State Farm Insurance Claim

[flightmike]

in my case - no. They simply asked if I thought it could be repaired. I said I wasn't sure and they said "cool, here's $1k for you". They never said anything about the disposition of the damaged drone and it didn't occur to me to ask right then.



Stolen - I don't think that's covered under a Personal Articles Policy. That would go under your homeowners/renters policy.
Lost (as in crashed and not recoverable) - That goes under your PAP and is covered. I don't believe my SF policy has any requirement that I be able to produce the damaged drone. YMMV.

I have a LowPro back pack with my MP and about $2,500 worth of extras inside (Marco Polo, batteries, etc.) so I asked is it covered if someone walks away with everything. She said yes but I had to give serial numbers and descriptions of everything that I carry in there. It cost $60 a year. That covers everything up to $3,000.
I don't have another policy with SF but she was so nice that I'll give her a chance to quote my other policies when there due.

 

[Shaggy505]

I read a post on Reddit that stated if you make a claim it'll impact your overall policy rates so best to know before adding any policy.
Be very careful with the State Farm drone insurance policy. • r/drones

 

[kooknboo]

I read a post on Reddit that stated if you make a claim it'll impact your overall policy rates so best to know before adding any policy.
Be very careful with the State Farm drone insurance policy. • r/drones

It depends. Policy rating is some pretty heavy lifting. If you're a one-off SF customer and file a clam then, sure, you're probably looking at a rate increase.

If you're a long-term customer with a bunch of different policies, then a $1k'ish claim is probably not going to do anything. It didn't for me at all.

Even if it had, it would still be worth it. You file a claim, get my check for $1k and then SF turns around and bumps up your premiums across all your policies (which is a super stretch, I'm not sure they can even do that) by a few bucks. You're still waaaaay ahead even after some number of years of increased premiums.

 

[Marc Hufnagel]

I've seen a claim or two where it is mentioned that after the first claim you get dropped.

 

[kooknboo]

I've seen a claim or two where it is mentioned that after the first claim you get dropped.

Right. It's simple.

If you're a "strong" SF customer with solid history and a number of policies, filing a claim against your drone/PA policy is probably not going to do anything to you at all.

If you're not a "strong" SF customer and, perhaps, only have the single drone/PA policy, then filing a claim against it can certainly be reason to get dropped or otherwise negatively impacted.

 

[Samson 811970]

So just in this thread alone three claims have been filed for a total payout of roughly $3000. That means State Farm needed to have 50 drone PAP policies at $60 a piece just to cover it. At an industry loss ratio limit of around 50% they need 100 customers with drone PAP policies who never crash during the one year policy period to make the business model barely viable

If the average drone PAP policy cost was $30 instead of $60 then they would need 200 crash (claim) free drone PAP policies per premium period just for the 3 claims mentioned in this thread. I think $60 is the max you pay but many customers pay less, as they often include other far less risky items on the same policy. You get the idea. This drone specific PAP policy thing has to make economic sense or State Farm drops drone PAP coverage like a hot potato (all remaining existing policies get cancelled and that's that). No free lunch. Let's hope for the best.....

Or, they make so much money off of all their policies (home, auto, boat, etc.) that paying out $1000 is like throwing a deck chair off the Queen Mary... So insignificant in the grand scheme of things... Just a thought...