Sad day....drone gone :(

[Lopez0015]

I don’t think pay 782 (for 1claim over). Over 7 year is too much
Paying 1200 for my drone on one day ... that’s too much

 

[method007]

I don’t think pay 782 (for 1claim over). Over 7 year is too much
Paying 1200 for my drone on one day ... that’s too much

I can understand why you would say that. It’s a gamble, just like insurance. If you only have that one claim on your record, there is definitely a lot less danger of rate hikes.

 

[SpyderSkeets]

Year 1 (No Drone Claim): $1,100

VS.

Year 1 (W/ Drone Claim): $1,199

Why is there a $99 difference the first year? In your comparison, the first year should be the same, no? Or is the first year AFTER filing a drone claim?
While I agree that filing more than one claim over the years MAY(probably WILL) result in a rate increase, your numbers for one claim justifies having the PA coverage all the more. The $782 increase is over a seven year span and that is IF (probably will) the insurance company raises the rates. I dont know about you, but I would rather pay $782 over 7 years than paying $1000 (or whatever your drone costs to replace) at one time.
Also, a I Googled how long do claims stay on your record and most websites say that claims stay on your record anywhere between 5 and 7 years, with most websites saying 5 years. Copied and pasted from one site:

"If you file a claim on your home, the insurance industry will remember it. Every time an insurer handles a claim, it reports the case to the Comprehensive Loss Underwriting Exchange. CLUE isn't the only database that keeps track of your claims history, but it's famous enough that insurance histories are usually called CLUE reports. Once CLUE records your claim, it stays on file for five years."

So your $782 example is even more flawed. Even if there was a way for the insurance companies to "secretly" increase your rates after 5 (or 7) years to recuperate their loss of paying out a claim, chances are your rates are going to go up after that long anyway and you probably wouldn't even notice it anyway.
When I lived in Florida, I filed a claim for losing my roof during a hurricane. I dont remember the exact number, but the payout was in the thousands. I never noticed an increase in my subsequent insurance rates since. Was there an increase? Probably. But the increase was so negligible that I did not notice.

 

[method007]

The $99 difference is assuming you already have filed a drone claim.

The issues arise based on timing. If you had your homeowners claim, then followed that with a drone claim, the next year you would definitely notice the increase.

One of the points of what I’m saying is the fact that the natural rise of your insurance rates over years will be effected by the claims as the base rate is larger when the yearly increase is added. So the nominal increase from the first claim becomes much bigger over time when the home owners insurance is increased.

There’s no flaw in what I posted. You have to adjust the numbers for jurisdictions, but I just used averages that were available. Clearly a lot of this is based on how your insurance company responds, if it’s a hard or soft market and how many lines you have with them. It’s not a hard and fast rule, it’s whats most common.

My only point here is that it’s most likely you will end up paying out more than it’s worth in the long run if you file claims under $2,000 with your insurance company.

 

[erkme73]

The other thing to consider is that the agent is a SALES PERSON. They are not the risk rating department - and they cannot make commitments on their behalf. Sure, they can say it probably won't affect the rate, but the reality is, the agent has no direct insight or influence on how the risk is calculated.

Those that say they didn't see a raise after filing a claim, I ask this... Have you ever gone year to hear on a HO police and NOT had an increase? I've never had two years remain the same. Whether for inflation purposes, or automatic coverage increases (which are often built in to cover the increase in market value of the insured home), rates go up on their own.

So, how can any confidently say "My rate didn't go up because of a claim" when they (or their agent) are not privy to the calculations that went into determining their rates? Simple answer: They can't. If your rates go up 10% after a claim, and you question your agent about it, they'll always have a convenient excuse like, "It wasn't your claim... you were actually lucky as most of our customers saw a 12% increase". There always a way for them to shift blame, and unless you have access to your ChoicePoint insurance risk profile (which NO insurer will give to you unless you have a friend on the inside willing to stick their neck out to give you a copy), neither you nor your agent will have a clue why your rates are what they are.

Remember, it wasn't that long ago that Equifax and Transperian were off limits to individuals. Risk rating records still are.