State Farm insurance

[kensteele]

So for clarity, State Farm will definitely pay out msrp to replace your drone? I have seen this comment a time or two, but hoping someone has a definite. I luckily purchased mine at a discount price, but if I had to replace it, it would be msrp I'm sure. That's the concern.

my agent asked for a copy of my bill of sale (receipt) if that means anything.

 

[Oakley75]

my agent asked for a copy of my bill of sale (receipt) if that means anything.

Certainly. Is that what they paid you then or was it retail price in order to replace it?

 

[passedpawn]

Doesnt it feel great to fly and know that youre covered? I couldnt imagine not having insurance, but some people fly alot and have no coverage at all.

Some people (me) only use insurance to cover exceptional situations (disasters). Insurance to cover a gadget like this seems unnecessary to me. At least that's my philosophy, and I've gotten this far with it

I think if you can buy this as a hobbyist, you can probably cover getting it fixed/replaced. If you use it for a viable business, you should be able to cover replacement as a office/business expense.

 

[tcope]

So for clarity, State Farm will definitely pay out msrp to replace your drone? I have seen this comment a time or two, but hoping someone has a definite. I luckily purchased mine at a discount price, but if I had to replace it, it would be msrp I'm sure. That's the concern.

I don't know of any Inland Marine/Personal Article policy that is not replacement cost as apposed to actual cash value (replacement less depreciation).

It is my understanding from people who have filed claims that they ask for the bill and send a check for that amount. Not a lot of questions. Technically, they should/could be paying for the repair cost on the damaged item or the value of the lost/damaged items. So if you smashed the Mavic into a wall, State Farm should pay the repair cost if that is possible or even just the replacement cost of the drone and battery (as a new Mavic can be matched to the existing controller. But as mentioned, I think State Farm adjusters are not being held accountable for this research and simply just write a check for the purchase price.

In any case, consideration is replacement cost... which is the _current_ price to replace. There is a good chance that they will consider this the purchase price, not considering any price drop but that should not be a concern.

 

[passedpawn]

Some people (me) only use insurance to cover exceptional situations (disasters). Insurance to cover a gadget like this seems unnecessary to me. At least that's my philosophy, and I've gotten this far with it

I think if you can buy this as a hobbyist, you can probably cover getting it fixed/replaced. If you use it for a viable business, you should be able to cover replacement as a office/business expense.

Well, I mentioned this to my wife and I now have a personal articles policy on my M2P She called agent, they asked for drone make/model, and it costs us $20 / yr., no deductible. This was added to an existing personal articles policy that we have for our exotic animals collection and other stuff.

Due to my dumb philosophy mentioned above, I ignored the DJI insurance. With State Farm, you probably only get X claims per Y years before they refuse to renew coverage, or jack up rates, so I'd be reluctant to use it frivolously.

Anyway, time to go fly over water. See you later!

 

[pmshop]

This has been covered in several threads but just wanted to let all the new drone owners in on a little secret. State Farm offers drone coverage under a personal article policy for 60 dollars a year. They covered the entire price of the Mavic 2 Zoom, Fly More kit, and RE goggles. 0 deductible and covers the drone if it’s lost or stolen as well. Highly recommend over DJI Refresh.

Not if you live in Fredericksburg Texas - State Farm will only underwrite the Personal Property in conjunction with a home owner's policy.
Not a "stand alone" policy.

 

[kensteele]

Certainly. Is that what they paid you then or was it retail price in order to replace it?

i had to provide the receipt in order to take out the policy. my guess is when claim time happens, they will not pay more than whatever is on the receipt.

 

[kensteele]

insurance is personal to each person and just like any other insurance policy on anything, it's all based on risk.