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 Mavic 2 Pro as an example…

This is probably the most popular drone that has recently been discontinued. When available, the DJI Mavic 2 Pro retailed at £1,349. This was subsequently replaced by the DJI Mavic 3 which currently retails for £1,879.

When setting up a drone insurance policy for a DJI Mavic 2 Pro, it’s likely you would have set the sums insured at £1,349. This means, in the event of a claim, the policy you took out would only cover you up to this limit.

If you chose to replace your drone with the DJI Mavic 3, there would be a £530 difference that you would need to cover, plus any excesses applicable to your policy. Alternatively, you would have the option to downgrade to another drone, which offers similar capabilities. In this example, this would be the Mavic 3, which currently retails for £899. Your policy would cover the full cost of the replacement and you would only need to pay your policy excess.

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.