Are All drone insurance Policies the Same? Not Anymore

If you own a UAV or aerial vehicle then you already know that it comes with some risks, one of those risks is the risk of accident. One of the ways that we can protect ourselves from this risk is by insuring our UAV. UAV insurance not only covers you against damages to your UAV, but also against losses incurred by someone whose car or property your UAV may accidentally injure.

A lower premium for drone insurance policies is often available for pilots with more experience, and most companies have a preference list of pilots with a lot of flying time under their belt. Pilots with more time flying a UAV often fly more missions, which increases the likelihood of accidents. So if you fly a lot and your company has preferred pilots, you will typically get a lower premium for this type of coverage.

Insurance companies that offer drone insurance cover the cost of all the parts for the vehicle, but they do expect you to pay a deductible. When you make a down payment, the company will start paying the rest of the accident’s cost. This means that you won’t have to pay out of your own pocket until the insurance company pays the rest. The lower premium helps to keep costs down. But you should still be careful. You don’t want to just take out a pay-as-you-fly policy, because if the worst does happen and an accident happens, you’ll probably still have to pay for it.

Some of these flyby-night insurance companies offer what’s called an annual policy. While an annual policy covers the cost of the repairs after an accident, pay-as-you-fly policies only cover the expenses when you crash. Therefore, annual policies are often a lot less expensive than pay-as-you-fly policies. However, they may not cover all of your repair needs. So, if your company only prefers to charge a flat fee, an annual policy may be the best way to go.

Most of these insurance policies cover drones that are being operated by hobbyists and companies that fly drones commercially. Businesses and hobbyist drone operators frequently own more advanced models of drones, so insurance policies rarely cover these models. For them, there are specific drone insurance policies that can be purchased. These policies cover the cost of repairs and replacement of parts for their drones when an accident occurs.

Before you purchase an insurance policy for your UAVs, check with your local authorities about liability and requirements for operation. Some areas have restrictions on operating UAVs, especially if you use them in a way that goes against the law. Check with your drone insurance company about what the city permits regarding UAV operation so you can avoid having to make any modifications to your UAV before you fly it legally.