Poll:Mavic Total Loss Insurance?

[Rbruz]

I have the State Farm insurance and not for nothing but for $65 per year It covers my Mavic and my Osmos against lost, damage and Theft.

Have state farm will ring my gal tomorrow thanks !

 

[Wersh]

Just got my insurance today. After a couple guys trying to tell me I was wrong, this girl answered and sprung into excitement to see if they covered it. $39 for the $1400 fly more package

 

[Former Member]

Just got my insurance today. After a couple guys trying to tell me I was wrong, this girl answered and sprung into excitement to see if they covered it. $39 for the $1400 fly more package

What company did you go with? My State Farm PAP policy premium is $37 but their minimum premium for a policy is $60 so that's what I have to pay.

 

[Wersh]

What company did you go with? My State Farm PAP policy premium is $37 but their minimum premium for a policy is $60 so that's what I have to pay.

I went with State Farm. $0 deductible

 

[namja]

What company did you go with? My State Farm PAP policy premium is $37 but their minimum premium for a policy is $60 so that's what I have to pay.

Every state has different regulations, so while State Farm tries to standardize it across the board, it is not the same in every state.

 

[Former Member]

Every state has different regulations, so while State Farm tries to standardize it across the board, it is not the same in every state.

Gotcha. I think it's still a great deal.

 

[geardaddys]

Total Loss Insurance? Can you get partial loss insurance? Seriously, this is a 1000 dollar toy.. If you can't afford to crash it, perhaps you should be flying something you can afford to crash.. Forgive my insensitivity, but I've been flying both fixed wing, and traditional single rotor RC heli's for a long time.. Never once have I heard of anyone insuring a RC toy..

 

[Wersh]

Total Loss Insurance? Can you get partial loss insurance? Seriously, this is a 1000 dollar toy.. If you can't afford to crash it, perhaps you should be flying something you can afford to crash.. Forgive my insensitivity, but I've been flying both fixed wing, and traditional single rotor RC heli's for a long time.. Never once have I heard of anyone insuring a RC toy..

You’re trusting technology too much. Stuff does happen. Even to $1k toys

 

[Dspace]

Yes. I should have mentioned this on page 1 as well. Homeowners/renters insurance only covers theft/loss, with police report. It does not cover you if you crash your Mavic into a tree or it flies away. Same as if your air conditioner breaks down or your washer/dryer quits working. There is always a deductible (typically $500-$1000) but of course, you can pay a higher premium to make this $0. cc: @Tonka

On the other hand, PAP insurance covers EVERYTHING with the exception for intentional destruction of goods (that's fraud). And the typical deductible is $0. This is why most people get PAP insurance for their higher priced jewelry, firearm, electronics, etc.

If you can get PAP insurance from State Farm, then get it ASAP. There is a good chance that that this deal won't last long. I was with SF back in 2010 when they offered PAP insurance for smartphones. It was only $30/year premium. Once the claims started rolling in, SF canceled all policies. SF will generally cancel programs if the loss rate > 50%. Basically that means if 1 in 9 make a claim for a new Mavic, then this is considered a bad program (9 people = $540 in premium; $1000 mavic; 54% loss rate). I'd get a PAP insurance in heartbeat, but I'm in California, and they don't offer drone PAP here. If anyone knows a California carrier for drones, then please let me know.


EDIT: The above is the general rule for insurance in the USA. Ask your agent for more information, and make sure you get everything in writing. I was in the insurance industry for 3 years, and I've seen too many agents say things that were not true.

Well said Namja! I went through the same loss rate analysis (I'm no insurance guy but the basic math isn't that complicated) and concluded that SF deciding to underwrite PAP policies on non-commercial drones is a bit crazy. Especially given the fact that they tried it with cell phones and got whupped. Heck they won't even cover artwork displayed at an exhibition,.......yet they'll cover a flying drone piloted by anyone. We'll see how that plays out.

I have a SF PAP policy for the Mavic and DJI care refresh. I'm actually amazed that anyone would insure flying camera's flown by any yahoo, or that DJI would even offer a crash replacement program, even if it is just refurb units.

