Ask any novice drone pilot, and they’ll tell you the arrival of a new drone marks one of the most thrilling days. On the flip side, inquire from someone who has experienced a drone crash, and they’ll recount it as one of the most harrowing experiences. Numerous new pilots share tales of their inaugural flights gone awry or the overwhelming fear of not having complete control while navigating their newly acquired drone.
Recreational drones such as DJI’s Mavic Pro and Phantom series come with a hefty price tag, starting at $1000 and beyond. This investment poses a considerable financial risk for new pilots in case of a crash or an unfortunate flyaway before mastering the art of drone flying.
With the soaring popularity of drones, companies like State Farm now offer insurance to safeguard against losses due to lost, stolen, or crashed drones—well, sort of.
What is State Farm’s Drone Insurance?
Firstly, the term “drone insurance” is a bit misleading. While it covers drones, it falls under the Personal Articles Policy (PAP) category. A PAP is designed to cover possessions that may not receive full protection from homeowners’ or renters’ insurance. According to the State Farm website, a PAP covers cameras, collectables, computer equipment, fine art, furs, hearing aids, jewellery, musical instruments, silverware/goldware, and sports equipment. Drones are likely categorized under cameras.
What Does State Farm Drone Insurance Cover?
When you insure your drone under this policy, State Farm covers the cost of repair or replacement without factoring in depreciation. The policy also provides coverage against theft and accidental direct physical damage, with only a few limitations and exclusions. Unlike homeowners’ or renters’ policies, State Farm’s drone insurance applies worldwide.
However, it’s crucial to note that State Farm drone insurance does not cover liability. If your drone causes damage to a person or property, liability may fall under your homeowner’s policy.
Is There a Deductible?
There is no general deductible, though it’s available if desired.
How Much Does State Farm Drone Insurance Cost?
The cost depends on the drone’s purchase price. Drone pilots have shared coverage details, indicating a rate of around $2.75 per $100 insured, sometimes with a $60 minimum. For instance, a $1300 Mavic Pro Fly More Combo owner mentioned full coverage for $60 per year.
To obtain coverage, you must provide a receipt for your drone to ensure accurate pricing. Once the premium is paid, you’re good to go.
Considering the affordability of these policies, it makes sense to secure one. If you’re contemplating State Farm drone insurance, here are some recommendations:
- Check your homeowners or renters insurance for drone liability coverage. If unclear, contact your insurance company for clarification in writing.
- Keep a copy of your drone receipt and make a photocopy.
- Contact your local State Farm agent, clearly expressing your intention to purchase a Personal Articles Policy for your drone.
- Safeguard a copy of your PAP, both physically and digitally.
- Stay informed about any subsequent policy changes from State Farm.
Insurance companies often introduce policies before fully assessing the risks’ economics. When you receive any policy correspondence, reading and understanding any changes is crucial. State Farm drone insurance is a favourable option, as indicated by forum comments from numerous satisfied users. If you have insights about your experience with liability or personal articles coverage through homeowners’ or renters’ policies, feel free to share in the comments; our extensive readership could benefit!