Should You Get Insurance For Your Drone? [You Need To Know]

After purchasing your drone, the next question will be whether or not to get insurance for your UAV. Getting insurance coverage for your drone is important as it has numerous benefits.

First, your UAV liability insurance will come to your aid if your drone is at the center of causing bodily harm or damage to properties. Secondly, an insurance cover can help you offset the damages caused by crashing. Further, liability insurance is typically a requirement if you are operating your drone commercially.

Generally, there are different types of insurance coverage that you can buy for your drone. Business drone insurance covers property damage and bodily injury, and drone insurance protects you if you injure someone. Commercial drone insurance covers injuries that your drone might cause to someone. Read on for more details.

Insurance For Drone Operators

While the FAA may not compel drone operators to get insurance for the UAV, insurance for drone operators is a wise investment. Even if you are a highly skilled pilot, accidents can happen, and you would prefer to avoid carrying the financial burden that might come with it on your own.

UAV pilots flying for commercial purposes, including taking aerial photos and 3D mapping, should consider getting insurance coverage as they are likely to fly above pedestrians most of the time. So, what does insurance for drone operators cover?

Liability Insurance

Liability insurance covers the financial burden you may incur after hurting someone or damaging people's property. Most drone operators require liability insurance to protect them from lawsuits for bodily injury or property damage.

Cyber Liability Insurance

Cyber liability insurance covers you from cyber-attacks that may result in bodily harm. For instance, if someone hacks your drone midair and uses it to inflict injury to people around, the cyber liability insurance will waive you of any responsibility that may occur as a result of such cyber infiltration.

Hull Insurance

The hull insurance covers the damages that might occur when you crash your drone. If the damage is irreparable, the hull insurance policy will help you get another one. The hull insurance is often ignored because drones are a bit inexpensive. However, suppose your drone is equipped with expensive accessories such as high-end cameras, ground scanning systems, or even specialized sensors. In that case, you will need the hull insurance cover to protect you in case of a crash.

Drone Insurance For Hobbyists

Flying for commercial purposes is not the same as flying for fun. If you are flying for commercial purposes, you won't be able to serve your clients if you are yet to insure your UAV. However, drone insurance for hobbyists is not straightforward because the law does not compel drone operators to insure their drones.

Therefore, the question of whether or not hobbyists should insure their drones depends on several factors. These factors include the value of the drone, the use of the drone, and coverage from the manufacturer.

The Value of the Drone

While some hobbyist drones can be as cheap as $40, some can have a price tag of more than $2000. If you have an expensive drone, you should insure it to protect it from accidents. However, if your drone costs less than $500, you may have to think twice before insuring it.

Generally, cheap and entry-level hobby drones do not need any insurance. This is because you will not fly the drone in high-risk areas, and replacing the damaged parts will be affordable if it crashes.

The Use Of The Drone

Another essential factor determining whether or not it is a good idea to go for drone insurance for hobbyists is the drone use and the time that you fly it. If you only operate your drone in your backyard, there are no risks of crashing it on trees.

However, if most of your time you are flying outdoors, trying to capture nature's beautiful sceneries or trying to have FPV fun. In that case, consider insurance, especially if you are using an expensive drone.

Regardless of where you fly, or the use of your drone, a $ 200 drone does not require insurance coverage.

Coverage From The Manufacturer

Some drone manufacturers provide a warranty plan for their products. In other words, the drone manufacturer will help you repair your drone or even replace it before a given period elapses. If your drone is under such a plan, then you have no reason to get insurance coverage for such a drone.

Liability Insurance For Drone

Liability insurance for drones is becoming more important for commercial and hobbyist pilots because it protects them against third-party damage or injury claims. In other words, if you intend to fly your drone in places with high risks of causing bodily injury or property damage, then drone liability insurance should be the best option.

How Much Does Drone Insurance Cost?

After evaluating the situation and deciding that you need drone insurance, the next question that will pop up is how much money you will need to get drone insurance.

There are limitless variations when it comes to insurance premiums, which is why it is always important to ensure that you are paying for only what you need. For instance, it is possible to get drone insurance coverage on a short-term basis. The idea is to ensure that whatever plan you settle for perfectly meets your needs.

Besides the duration of the insurance policy, several other factors might influence the amount you will need to pay for your insurance cost. Some of these factors include the following;

1. The Level Of Training

The insurance policy protects you from liabilities that may result from crashing your drone. Therefore, the insurance company would want to evaluate your skills to ensure you have what it takes to fly the drone safely. For instance, they want to ensure you complete the pilot training course.

2. The Safety Record Of The Drone

Another aspect that the insurance company will examine is the safety record of your drone. If your drone has a clean safety record, the chances are that it is not likely to be involved in accidents soon. It can also mean that the drone is in perfect condition.

3. The Cost Of The Drone And Equipment

The value of a drone and the caliber of the peripheral equipment on the drone will influence the cost. A highly valuable drone with expensive peripherals will mean costly insurance premiums.

4. Flight And Maintenance Records

The insurance company would want to know how responsible you are in maintaining the safety conditions of your drone. As such, they would like to see detailed records of flight, maintenance schedules, and battery cycles that can tell more about how responsible you are in maintaining your drone.

5. The Location

If you fly your drone in a place with a scarcity of trees and people, the chances are that you are not likely to crash on trees or inflict injury on pedestrians. In that case, your insurance premiums may be cheap compared to a drone operator flying over real estate properties.

6. Previous Claims

Lastly, your insurance company may want to know how often you have filled claims. If you have filled several claims before, that is enough to push the cost of your insurance premiums up.

Final Words

While you are not legally required to purchase drone operator insurance, having drone insurance for your drone is a smart investment. Insurance coverage for your drone ensures that even if something goes wrong, the cost attached to the incident will not weigh you down. However, if you are dealing with cheap drones that do not have expensive peripherals attached, there is no reason to spend your money on drone operator insurance premiums.