Drone Insurance in Colorado (get it while it's hot!!)

[hnic29]

Call John and mention Mavic Pilots he will set you quickly. This is a good guy.

To make things go quick have pictures of you S/N #'s and the value of each drone.

I got all 3 of my drones and my OSMO+ insured for a $74 a year..

Here is the description of the PAP policy in there system that you can use to reference exactly what type of policy it is:



The Personal Articles Policy offers many features and benefits



Broad Coverage - The PAP provides all risk coverage, subject to few limitations and exclusions. This means it provides broad coverage, often with no deductible, for theft and accidental direct physical loss (ADPL) to the covered property at home and while traveling anywhere in the world (Fine Arts are only covered in the U.S.). If it is not excluded, then it is covered. These personal items are listed in the schedule in the policy and a coverage amount is assigned to each item.



Value Established Prior to Loss - The value of items is established up front when the policy is written; so if there should be a loss, it makes claim handling much smoother for the customer.



Full coverage can be provided - Sometimes the homeowners policy may not adequately cover many items, and the PAP can provide that extra needed coverage.



Minimal Costs and Lower Deductibles - The cost of the PAP is reasonable and can offer low or no deductibles at all.



John Tangeman (U4CH)

(303) 690-6700

 

[erkme73]

know I sound like a broken record, but it bears repeating... If you file a claim with SF for a loss, that claim WILL be entered into the LexisNexis risk rating database. This is the database that all insurers use to assess risk, and calculate underwriting risk when your policy renews. So even if SF is not your home/auto insurer, simply filing a claim with them for a loss WILL show up as a chargeable claim (increased risk rating) when home/auto policies renew.

The SF agent I spoke with said that if you are long-term (loyal) SF customer, and you renew your existing policies, such a claim would NOT affect your rates. BUT, if you try to purchase new auto/home insurance, your rates WILL be affected, since the new company will have no first-hand knowledge of your risk profile.

Therefore, if you are happy with your current auto and home insurers, and you have a long established history with them and have no intention to shop around at renewal, then the SF PAP route is a safe and effective way to insure your MP.

However, if you are like many who use brokers and shop/compare rates for home/auto at regular intervals, filing a claim with SF for your MP will all but guarantee you will no longer be eligible for the best rates.

Here are her comments:

A personal articles policy (PAP) policy is considered a “fire” policy. Under the fire category is home, PAP, and inland marine policies. If there is a claim on any of these policies, it is recorded in Lexus Nexus and does affect your future rating if you intend to get any of those policies started as new business.

With State Farm (I can’t speak for other companies) if you do a PAP claim during a time where you have an existing home policy, it will not affect your rate. As I mentioned before, however, if you start a new home policy, it does have the potential to affect that...​

Any claim on any property policy could be considered during underwriting for rating purposes by any carrier, so it’s no different than having an auto claim and then shopping your auto policy after.​

Essentially, filing a claim on your MP has the same negative potential on your risk rating as an auto accident. Consider carefully whether that is a sensible option based on your insurance practices. Since I shop every year for best rates, a SF policy for the MP makes little sense.

 

[jerniganbrandon]

Interesting - didn't know it could affect rates, so technically you don't sound like Nickleback.

 

[hnic29]

This is great info... Thanks " fly smart fly safe"

 

[jerniganbrandon]

I got all 3 of my drones and my OSMO+ insured for a $74 a year..

Not a bad deal. I was quoted $60 for just the Mavic, but now that I have the Karma I wonder what it would be. I'm in Colorado and have SF.

 

[Strafe1]

Not a bad deal. I was quoted $60 for just the Mavic, but now that I have the Karma I wonder what it would be. I'm in Colorado and have SF.

If you already have SF, then it should only be $23/yr. You need to discuss this with your agent!

 

[jerniganbrandon]

If you already have SF, then it should only be $23/yr. You need to discuss this with your agent!

I don't think so... most everyone has been quoted the $60 price.

 

[NinjaBlade]

know I sound like a broken record, but it bears repeating... If you file a claim with SF for a loss, that claim WILL be entered into the LexisNexis risk rating database. This is the database that all insurers use to assess risk, and calculate underwriting risk when your policy renews. So even if SF is not your home/auto insurer, simply filing a claim with them for a loss WILL show up as a chargeable claim (increased risk rating) when home/auto policies renew.

The SF agent I spoke with said that if you are long-term (loyal) SF customer, and you renew your existing policies, such a claim would NOT affect your rates. BUT, if you try to purchase new auto/home insurance, your rates WILL be affected, since the new company will have no first-hand knowledge of your risk profile.

Therefore, if you are happy with your current auto and home insurers, and you have a long established history with them and have no intention to shop around at renewal, then the SF PAP route is a safe and effective way to insure your MP.

However, if you are like many who use brokers and shop/compare rates for home/auto at regular intervals, filing a claim with SF for your MP will all but guarantee you will no longer be eligible for the best rates.

Here are her comments:

A personal articles policy (PAP) policy is considered a “fire” policy. Under the fire category is home, PAP, and inland marine policies. If there is a claim on any of these policies, it is recorded in Lexus Nexus and does affect your future rating if you intend to get any of those policies started as new business.

With State Farm (I can’t speak for other companies) if you do a PAP claim during a time where you have an existing home policy, it will not affect your rate. As I mentioned before, however, if you start a new home policy, it does have the potential to affect that...​

Any claim on any property policy could be considered during underwriting for rating purposes by any carrier, so it’s no different than having an auto claim and then shopping your auto policy after.​

Essentially, filing a claim on your MP has the same negative potential on your risk rating as an auto accident. Consider carefully whether that is a sensible option based on your insurance practices. Since I shop every year for best rates, a SF policy for the MP makes little sense.

It also depends on your state. In Massachusetts, the claim only negatively impacts your rating if you are more than 50% responsible.

 

[hnic29]

With more and more information posted here I encourage all of you to do your own research and not take what we say in the forums as fact. But I will say in my own opinion having some insurance is always better than having no insurance no matter what the consequences to your rates will be.

 

[Strafe1]

I don't think so... most everyone has been quoted the $60 price.

I was quoted $60 initially. Then I was called back 2 hours later and told that for $1200 coverage, it would only be $23. The agent called me back an hour later and corrected himself saying that State Farm has a minimum of $60/yr for policies, and that existing clients get the lower rate because they already meet the minimum requirement. I then went a head and added several other items like camera cases, filters, packs, etc. to the coverage since I was entitled to about $3000 worth of coverage for the $60 annual rate. That's why I would check back with your agent. He may be quoting you the rate for non-State Farm clients.

 

[rydfree]

I don't think so... most everyone has been quoted the $60 price.

I added my Mavic to an existing policy for $24 per year ,$1300 coverage

 

[hnic29]

I believe anything over $4,000 will be quoted at $74 and anything below that will be $60 a year