Unmanned aircraft, also referred to as drones, are becoming increasingly popular. This includes both personal and business use.
With improved technology and affordable models, the use of drones has expanded into a wide variety of industries. They are often used for aerial photography, in agriculture, and by first responders when responding to a fire or major disaster.
If you are thinking about buying a drone, you should make sure that you have drone insurance. Just as you would get insurance for your automobile or any other major purchase, drone insurance offers protection in the event of damage or theft.
Learn more about drone insurance, including the various types of policies available and the benefits of getting insurance for your drone.
What is Drone Insurance?
Drone insurance is used as coverage in case your drone is damaged or causes damage. This is especially important when you use your drone for commercial purposes. You may be flying your drone over residential areas.
If it happens to crash into a house, a vehicle, or a person, then you will be responsible for any damages or injuries. Having insurance will help you avoid having to pay out of pocket for these expenses.
When you have insurance, you get peace of mind. You get to relax knowing that you are protected if damage occurs. As you begin exploring different types of insurance policies for drones, there are a few factors that you will want to pay close attention to:
- The coverage amount
- The covered territories
- The insurance rates and premium
- The range of coverage
The coverage amount refers to how much the insurance company will pay out in the event of an accident. The covered territories are the regions or countries where you will be flying your drone. The rates and premium determine out of pocket costs. The range of coverage explains the conditions during which the insurance company will pay out.
What Types of Policies Are Available?
When you get drone insurance, you will need to choose from a few different policies. The policies offer various types of coverage, including coverage for damage to your drone and damage to third party property.
Most insurance policies for drones start at $1 million. You will need to determine whether this covers damages during flight or while grounded. Also, you should find out if the policy includes coverage for personal injury and damage to property. The range of the coverage will depend on the insurance provider that you choose.
Along with the range of coverage, you will need to look into the coverage area. Your policy may include worldwide coverage or solely provide coverage in your state.
When Do You Need Drone Insurance?
Anyone that wants protection while operating a drone should think about getting drone insurance. These are expensive pieces of equipment. Even basic coverage for your drone can be a life saver in the event your drone is stolen, vandalized, or damaged.
When you use your drone for commercial purposes, additional coverage can protect you in the event of damage or accidents. For example, if your drone crashes into an object and causes damage to private property, your insurance could cover the cost of repairs.
In addition to insurance, you may need to register your unmanned aircraft with the FAA. Your drone is considered an unmanned aircraft system (UAS) by the FAA (Federal Aviation Administration) if you meet the following:
- Your drone is for commercial use
- You use drone for anything other than recreation
- You plan on using your drone outside of the US
- Your drone weighs more than 55 pounds
This registration is required, but it is subject to change. It is a good idea to check with your local, state, and federal regulations before operating your drone outdoors. In some regions, you may even need insurance before you can fly your drone.
How Do You Get Drone Insurance?
In order to get drone insurance, you will need to contact a dependable insurance company. Discuss your insurance needs with one of their agents.
When you talk to an insurance agent, you should explain the type of drone that you have and what you use that drone for. This will help the insurance agent understand what type insurance policies will be suited for your needs.
They will be able to provide you with multiple options. While discussing these options, talk about insurance rates, liability limits, and other details.
Final Thoughts on Drone Insurance
Depending on where you live, drone insurance may not be a requirement. But, it can be incredibly beneficial. When you have insurance, you are protected in case your drone is damaged or causes damage.
Make sure that you learn more about the different type of policies, when you talk to an insurance agent. Check local, state, and federal regulations concerning insurance for drones. Also, remember to register your drone with the FAA if you are not using it for recreational purposes.
If you have not yet purchased insurance for your drone, then consider contacting an aviation or drone insurance company today.