State Farm for coverage

[Capt KO]

Thanks all! Thought it was unavailable after SF Homeowners was dropped in Florida. Have a great SF agent for 50 yrs and never asked. Hope they cover my (old but perfect) Phantoms. I’ll add my Mini too that has Care.
Monday

 

[Bob001]

I had a bad experience (maybe). After 3 no fault collision repairs on them in an 18 month period, I got a call from my agent that they were cancelling my policy which included coverage for my other vehicles and house. I don't think it would be worth it to lose all that coverage on the account of a couple of drone loss claims. Apparently they have a real low tolerance for paying claims - been with them for many years and these were the first claims along with a perfect driving history (no moving violations, etc.) Can't figure it since they have made a healthy profit on me over those years even with my claims considered - just don't want my money any more. Good neighbors????? They actually haven't formally cancelled yet so I still am hoping I don't have to go looking for another insurer, but I wouldn't consider drone coverage with State Farm under any circumstances if you have other insurance policies with them.

 

[HoosierFlyer]

I had a bad experience (maybe). After 3 no fault collision repairs on them in an 18 month period, I got a call from my agent that they were cancelling my policy which included coverage for my other vehicles and house. I don't think it would be worth it to lose all that coverage on the account of a couple of drone loss claims. Apparently they have a real low tolerance for paying claims - been with them for many years and these were the first claims along with a perfect driving history (no moving violations, etc.) Can't figure it since they have made a healthy profit on me over those years even with my claims considered - just don't want my money any more. Good neighbors????? They actually haven't formally cancelled yet so I still am hoping I don't have to go looking for another insurer, but I wouldn't consider drone coverage with State Farm under any circumstances if you have other insurance policies with them.

So you basically had a collision claim every 6mo for the next 1.5 years? Depending on the cost of those claims, I can see why they want to drop you. They drop you because of a negative experience on their end. They aren’t in business to lose money my friend.

 

[GadgetGuy]

I had a bad experience (maybe). After 3 no fault collision repairs on them in an 18 month period, I got a call from my agent that they were cancelling my policy which included coverage for my other vehicles and house. I don't think it would be worth it to lose all that coverage on the account of a couple of drone loss claims. Apparently they have a real low tolerance for paying claims - been with them for many years and these were the first claims along with a perfect driving history (no moving violations, etc.) Can't figure it since they have made a healthy profit on me over those years even with my claims considered - just don't want my money any more. Good neighbors????? They actually haven't formally cancelled yet so I still am hoping I don't have to go looking for another insurer, but I wouldn't consider drone coverage with State Farm under any circumstances if you have other insurance policies with them.

It also gets reported to a national database used by all insurers, so you'll end up paying a substantial premium increase no matter where else you go!

 

[Reelman67]

My PAP with SF is singular, having no other coverage with them, but am careful when flying. Not a risk taker at all.

 

[Bob001]

So you basically had a collision claim every 6mo for the next 1.5 years? Depending on the cost of those claims, I can see why they want to drop you. They drop you because of a negative experience on their end. They aren’t in business to lose money my friend.

I can see where you're coming from but that assumes I will continue to have accidents at this rate from here on out - a bean counter's approach maybe. If you read the fine print in my comment, you might notice that these were no-fault accidents (not preventable and not my fault) which happened sporadically and just happened to be clustered. A statistician would probably conclude that I'm an excellent risk for the near interim at least, since I had three events in a row (considering my history otherwise), and even with these three pay outs, State Farm has enjoyed a healthy profit from me and would continue to do so were it not for their bean counting mentality. That's the part that makes no sense. Anyway, just a cursory warning for those considering drone coverage with State Farm if they have more important policies like homeowners coverage.

 

[wxperson]

I was told by a SF agent that they do not cover Flyaways. Does anyone know if this is true? It is not specified in the policy language.

 

[kjcbid54]

I was told by a SF agent that they do not cover Flyaways. Does anyone know if this is true? It is not specified in the policy language.

Were you discussing coverage for the State Farm Personal Articles Policy specifically? If you were, then the answer is yes, it is covered. It would be called a Mysterious Disappearance and that peril is covered on a PAP. It's the same as putting a diamond ring on the PAP and then losing the diamond out of the setting. The value of the diamond is covered. Just make sure that you are talking to your agent about a Personal Articles Policy, not coverage on your personal property for your homeowners policy.

 

[wxperson]

Yes it is a PAP. Thanks.

 

[Bob001]

How long will that last? If you walk into your insurance office and say "my drone flew away an I can't find it", it doesn't take a genius to figure you just want them to pay for another drone when you might not have lost it at all. This coverage might remain if there are ways to prove the loss (understandable to an insurance agent), but otherwise...................? If I were an underwriter, I'd say "hold on a minute".

 

[wxperson]

How long will that last? If you walk into your insurance office and say "my drone flew away an I can't find it", it doesn't take a genius to figure you just want them to pay for another drone when you might not have lost it at all. This coverage might remain if there are ways to prove the loss (understandable to an insurance agent), but otherwise...................? If I were an underwriter, I'd say "hold on a minute".

Yes... seems to good to be true.

 

[kjcbid54]

How long will that last? If you walk into your insurance office and say "my drone flew away an I can't find it", it doesn't take a genius to figure you just want them to pay for another drone when you might not have lost it at all. This coverage might remain if there are ways to prove the loss (understandable to an insurance agent), but otherwise...................? If I were an underwriter, I'd say "hold on a minute".

If you make a false insurance claim, that is fraud. The covered perils of this policy included 'mysterious disapperance" State Farm has agreed to cover this peril and will pay legitimate claims accordingly. Your personal morals and ethics will determine if you want to falsify claims or not. The insurance company can investigate the loss further if they desire. It;s the same process for any other type of claim.

 

[kjcbid54]

Yes... seems to good to be true.

It's not "to good to be true" This is a legal insurance contract and the perils listed in the policy will be covered. Underwriting will investigate claims as needed to determine validity of loss. This type of policy is often used for camera equipment, precious gems, collectible items(coins, stamps), art, firearms, ect.