Getting insurance for your drone may not be a federal legal requirement (yet, anyway), but there are many owners of drones who recognize just how important it can be. There is always a risk of a drone being flown too close to people or property and doing damage, in which case having insurance can protect you financially. Not only that, but an insurance policy will also save you money should your drone become badly damaged or get stolen.
Initially, the big insurance companies were reluctant to provide coverage for drones, but new FAA regulations and whopping drone sales in recent years have encouraged them to reconsider and offer affordable and quality drone insurance to owners and pilots.
Do you need insurance for your drone?
If you’ve purchased an inexpensive drone and plan to use it for purely recreational purposes, then insurance would probably not be a necessity for you. Even if you bought a drone and used it for racing, if it got damaged and needed to be repaired, the cost of that would doubtless be far less than the insurance premiums.
However, for professional drone operators, insurance should certainly be something that you consider purchasing, and the naturally the best policy for you would depend upon the value of your drone and what you use it for.
How insurance can protect you from losing money:
Costly, high end drones are made up of a lot of sensitive parts, some of which are especially prone to damage. Drones fitted with cameras are very vulnerable to damage and the propellers and bodywork can easily become broken or dented. Most falls from the sky involving an expensive drone, are going to result in costly repair bills, but with an insurance plan in place, those costs can be significantly reduced.
Your drone and other people or property:
If you’re an experienced flyer and choose to forgo damage insurance, then you may still be better off than paying out in premiums. However, hit a person or damage property with your drone, and it’s a whole different kettle of fish. Rapidly spinning propellers can do a lot of damage, and if a person suffers an injury as a result of being struck by your drone, then you could be facing a huge bill if you haven’t got insurance.
Commercial drones may be contractually bound to have insurance:
Some companies may require that drone contractors take out liability insurance to make sure that there is compensation should the drone in question cause an injury to a person or damage somebody else’s property. If you’re a commercial drone operator, then be sure to check the small print in each contract; if it states that you must have insurance, then you’ll have no choice but to buy it.
Is drone insurance a legal requirement anywhere in the world?
In both Canada and the United Kingdom, the law mandates that commercial drone operators have insurance, and in the UK, if a UAV weighs over 20 kilograms, then you the operator must have adequate insurance coverage for it.
If you’re uncertain as to whether you need insurance for your drone, or would like to discuss the various policies available to you, then reach out to your local insurance provider for more detailed advice and guidance.