NoSale Posted at 2017-3-25 11:05
I'm curious what type of policy would suffer a potential increase from a PAP claim?  Homeowners, auto, both?

The chances of premiums going up on an insurance policy renewal are far less than a new policy when changing insurance providers.  There is likely next to no impact except for claims made to the existing insurance policy when renewing a policy because there is consideration of your history paying premiums to the same company over a longer period of time; especially when  your premium history is unblemished pertaining to claims against your policy.  

There is no debate going on, this is all factual information.  There is no difference in filing a PAP claim and any other fire insurance claim (not auto).  It's the same as filing a homeowners claim.  The value of the claim does not matter.  

You are right, 1 claim "may" have an impact on things.  2 claims will definitely have an impact.  

If you file 2 claims for your drone, you will have an increase in your other insurance lines when you go to renew them.  If you don't renew and go to another company, they will also charge you a higher premium because of your claim history.  

There is no debate.  When it's time to review, they will run, at a minimum, a check on LexisNexis & ISO.  It will show you filed 2 claims on fire insurance in the last few years.  You are now a higher risk.  You now pay more.

This is how insurance works and this is how it will work for you.  

I know that had to hurt. Lessions in life.

How I wish there was a StateFarm alternative in Europe if this happened to europeans, we'd have to buy another one.

method007 Posted at 2017-3-28 06:04
There is no debate going on, this is all factual information.  There is no difference in filing a PAP claim and any other fire insurance claim (not auto).  It's the same as filing a homeowners claim.  The value of the claim does not matter.  

You are right, 1 claim "may" have an impact on things.  2 claims will definitely have an impact.  

The debate is whether holding a PAP policy is a better alternative to Care Refresh.  I have seen where you have made it known in a number of threads that any claim will go into a database that can be accessed by any insurance provider that could impact premiums (based on your last response, it seems only a homeowners policy would be impacted by these types of claims).  That is not the debate.  I have already stated I believe PAP claims could impact other types of insurance policy premiums.

PAP is potentially a valid form of covering your drone against financial loss due to pilot error or theft.  Care Refresh does not provide that same level of coverage.

Even if the 2 claim threshold is reached, and as you say "will" cause premiums to increase, by how much and for how long?  There is an amount where that 2nd claim could make PAP an uneconomical alternative, but I have to believe the premium increase would have to be extremely significant to make PAP uneconomical.

Regarding how valid a PAP is for covering a drone against loss, until we have more data on the impact of PAP claims, which is not exclusive to drones and includes jewelry, electronics, watches, etc., we simply will continue to have these speculative conversations........

NoSale Posted at 2017-3-28 07:28
The debate is whether holding a PAP policy is a better alternative to Care Refresh.  I have seen where you have made it known in a number of threads that any claim will go into a database that can be accessed by any insurance provider that could impact premiums (based on your last response, it seems only a homeowners policy would be impacted by these types of claims).  That is not the debate.  I have already stated I believe PAP claims could impact other types of insurance policy premiums.

PAP is potentially a valid form of covering your drone against financial loss due to pilot error or theft.  Care Refresh does not provide that same level of coverage.

When people mention using insurance on their drone I post this information in the hopes of helping prevent people from paying higher insurance.  Unfortunately once the cat's out of the bag, it stays out for quite some time and can be very expensive.  Insurance is complicated and my profession, so I try to help out when I can.

You are right, DJI Care Refresh does not cover theft.  That would be a PAP policies benefit.

It would effect homeowners and personal property.  

In general, two claims in a three year period will cause an increase.  The increase is dependent on multiple things.  The increase will never lower.  Ever have an insurance company call you and reduce your rates?

The only thing speculative is the amount of the increase, not if it will happen.  If I were to speculate, I would guess around a 20% increase would be about right.  So homeowners could go from $1,000 to $1,200 on a $200,000 home.

The average increase in insurance premiums on home owners insurance due to a personal property claim - for a single claim - right now is 9% across the US.  In some states its as high as 20%, in some it's as low as 0% (like Texas).  This is why I say 1 claim may not do it, but two definitely will.

I found myself closing my eyes and having to play the video back again.

Sorry about you crash and glad you had it covered by insurance. I don't think you can get drone coverage in Oregon but I will check into this. I would like to have coverage for my Inspire 1

Rich

I knew what was happening and I still was like, NOOOOOOOO

I still blame that tree.  It was all there by itself just looking for trouble.