Your Guide to Understanding Drone Insurance
What is Drone Insurance?
If you currently have a drone, then you should probably invest a little money into getting drone insurance. This type of insurance is offered for those who own a drone and want to have protection. It's meant to help cover you if your drone inflicts damage on someone else or someone else's property. Understanding the various types of coverage options that are available should assist you in understanding of how to get drone insurance.
Any unmanned aerial vehicle (UAV) or aircraft system can be covered by UAV insurance. Most insurance providers primarily cover third-party property damage and bodily injury claims. Small business owners who currently use drones will typically purchase this type of insurance to protect their business from expensive injury and damage claims. The most common businesses who purchase this type of insurance include professional photographers, real estate agents, videographers, and agricultural companies. If you're wondering "how do I get my drone insured?" you can call your existing insurance company or any of the hundreds of providers notated online.
UAV insurance can also be purchased by private drone operators like you. There are various types of policies that are available to purchase. Some of the most popular include short-term, annual, and rider policies on existing insurance policies. Taking into account how often you use your drone, you can better determine what is the best type of insurance policy to protect you and your financial state.
Understanding Coverage
This type of insurance is intended to cover any UAV that you own. Either a mistake on your operation of the drone, or equipment failure, can lead to unwanted circumstances. When you purchase this type of insurance policy, it will protect you against three main problems. These include:
Property Damage: When your drone damages someone else's property, your insurance will cover it. This could be anything from hitting a house to a power line that ends up in a fiery mess. This covers anything that gets damaged as a result of your drone.
Bodily Injury: When your drone causes injury to another person, your insurance will cover it. This could be anything from your drone falling out of the sky and hitting someone, to a person getting burned due to the fire your drone started when it hit the power line. You'll want to talk with your insurance provider to understand how much is covered.
Invasion Of Privacy: With the ease of use, drones can sometimes make it really easy to invade someone else's privacy. If you get sued for doing so, your insurance can help. This could be useful for things like capturing private footage of neighbors.
Do I Need Insurance For A Drone?
As with most types of insurance policies out there, drone insurance is not something you are required to have. So the short answer to your question of "do I need insurance for a drone?" is no. However, it's important to take the financial implications of an incident with your drone into account. If you use your drone for commercial business, you have to register it with the Federal Aviation Authority. This requires swift identification of your craft and allows the authority to link your business to the drone in the event of damage or injury.
How Much Does Drone Insurance Cost?
If you're wondering "how much does drone insurance cost?" you should talk to your insurance company for quotes. The typical policy with about $1,000,000 worth of liability coverage runs around $750 per year. If you're a company that needs multiple drones insured, then you'll likely be paying $750 per drone each year.
