Have you got the right level of protection in place?

At Coverdrone, we want to offer you complete peace of mind and full protection should you ever need to make a claim against your drone insurance policy.

If your drone is lost or cannot be repaired, we will offer you a brand new ‘like for like’ replacement. Sometimes this is referred to as ‘new for old’ cover.

But what would happen if your drone were to be discontinued and was no longer available? In this instance, we would not be able to replace your old drone with a new ‘like for like’ model, so the nearest alternative would be offered.

However, we recognise new drone models to the market typically have a higher recommended retail price (RRP). This is largely due to the significant advances in drone technology and capabilities, as drones evolve and become more sophisticated over time. As a result, they can often command a higher price tag.

So, there is a danger that a newer replacement drone could actually end up costing more to buy than the money we would pay out for your claim, depending on the level of cover you selected at the start of the policy.

Remember you’ll only be covered up to the value (known as ‘sums insured’) you selected when you took out your policy so there could be a shortfall if your replacement drone is more expensive.

Let’s take the DJI Inspire 2 as an example…

This is one of the more recent DJI models to be discontinued and a few months on, we’re now starting to see stocks quickly diminish in the market. When available, the DJI Inspire 2 retailed at £3,080 (drone only value). Its natural progressor is the DJI Inspire 3 which commands a much higher price tag. Currently the DJI Inspire 3 is only available as a combo package, which also impacts upon the difference in price to the older model.

When setting up a drone insurance policy for a DJI Inspire 2, it’s likely you would have set the sums insured at roughly £3,000. This means, in the event of a claim, the policy you took out would only cover you up to this limit.

It’s worth noting, replacement parts for the DJI Inspire 2 are still readily available for the time being and wherever possible, we’d always to look to repair your insured equipment before offering a suitable replacement.

However, if the drone was lost or unrepairable and you wanted to replace with the DJI Inspire 3, you would be required to pay any shortfall, plus any excesses applicable to your policy.

Of course, you may decide that the DJI Inspire 3 is not right for you (or perhaps, not right for your budget). Don’t worry. If this is the case, our Claims Team will talk you through the other options available to you.

How to avoid a policy shortfall

It’s therefore really important to set the right sums insured against your policy and get into the habit of regularly checking and updating in line with current replacement values.

Step by step guide to updating your policy online:

1. Visit www.coverdrone.com and select ‘My Account’ to log into your online account.

2. Your quotes and policies will appear on the screen. Select ‘View’.

3. Select ‘Amend’. This will allow you to add or remove drones, update your contact details or change your levels of cover. 

4. Answer the questions on screen to update your details. 

5. This will make the amendments required for the remainder of the policy period.