State Farm Insurance-First Claim?

[tcope]

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!

Read my post again...

"they should cancel the policy at that point as the terms of the policy have been met."

What I stated afterward was the reason why. They have every right to cancel the policy once the limit (the declared amount on the item or the policy limit) has been paid.

 

[lickitysplit11111]

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.

I just came back from getting a policy for my P4P its not listed as a camera its under misc.I asked about insuring my camera gear and was told it all falls under a Personal Property policy but its listed differently, I have to get my receipts together for my Nikon stuffs.

 

[lickitysplit11111]

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.

How long did you have the policy before you filed a claim ?

 

[anotherlab]

I just came back from getting a policy for my P4P its not listed as a camera its under misc.I asked about insuring my camera gear and was told it all falls under a Personal Property policy but its listed differently, I have to get my receipts together for my Nikon stuffs.

It wasn't listed as a camera, they were just treating like camera gear but with it's own category. It's still new territory for them.

 

[Rdiharce]

Their objective is to write your auto and home insurance along with the personal lines floater

 

[N017RW]

Yea, it's a business... to make money.

 

[SRJ_Phantom_4_Pro]

For $60 it's more like piece of mind.... If I lose either the P4P, Mavic or I2 I know one phone call and I'll have a check sent and will get a new one. Don't really care how it works for State Farm, it will work for me......

 

[rexster314]

How long did you have the policy before you filed a claim ?

About a week and a half.

 

[lickitysplit11111]

About a week and a half.

 

[MTNestr]

Do you have to have other Policies with State Farm to buy the Personal Property Policy?

 

[lickitysplit11111]

Do you have to have other Policies with State Farm to buy the Personal Property Policy?

Nope

 

[SRJ_Phantom_4_Pro]

What he said... LOL

 

[rexster314]

I have my cars insured with SF, but no, it's not required in order to buy this standalone policy

 

[rexster314]

The reimbursement check hit the bank Wednesday night, ordered the replacement from B&H yesterday and it arrived this afternoon. Got it linked to the controller, downloaded the updates and it's good to go. Not really a bad experiience

 

[Bakersfield Quad]

Awesome! I need to look into this. I am supposed to have a policy that covers all toys, possessions, at all times, but i need to see if the P4P is covered.

 

[cbishere]

I just called State Farm here in Alabama and asked if they covered Drones, She flat told me NO, I told her that i was reading where State Farm was covering drones in other states, she then told me she would have to check... Well they just called me back,,, State Farm does cover drones in Alabama.. She it cost $60.00 a year... I have got to take over there in the morning for to to take a photo of my drone and get it insured....

 

[SRJ_Phantom_4_Pro]

They want to take a photo? That will be a first!! Usually a copy go the receipt along with the serial number is all anyone has to do. Make sure they don't try to stick you with a deductible! It should be zero....

 

[bkushner]

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

Not to mention DJI offers nothing for none recovery!

 

[bkushner]

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

Big question is whether they will write a new policy for the new drone. I've heard after one claim your done.

 

[bkushner]

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.

THey will drop after one claim..but the insurance is legit.