]

Lefty63, I was told by my State Farm agent, that I was covered for anything. A "fly away", "crash in the river", theft or whatever. In the event of a "fly away" or "crash in the river", the agent will not get a flight log in either of those events. In fact, I doubt the agents KNOW that the drone even has a flight log. Either way, I wouldn't be too concerned even if I just got disoriented, and hit a tree. It is covered. Happy flying!

 

[Lefty63]

Lefty63, I was told by my State Farm agent, that I was covered for anything. A "fly away", "crash in the river", theft or whatever. In the event of a "fly away" or "crash in the river", the agent will not get a flight log in either of those events. In fact, I doubt the agents KNOW that the drone even has a flight log. Either way, I wouldn't be too concerned even if I just got disoriented, and hit a tree. It is covered. Happy flying!

Thanks kerrylaw7307. That's quite reassuring. I have hit a few trees with the P3P. that's why I bough the P4P, with obstacle avoidance. I'm more cautious around trees, and do fly over water quite a bit. Hence my concerns. That's why I opted for the insurance. My worry is they would find any reason what so ever to deny the claim, as is the practice of insurance companies.

 

[Habanero]

I doubt they even know yet our toys are that advance and keep a log but very possible if the find out lol...

 

[Robert P]

Trying to get insurance on my p3p in Charleston SC. Since it was a second hand purchase I need to get an appraisal of the drone. Anyone know where I can get one?

They told me all I needed was a receipt from the person I purchased mine from along with pictures and how much I paid

 

[Skynet1]

Glad to see State Farm has stepped up with a Personal Articles floater specifically providing Loss coverage where so many companies simply choose to ignore this market.
However, I was wondering if any who had found it necessary to place a claim into the Insurance Co. for replacement as result of a crash, etc., if they were then required to surrender the insured model upon payment of claim?.
I ask this because I believe there is some policy info. relating to a Loss Settlement provision, which states " Any property paid for or replaced becomes their property", State Farm Insurance in this case.

Regards,

 

[BHatfield]

Thanks kerrylaw7307. That's quite reassuring. I have hit a few trees with the P3P. that's why I bough the P4P, with obstacle avoidance. I'm more cautious around trees, and do fly over water quite a bit. Hence my concerns. That's why I opted for the insurance. My worry is they would find any reason what so ever to deny the claim, as is the practice of insurance companies.

Insurance companies will pay ALL claims files provided the cause of loss is covered. I am brand new to this forum, and drones. Insurance carriers are behind on the drone technology. These policies will change and the premiums will go up along with the deductibles.

 

[BHatfield]

Glad to see State Farm has stepped up with a Personal Articles floater specifically providing Loss coverage where so many companies simply choose to ignore this market.
However, I was wondering if any who had found it necessary to place a claim into the Insurance Co. for replacement as result of a crash, etc., if they were then required to surrender the insured model upon payment of claim?.
I ask this because I believe there is some policy info. relating to a Loss Settlement provision, which states " Any property paid for or replaced becomes their property", State Farm Insurance in this case.

Regards,

Almost All Property Policies have that language. Insurance is to indemnify you, or make you whole again. So when the insurance carrier pays for a new drone then they have the right to take position of the old damaged drone, or any insured property they pay to replace with new property of like kind and quality. Now the way it normally works....If the insurance carrier can't salvage the damaged property and re-sell to help offset their financial loss then they won't ask for it normally.

The Companies I am familiar with normally aren't concerned unless the salvage value is 5,000.00 or more.

Insurance Carriers have underwriting, and claims management. So if they see a spike in claims due to drones they will likely create a policy similar to an auto policy, so they can increase the premium based on pilots experience, claims record, area drone flown in, how it is used, etc...

Insurance Companies do not lose money.

Automobile and commercial policies are not included in my statement above.

 

[RW8888]

Almost All Property Policies have that language. Insurance is to indemnify you, or make you whole again. So when the insurance carrier pays for a new drone then they have the right to take position of the old damaged drone, or any insured property they pay to replace with new property of like kind and quality. Now the way it normally works....If the insurance carrier can't salvage the damaged property and re-sell to help offset their financial loss then they won't ask for it normally.

The Companies I am familiar with normally aren't concerned unless the salvage value is 5,000.00 or more.

Insurance Carriers have underwriting, and claims management. So if they see a spike in claims due to drones they will likely create a policy similar to an auto policy, so they can increase the premium based on pilots experience, claims record, area drone flown in, how it is used, etc...

Insurance Companies do not lose money.

Automobile and commercial policies are not included in my statement above. I had my P4p Insured with State Farm then crashed I filed a claim they paid up and then canceled the policy can’t ensure another one for two years. They didn’t ask for the remains of the crash

 

[RW8888]

With State Farm ,it’s one and done

 

[Skynet1]

Almost All Property Policies have that language. Insurance is to indemnify you, or make you whole again. So when the insurance carrier pays for a new drone then they have the right to take position of the old damaged drone, or any insured property they pay to replace with new property of like kind and quality. Now the way it normally works....If the insurance carrier can't salvage the damaged property and re-sell to help offset their financial loss then they won't ask for it normally.

The Companies I am familiar with normally aren't concerned unless the salvage value is 5,000.00 or more.

Insurance Carriers have underwriting, and claims management. So if they see a spike in claims due to drones they will likely create a policy similar to an auto policy, so they can increase the premium based on pilots experience, claims record, area drone flown in, how it is used, etc...

Insurance Companies do not lose money.

Automobile and commercial policies are not included in my statement above.

Thank you, your explanation is very helpful, sounds as though you may have either worked in this field, or have had some first hand experiences. : )
With all the previous postings mentioning instances of crashed models and claims related to such, I half thought there may be someone who would be in a position to answer my question directly from past experience, but maybe this inquiry was considered too personal in nature, or possibly the inquiry has simply been overlooked. Interesting!
Thanks again for your input.

 

[PhantomHero]

I wouldn’t put too much concern with in that statement. Insurance underwriters use language that covers their (cough). With that said if the drone that is insured is stolen or downed in the middle of a lake they are not going to hire a team of investigators or divers to regain property. And yes can they raise rates? Yes. Premiums can be raised at anytime. Contract language can change, etc etc. With any insurance policy they are betting on you not making a claim. Simply put 1,000 drones get insurance @ $30 a year. $30,000 coming in. If 12 of them crash (one per month) that’s $6,000 payed out. Or $24,000 profit. They will make money! Typically as long as the ratio remains profitable they will not ask for property back as the investment is already covered. The cost of acquiring a broken, stolen, or totaled drone, repair, and resale would cut too far into the profit margin for them to even want it back.
-ex insurance agent

 

[Larrys Productions]

If you are using your drone for commercial use you need to have liability coverage from 500k to 1 mil and its not cheep - if you dont have it - dont be sued.