![]() ![]() Knowing how the variables affect cost can help you plan ahead and find the best price for your situation. But that doesn’t mean the cost of your policy is a shot in the dark. Each situation will have unique factors that influence the cost for your insurance policy. There’s almost no such thing as a standard cost for drone insurance. Annual pricing is almost guaranteed to give you the lowest rates if you need insurance for most of the time.įactors that Affect the Cost of Drone Insurance Monthly coverage is a great option for seasonal businesses.Īnnual – All the major drone insurance providers offer annual coverage packages. Monthly – SkyWatch.AI, Thimble,, and others offer monthly coverage options. Hourly – SkyWatch.AI advertises drone liability insurance by the hour starting at $5/hour.ĭaily –, Thimble, and other offer coverage policies by the day, although the offer from requires a basic monthly rate. This type of episodic coverage is available from several different providers in different coverage configurations. That means that you can purchase insurance coverage for the times you are flying, and you don’t have to pay for it the rest of the time. Coverage Durationĭrone insurance is fairly unique in the insurance industry in that it offers an option for episodic coverage. Make sure you read the fine print of exactly what’s covered and what’s not with your policy and discuss it with your insurance company if you have any questions. For example, includes both personal and advertising liability in their base coverage, while other companies might offer advertising liability as an optional add-on. The precise details of what types of damage or liability is covered will depend on which company you purchase insurance from. For lower priced drones, it may not be worth the cost to pay for insurance, but if you’re flying expensive equipment, having insurance coverage could save you a ton in the long run if you should happen to crash. The exact coverage details will depend on your policy, so be sure to read the fine print. This could be damage resulting from a crash or flyaway, or even water loss. Hull or physical damage insurance provides coverage for damage to the drone itself. The most common level of protection purchased by drone operators is a $1,000,000 liability limit, although policies can also start at a $500,000 limit, or can go up to $10,000,000 or even $25,000,000. Policies will typically cover bodily injury and property damage. Liability insurance will cover damages caused to third parties as a result of drone related incidents. In a litigious society, it’s important to protect yourself from lawsuits in the unfortunate case of an operation that results in damage to property or harm to individuals. Two main basic types of drone insurance coverage: Liability Coverage and Physical Damage Coverage. Also important, though perhaps less so, is Drone Hull Coverage, also commonly referred to as Physical Damage Coverage. The most commonly purchased, and perhaps the most important type to have is Liability Coverage. There are two main basic types of drone insurance coverage. ![]() » Looking for what to charge for your drone services? Skip ahead to find out the commonly used rates. Let’s take a look at what exactly drone insurance is, why you may need it, and some of the variables affect how much it costs. ![]() Of course there are a ton of variables that will affect the price you pay, and your situation will dictate whether you need to buy insurance by the day, month or year. The same coverage for an annual policy will cost around $500-$750 per year. If you need $1,000,000 liability coverage for just one month, plan to pay $60-$100 for a 30 day policy. But just how much is it going to cost?įor a one time flight, you can purchase drone insurance by the day for about $30-$40 per day. And if you’re a professional drone pilot, drone insurance should be the first thing you buy, after your drone of course. There are quite a few things that could go wrong, not least of which includes damage to property or even harm to individuals.Ī good drone insurance policy is a great way to protect yourself from the cost of these eventualities. But even though drones are relatively safe when flown with care and caution, there is still a certain level of risk associated with the operation of a drone. Purchasing drone insurance might seem like an unnecessary cost if you’re just a hobbyist. ![]()
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