What makes me chuckle is the common thread theme where someone had the opportunity to obtain refresh and/or insurance but didn't because of some poor excuse for not taking the 15 minutes to look into it, and then go ballistic when they crash, unleashing all this fury and untold hours of effort getting DJI to cover the crash under warranty. Happens here all the time. Sure is great reading entertainment ......

 

[Ajaygee]

I just actually called Allstate here in CA and I was told I do not have to do anything on my end since I have homeowners/renters insurance. I was told this is actually "Personal Property" insurance and all I have to do is come up with my receipts and they will cover. I did confirm that even if the unit is flying around OUTSIDE my property it is still covered since it is considered personal property.

 

[Ajaygee]

Not a good way to view insurance... as you are basing the choice solely on suffering a loss. If that were the case you'd _never_ know the best choice until a loss occurred or did not.

Better way to look at the choice is peace of mind. Is it worth $60/year to know that you won't have to spend $1000 if you lose or damage your Mavic. That is the correct question.

 

[rjanumpally]

it is correc though that a drone claim will increase future hazard insurance rates significantly. It is better to get dji care refresh or dji care. Those claims don't affect any insurance rates in the future and are standalone. But they don't cover theft or loss as I know which is my main problem as i'm kind of prone to losing things.

 

[tcope]

it is correc though that a drone claim will increase future hazard insurance rates significantly. It is better to get dji care refresh or dji care. Those claims don't affect any insurance rates in the future and are standalone. But they don't cover theft or loss as I know which is my main problem as i'm kind of prone to losing things.

It's possible (though unlikely). Insurance companies (such as State Farm) track casualty claims. If that person obtains a policy or a policy is renewed, the insurance company can "see" that the claim was filed and a payment was made. It's _possible_ that this might result in a higher premium but it's unlikely. Insurance companies also see that the payment was made under a Personal Article policy which does not usually influence things like home owners policies or renters policies. Losing a camera has little to do with your roof caving in.

 

[Randyp1234]

It's possible (though unlikely). Insurance companies (such as State Farm) track casualty claims. If that person obtains a policy or a policy is renewed, the insurance company can "see" that the claim was filed and a payment was made. It's _possible_ that this might result in a higher premium but it's unlikely. Insurance companies also see that the payment was made under a Personal Article policy which does not usually influence things like home owners policies or renters policies. Losing a camera has little to do with your roof caving in.

My wife has a personal property policy on her wedding ring and a year and a half, or so ago she lost it and we filed a claim. This was not with State Farm. When I tried to get a policy on my Mavic I was turned down because of that claim. So I will say it's 100% that they track claims.

 

[wytnyt]

Total Loss Insurance? Can you get partial loss insurance? Seriously, this is a 1000 dollar toy.. If you can't afford to crash it, perhaps you should be flying something you can afford to crash.. Forgive my insensitivity, but I've been flying both fixed wing, and traditional single rotor RC heli's for a long time.. Never once have I heard of anyone insuring a RC toy..

yes you have,see prior posts.

 

[FatherXmas]

I have a State Farm homeowners policy. We made claims for computer and network equipment 3 years straight for lightning hits. Now our policy has a lightning exclusion written into it.

 

[bsimon]

I just actually called Allstate here in CA and I was told I do not have to do anything on my end since I have homeowners/renters insurance. I was told this is actually "Personal Property" insurance and all I have to do is come up with my receipts and they will cover. I did confirm that even if the unit is flying around OUTSIDE my property it is still covered since it is considered personal property.

You might want to clarify what the rep meant. The drone may be covered if your house burns down with the drone in it, but not if you're flying around and it crashes. Use your TV as an example. If someone breaks into your house and steals your TV, your homeowners insurance will cover it. But if your kid throws a football in the house and knocks your TV off the shelf, your homeowners insurance will not cover it.

So unless your homeowners policy has some very odd language to it, I seriously doubt it would cover crashes.