Drone Insurance Cost
Drone insurance costs can vary depending on the specific drone that you operate and what specific uses you have. Different risk categories for drones can lead to a wide variety of drone insurance costs. The typical quadcopter used for aerial photography can usually be insured for a very inexpensive premium. Typically, a commercial umbrella liability policy will exclude all aviation including drone usage. For this reason, we offer liability limits tailored to your needs. Drone insurance costs can vary widely depending on the equipment that you operate and the usage of that equipment. We are here to help you navigate this fantastic new industry and look forward to earning your business.
The cost to insure your drone is minimal compared to the liability exposure you assume while flying your drone. Bodily Injury and Property Damage are common perils faced while flying a drone. Injuring a person with your drone can cost not only medical bills. Drone insurance can help pay for legal defense too. Ever worry about being sued for taking a picture of someone that doesn’t want their picture taken? Coverage is available for “Personal Injury” and is very important. Drone insurance costs have dropped for many reasons. Competition between drone insurance companies has driven down UAV insurance rates. Low loss ratios also help UAV Insurance companies skew drone insurance costs in a favorable direction.
Spending a few hundred dollars to insure a drone can save you thousands or maybe even millions. The cost to insure your drone will vary depending on the make and model of the drone, fixed wing vs rotor wing, size of the drone, and the use. If you are using your drone in rural areas the cost to insure it will generally be less than insuring your drone in populated areas.
Drone insurance costs are reasonable for commercial purposes such as aerial mapping, Photography, surveillance, filming, agriculture, and more. The cost to insure the physical damage to your drone is generally reasonable for almost all uses. The cost to insure your liability exposure is generally more expensive than insuring the physical damage to the drone because the risk is so much more. The cost to insure a $1,000 drone to even a $100,000 drone is minimal because the exposure is so much less than a potential $1,000,000+ liability claim and the cost to defend the insured person or entity.
The amount you will pay for drone insurance will depend on your specific circumstances. If you are operating under FAA Part 107 guidelines and preform standard aerial photography the cost can be minimal. Reasonable drone insurance rates are available for power line patrol, pipeline patrol, security, shipping or aerial inspections. The Drone insurance costs for exposures such as shipping or racing may be more expensive but are generally available.
If you are doing business with your drone insurance is required more and more often. The cost of Commercial Drone Insurance is dropping as drones become more popular. More insurance companies are entering the market. Municipalities and your customers are seeing exposure not covered by general business insurance policies. Insuring a drone through our program will cover your exposure and can in many cases extend coverage to your customers. We offer broad policies that can include liability and physical damage coverage on the drone. The cost for this coverage is very reasonable considering the risk.
Insurance companies take many things into consideration when estimating costs of insurance. Explain to your broker any training completed and operating procedures that help make you safer than other UAV operators.
It truly takes an expert to understand your use and create an insurance policy to cover your exposures. Read our Drone Insurance Guide or Call us today and take the guesswork out of your financial protection.