When you get a new drone, the last thing you want to think about is how you would replace it and any additional equipment if they ended up lost or damaged. But itโs worth considering the benefits of having a drone insurance policy, so you have complete peace of mind and are protected should something happen.
When thinking about insurance, you may be wondering โwhere do I start?โ Here we take a look at the top 7 questions you should ask yourself when looking to insure your drone, so you can make sure you get the cover that is right for you.
Itโs important that you determine the best policy type for your needs. Most drone insurance providers offer annual policies as standard. But if you rarely intend to use your drone, you could end up paying for more cover than you actually need. Short-term policies, starting from as little as one day cover, could be a cheaper option for infrequent flyers so itโs worth spending the time looking at the different policy options available to choose the one thatโs right for you.
You can either purchase recreational drone insurance (sometimes referred to as โhobbyโ drone insurance) or commercial drone insurance and itโs important to understand the difference between the two.
A recreational drone user is classed as someone who flies a drone purely for โsport or fun/leisure without no potential commercial gainโ. The important point to remember here is that commercial gain doesnโt necessarily have to relate to the drone operator themselves. If you used your own drone to take aerial footage of an event at your childโs school, it wouldnโt matter if you carried this out as a favour to the school and received no payment. The school would technically gain commercially from this and therefore youโd need to be covered under a commercial drone policy to ensure you have the right level of protection in place.
Most drone insurance policies will offer a โlike for likeโ replacement in the event of a claim (sometimes referred to as โnew for oldโ cover).
But what would happen if your drone were to be discontinued and was no longer available? Well, youโd be offered the nearest alternative. However, with advances in drone technology, the closest replacement option could cost you more to buy. Remember youโll only be covered up to the value (known as โsums insuredโ) you selected when you took out your policy so there could be a shortfall if your replacement drone is more expensive. Itโs therefore really important to set the right sums insured against your policy and regularly check and update in line with current replacement values.
Not all drone insurance providers offer worldwide cover as standard so itโs advisable to consider where you will be flying. If you intend you take your drone abroad with you, read your policy carefully to make sure you will still be protected if something were to happen when youโre away.
Some drone insurance policies restrict certain times of the day when you cannot fly (i.e. flying at night) while others even limit the number of hours you can fly. Think about when you would realistically be using your drone and for how long to make sure you are fully covered.
This is a key question to ask, particularly if youโre looking to purchase a commercial drone insurance policy. Whilst recreational policies typically only insure the policyholder, this wouldnโt be viable if multiple pilots in your organisation need to be covered to fly your equipment on a commercial policy. However, some commercial drone insurance products in the market limit the number of pilots, whilst others say each pilot needs to be specifically named on the policy for cover to remain in force. Itโs therefore wise to consider who would need to be covered and ensure your policy is fit for purpose.
Some drone insurance policies restrict how many drones can be added, so itโs definitely worthwhile checking the small print to double check youโre fully covered if you do have multiple drones.ย
