Drone insurance: what you need to know

While not a legal requirement in the U.S., you should seriously consider only flying drones if you have a drone insurance policy.

But unlike cars or homes where the insurance is typically an annual policy, you probably aren’t flying your drone every day, which means you shouldn’t have to pay for flight coverage that you aren’t going to use.

Drone insurance policies such as the one offered by DroneInsurance.com allow you to insure against ground-based liabilities, and then purchase flight liability coverage on-demand, for as little as a day or as long as a year. On-demand drone insurance is increasingly becoming a popular option, especially for pilots who don’t want to put down a big chunk of money upfront for flight coverage for the whole year, or who only make a few flights a month. Paying for flight coverage per day or per job can also make it easier for pilots to bill the cost of insurance directly to the client.

According to DroneInsurance.com, here’s how their offering works:

Interested in signing up for insurance? Check out DroneInsurance.com.

Before signing up for any drone insurance company, there are three things to consider:

  1. Your insurance provider’s financials: Check A.M. Best Ratings or Standard and Poor to ensure your insurance provider is financially healthy.
  2. Customer service ratings: You can also check customer satisfaction rankings on J.D. Power and Associates. The last thing you want to do after an accident is spend hours haggling with a customer service representative.
  3. Shop around for the best price: You shopped around for the best price on your drone, so why not do the same for its insurance policy? Some options, like DroneInsurance.com, make it completely transparent what you’re paying for: create an account, plug in what type of drone you’re flying or for how many days you need insurance, and a calculator will tell you the cost. Decide you want to change your coverage? Mark it in the calculator, and your price will change in real-time, updating before you commit to any different costs.  But with others this can be surprisingly tricky, since many providers don’t post their prices upfront. So, do your homework, and see what option works for you.