P4P Insurance
- Thread starter AwesoM
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You guys are so lucky. I have not yet managed to find anyone who will cover my drone, even my household policy. It will cover losing my top of the range Nikon and lenses but not a drone. UK has a lot of catching up to do. I have managed to get third party insurance which I suppose is the most important, but that will only cover if I fly within the guidance from the CAA
I carry 1 million umbrella policy thru State FARM in case I get sued.
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How much of a premium do you pay for the umbrella policy? And does it cover liability from commercial work?
$167 per year. Does not cover commercial work. It's personal liability.
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Hmm that's fairly cheap. Only thing that sucks is they wouldn't cover a pilot if his drone fell on a car on the road and the pilot got sued.
Thats exactly why I got it. if my drone does physical or bodily damage to somesones property or bodily injuries this covers me above my homeowners in case I would get sued! My late sister left me a pretty healthy inheritance so if I crash my drone I would just pitch it in the garbage and go buy a new one.
So it does cover damage caused by you while flying, even if you're getting paid for said flying?
My understanding when covering drone damage and loss under companies like State Farm, is you need to be careful. It sounds like a great deal, but a claim could end up costing you more on your other insurance down the road, even if not through State Farm. It could put you in a higher risk category. Many insurance companies use something similar to a credit score, but for insurance risk. There was an extensive discussion on this in another thread on this forum.
For liability, most homeowner policies currently cover this unless a stated exclusion. (Again..my understanding) Many companies are just now starting to access the liability risk involved in this hobby to determine if an additional rider should be required. (Per my Allstate Agent)
If it sounds too good to be true, it may be. Best to ask and not assume if uncertain.....especially with liability.
For liability, most homeowner policies currently cover this unless a stated exclusion. (Again..my understanding) Many companies are just now starting to access the liability risk involved in this hobby to determine if an additional rider should be required. (Per my Allstate Agent)
If it sounds too good to be true, it may be. Best to ask and not assume if uncertain.....especially with liability.
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Well simply that is not true....state farms personal articles policy is just that . That is the beauty of it . It does not affect homeowners etc. About 2 months ago i recieved a 1600 $ check from them for a crashed drone. Process was fairly easy and very fast. They were great to deal with.....i pay 4.16$ a month or $50 a year. And no deductible
If that's the case....that's fantastic. I would never doubt that they would not honor a claim, and sounds like a great deal at that price. Would be hard to beat.
Just saying when it sounds too good to be true, best to ask questions. Not only about coverage, but how claims possibly may affect other future coverage cost. Sounds like you did your homework.
Insurance companies are in the business of making money, and from a risk assessment point of view, they'd have to sell 32 $50 policies to just break even from your $1600 claim. Sounds like a poor business model considering the likelihood that at least 1 of the 32 will also place a claim....but that's another story.
Just saying when it sounds too good to be true, best to ask questions. Not only about coverage, but how claims possibly may affect other future coverage cost. Sounds like you did your homework.
Insurance companies are in the business of making money, and from a risk assessment point of view, they'd have to sell 32 $50 policies to just break even from your $1600 claim. Sounds like a poor business model considering the likelihood that at least 1 of the 32 will also place a claim....but that's another story.
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I know that some of us have already thought about this. But I wanted to share some food for thought, for those reading this thinking that simply adding their drone to an umbrella policy under their home/renters/auto insurance is a one-stop solution. One thing to consider when using a traditional insurance policy (or umbrella) to pay for the cost of fixing damage to a drone vs using a service/protection plan that specifically covers accidental damages -- if you become high risk to insure, or file multiple insurance claims within a short period of time -- the rest of your insurance rates (home, auto, etc.), future eligibility when insurance shopping, and claim-free discounts could suffer because you decided to file a claim to replace or repair your broken drone. Here's an extreme scenario... Imagine if you had one or two drone crashes, a small automotive fender bender, and storm damage or theft at your home/apartment within the period of 12-16 months and in each incident you filed an insurance claim -- your premiums will skyrocket! You may even find that your insurance no longer wants you as their customer because you have become "high risk" and no other insurance companies willing to work with you. I would think twice and try to anticipate the negative effects of filing a claim against my traditional insurance policy (umbrella OR stand alone policy -- with the exception of for commercial work.) to pay for any damages other than property that did not belong to me or personal injuries caused by the drone during flight. All other claims or service requests involving the actual drone itself would go through a 3rd party service warranty that covered accidental damages. I'd hate for my auto, home, and umbrella premiums to increase or become economically out of reach because I filed too many claims to cover costly drone incidents. Food for thought!
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I live in Iowa. I just called my State Farm agent and I can get a "rider" to my homeowners, to cover my DJI P3P for $33 per year. Full coverage - it covers it for accidental damage, lost or theft. Gonna get it next week!
YOu might want to reconsider a rider. It may have the same deductible for your home or may not, but if you make a claim it goes against your home insurance. which means higher rates and no other insurance company will want to insure you because of a claim against the home. (unless you are willing to pay higher rates) Get the personal articles insurance to over it, that way it does not affect your home if you make a claim.
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