jrm11
lvl.4
Flight distance : 224577 ft
United States
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Tripper Dog Posted at 2016-10-23 06:07
Not sure why many are surprised at the low cost for the insurance. This is how the insurance industry works, otherwise, they wouldn't sell much insurance. They make their money on volume. Someone referenced a diamond ring at a low premium. Same principle. I have a Rolex and the yearly insurance is only about $110. Same for the wife's.
Just as an fyi, normal homeowner's insurance for jewelry and extras (like a drone) only cover up to $1,500 (in totality), unless you have a rider policy, like many are talking about. Also, each piece of jewelry or speciality item has to be insured separately. So, if you're wife has a diamond ring, diamond earrings, and some other nice piece, you need (3) riders (but can be put on one overall policy). Each will have their own line item cost.
Interesting. While the concept of the policy sound great, the cost seems high to me. I am paying about $60/year for and ATV which costs over 5x what my P3 cost me. That includes theft, collision AND some serious liability insurance.
Yes, $60 is a good deal for what you get. With a direct comparison to other insurances, it is high. Most likely because they can't afford to do the paperwork and register the policy for any less. With such a relatively low cost item you are losing the efficiencies of scale.
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