State Farm Personal Article Insurance (laptop)

[SLCentral]

So my parents (I'm a junior in college) just added my laptop to their State Farm policy as a "personal article," insured for $1041.60. Costs them about $15 a year, they say.

Any idea how this works? If I break/lose/have my laptop stolen, I just call SF and they send me a check? Do I buy a new computer and then they reimburse?

Seems like a great solution, knowing how easy it is to break/lose on a college campus.

 

[Corporate Thug]

read the policy?

 

[Anubis]

read the policy?

GTFO of her with your logic

 

[PokerGuy]

read the policy?

Are you nuts? Why would anyone do that?

OP: I'm sure the policy contains LOTS of restrictions and limitations. For example, if the video card stops working or something like that, I don't think it would be covered. Theft would probably be covered (provided a police report exists).

 

[oogabooga]

I have the policy for my DLSR and various lenses, accessories. I got it after being recommended by friends to insure it (since I can't afford to replace everything if something were to happen to it)

The thread from Digital Video/Photo
http://forums.anandtech.com/showthread.php?t=280133&highlight=state+farm

What I was told : anything happens to it, it's covered. I drop it, it breaks, stolen, drop it off a boat, etc - I'll be covered. I don't have to worry about it being at home, in my car, whatever - as long as I'm not using it for business. This will also be done at Replacement Cost (Not value?) i.e. the cost of what I purchased, and not the value of whatever I owned when I file a claim.

What I understand : If I ever have to use this policy I might get dropped from state farm and be impossible to find someone else to insure my (replaced) stuff. Hopefully I won't ever have to find out.

 

[highland145]

GTFO of her with your logic

Is that what you put in her, your logic. You're doing it wrong.

 

[Brainonska511]

So my parents (I'm a junior in college) just added my laptop to their State Farm policy as a "personal article," insured for $1041.60. Costs them about $15 a year, they say.

Any idea how this works? If I break/lose/have my laptop stolen, I just call SF and they send me a check? Do I buy a new computer and then they reimburse?

Seems like a great solution, knowing how easy it is to break/lose on a college campus.

My renter's policy says that I'd get a check, minus the deductible if it gets spent on a replacement. If I choose to just take the money, then they pay out at the current actual value (better deal to replace it).

 

[sactoking]

If it is stolen/broken it gets replaced at the Actual Cash Value (current value) unless you buy the replacement cost rider. You can elect to have a minimal deductible or no deductible- no deductible costs more. There is no coverage if the article ceases to function through normal mechanical breakdown. This coverage is different than the computer afforded by a homeowner or renter policy in that you have a separate (or no) deductible and claims are less likely to get your coverage dropped.

 

[mesthead21]

I have the policy for my DLSR and various lenses, accessories. I got it after being recommended by friends to insure it (since I can't afford to replace everything if something were to happen to it)

The thread from Digital Video/Photo
http://forums.anandtech.com/showthread.php?t=280133&highlight=state+farm

What I was told : anything happens to it, it's covered. I drop it, it breaks, stolen, drop it off a boat, etc - I'll be covered. I don't have to worry about it being at home, in my car, whatever - as long as I'm not using it for business. This will also be done at Replacement Cost (Not value?) i.e. the cost of what I purchased, and not the value of whatever I owned when I file a claim.

What I understand : If I ever have to use this policy I might get dropped from state farm and be impossible to find someone else to insure my (replaced) stuff. Hopefully I won't ever have to find out.

That sounds awesome. Pay for insurance and then use it, we drop you!

 

[Jaepheth]

Any idea how this works? If I break/lose/have my laptop stolen, I just call SF and they send me a check? Do I buy a new computer and then they reimburse?

Haven't you seen the commercials? You must summon forth a State Farm familiar by jingle incantation. You then must convince it to part with its pot of gold by passing both an intelligence check and a save vs red tape.

 

[oogabooga]

That sounds awesome. Pay for insurance and then use it, we drop you!

I don't know for sure that they would. But I paid 30 bucks/year to insure 4k worth of photo equipment. I'd drop me too.

 

[Brainonska511]

If it is stolen/broken it gets replaced at the Actual Cash Value (current value)

Not necessarily. It's going to be entirely policy dependent, hence all the calls to read the policy or talk to the agent directly.