State Farm Insurance-First Claim?

[rexster314]

Went out to Texas Hill Country this week. Our last stop was in New Braunfels and did a little flying over the Comal River portion that goes through Landa Park. After about 15 minutes, decided to go fly down low and fly over the water. I was watching my altitude due to the ground sensor confused over water and in doing so managed to clip a low hanging limb and the P4P+ went diving. I saw the battery come out before hitting the water. It was about 65 feet away and went down in what looked like about 10 feet or so of water. No way to get to where it crashed, so after stomping around for several minutes, accepted the fact it was gone and no way to retrieve it.
Contacted my State Farm agent today, was connected to the State Farm claims office and gave them my story. I'm supposed to be in contact with an adjuster next week. So, we'll see what we'll see. Thankfully, I have the policy binder and my agent verified that the policy has been approved, but haven't received the actual policy yet.
Honestly, this is the first time I've crashed one of my drones beginning with my P2V2 back in 2014. Thankful I saw the post about insurance being written for drones several weeks ago.

 

[Yooper]

Please keep us updated

 

[Bakersfield Quad]

Hope this works out, will be watching.
BQ

 

[jeffames226]

Give them a copy of the flight data for proof it crashed maybe.

 

[macoman]

The $60 dollars a year insurance from State farm is just a stolen gift compared to what DJI offer with their horrendous customer service.

 

[SRJ_Phantom_4_Pro]

Following to see how it turns out. I just got my policy in the mail for my Inspire2. I also have the P4P and Mavic insured with them.

 

[AirMan05446]

What's the deductible on this.. also let us know if you see a rate increase. I'm considering this insurance but need more details. Thanks.

 

[SRJ_Phantom_4_Pro]

Zero...Nada...zip... 0.....

 

[StanMI]

Looking forward to seeing how it works out for you.

State Farm agent is about 2 miles from me. If it works out well for you ..............

 

[SantoPilot]

I just got this few days ago. Insured 2 Phantoms, a P4 and P4P. Cost for both, $60.00 a year, not each. No deductable, etc. Know one pilot who used same PAP on his P4, repairs were covered, no problems. Following this as well, I'd expect good experience.

 

[rexster314]

Talked to the adjuster today. I'll be receiving an electronic deposit in amount of 1595$ which includes the 100$ deductible. Since the P4P+ was over 1500$ value, the deductible was higher. Happy guy today. I see B&H has just a replacement drone for sale for $1349. DJI Phantom 4 Pro / Pro+ Aircraft CP.PT.000607 B&H Photo Video
So it looks like I will be coming out ahead of the game. All I have to do is give my agent the serial number of the replacement drone and all will be good

 

[SRJ_Phantom_4_Pro]

If you had to pay a deductible your State Fram agent ripped you off!!! That line of crap that it was over $1500 is just that!!! You need to challenge the deductible!! I did and they rewrote the contact to state $0 deductible!

 

[Bakersfield Quad]

You can buy a complete P4P with controller from them for $1395, so why not buy that?

 

[N017RW]

How does this work?
A pay-out 26+ times your premium.

Can't see how this will last???

Soon to be dropped or premium to increase?

I mean it's business.

Looking for insurance industry individuals opinions not customers/claimants.

Thanks.

 

[SRJ_Phantom_4_Pro]

Guess you need to post that question in an Insurance Forum!!

 

[N017RW]

No hurry.
Lots of diverse experience here.

Been flying r/c toys for decades and don't have or plan to insure them.

But as a business model... 26x payout cannot last.

 

[tcope]

How does this work?
A pay-out 26+ times your premium.

Can't see how this will last???

Soon to be dropped or premium to increase?

I mean it's business.

Looking for insurance industry individuals opinions not customers/claimants.

Thanks.

It's what insurance is. They collect $60 from xxx number of people and hope they pay out less then they collect. Not everyone paying $60 has a claim.

 

[anotherlab]

How does this work?
A pay-out 26+ times your premium.

Can't see how this will last???

Soon to be dropped or premium to increase?

I mean it's business.

Looking for insurance industry individuals opinions not customers/claimants.

Thanks.

Not speaking as an insurance industry professional, but as someone who bought the coverage...

The State Farm policy that covers drones is not a "drone" policy, it's a personal property policy that includes coverage for drones. I also have my daughter's laptop on the same policy. When I obtained the policy, it was the first time my agent had written a policy to cover a drone so we learned a lot that day. It's still pretty new to State Farm, they don't have enough data to determine if they need to handle drones differently. As of right now, they treat it as a camera. Which is more or less true for DJI devices anyways.

if they see more money going out for drone theft or damage, then you'll see the coverage change and the premium will go up. Or they'll cap the lifetime coverage. As you mentioned it's a business. But it will be based in part on the history of the policy holder. If my car is totaled tomorrow, I'm going to see a payout that is greater than that 26x multiplier that you quoted. Will my rates go up? Depends on my history and how the car was totaled.

 

[tcope]

Or they'll cap the lifetime coverage. As you mentioned it's a business.

Each item is insured for a value. Once they pay for that item as a total loss, they should remove it from the policy. If the total amount of the policy is paid, they should cancel the policy at that point as the terms of the policy have been met.

To go a bit further as an example, lets say you insure a Phantom for $1000 at a charge of $60. The carrier is promising to pay up to $1000 for a $60 fee. If they pay out $1000, they cancel the policy as certainly they don't want to keep paying for that $60 premium.

Also, as another person pointed out, keep in mind that insurance companies report these losses to a data base. So they show up when you go to obtain other property policies. Claims on this floater policy _might_ affect premiums on other property policies.

 

[SRJ_Phantom_4_Pro]

Each item is insured for a value. Once they pay for that item as a total loss, they should remove it from the policy. If the total amount of the policy is paid, they should cancel the policy at that point as the terms of the policy have been met.

To go a bit further as an example, lets say you insure a Phantom for $1000 at a charge of $60. The carrier is promising to pay up to $1000 for a $60 fee. If they pay out $1000, they cancel the policy as certainly they don't want to keep paying for that $60 premium.

Also, as another person pointed out, keep in mind that insurance companies report these losses to a data base. So they show up when you go to obtain other property policies. Claims on this floater policy _might_ affect premiums on other property policies.

Wrong!! Buddy crashed his POS Karma and State Farm wrote him a check for full replacement cost and didn't change a thing with his policy!