Should You Buy Drone Insurance?
Many people think drones fall into the toy and hobby classification. However, the reality is that many drones are highly sophisticated. So sophisticated, in fact, that the FAA classifies most of them as aircraft.
Is Your Drone Already Insured?
In some cases, your drone can be covered under the personal liability protection in your current homeowner’s policy. And if you are only using your drone for fun, you’re not obligated to insure it. However, based on the frequency of accidents, it’s worth looking into your coverage with liability and damage insurance. The worst time to find out your drone isn’t covered is after an accident occurs.
How Much is Your Drone Worth?
Depending on the bells and whistles included, drone prices can range from steals to investments. With many drones equipped with high-end camera and video recording equipment, it makes sense to want these flying machines covered in case of a crash or other accident.
How Often & Where Do You Fly Your Drone?
Accidents happen when the drone runs out of power or the operator loses control. Regardless of whether you are operating the drone recklessly, dangerous situations arise causing property damage, injuries, and even medical expenses.
Consider these scenarios: Your drone hit a power line and sent an entire neighborhood into a blackout. Could you be held responsible for the repair of the power lines and other damage suffered by the residents?
Or imagine your drone loses power and crashes into your neighbor’s car, destroying the drone and causing damage to their vehicle. Certainly, they’re going to expect you to repair their car.
Drone Insurance Considerations
Here are some questions to ask your insurance company regarding your drone:
Is your property covered if you damage it with your own drone? For example, if the drone crashes into a window and breaks it, will insurance replace the window?
What about if it hits someone else’s property? Are you covered?
If the drone is covered, how much is it insured for? And how much are you insured for in case of liability?
Are there any limitations or exclusions? What does the fine print say?
How much is the deductible, if any?
Do you need to purchase a special rider or endorsement for your drone?
Is the coverage “all risk” or only for such perils as fire, theft, and vandalism?
It is better to contact your insurance company upfront and ask these questions just to find out what is and is not covered. While insuring your drone is a personal decision, it’s good to have as much information as possible to help you make that decision.
Maybe a Drone Warranty Instead?
Sometimes, a drone crash warranty is all you need to keep yourself and your drone covered. These plans are usually less costly because they have less coverage. Especially if you’re just learning to fly, a warranty can make the first few flights less daunting.