Drone Insurance and What Every Drone Owner Needs to Know

By | September 10, 2017

Insurance is the financial responsibility that is taken by a firm or person in case you damage someone’s property or cause harm in any way to another person. Insurance is important to own before you drive any manned vehicle and the same is true for unmanned aerial vehicles (UAVs). Insurance is a key aspect of risk management and can help your business get through legal complications resulting from unforeseen accidents caused by your drone.

The owners as well as the manufacturers and operators of drones are finally showing interest in learning about drone insurance. Drones are still in a developmental phase and there aren’t any specific rules and regulations governing their use. Therefore, there are a number of questions in the minds of the people regarding the insurance policies of these aerial vehicles. People want to know how the drone insurance is going to work. The following is a compilation of all the aspects that need to be kept in mind when it comes to drone insurance.

Is Drone Insurance Really Necessary

It is true that right now there are no implications for not having drone insurance. You can fly your drone even if it hasn’t been insured. However, it is becoming increasingly necessary to buy insurance for these aerial vehicles as they can cause some serious damage if they go out of control and cause an accident. Moreover, as the use of these drones increases, the authorities would most definitely make it compulsory for the drone owners to buy insurance before they can start flying them. Therefore, it is a good idea to buy drone insurance today so that you don’t have to worry about it at a later stage.

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Criteria for Setting Premiums

The cost of drone insurance mainly depends on the level of danger that may be involved with the operation of the drone. Mostly, the choice of platform, the operator’s experience and the use of the drone is taken into consideration for estimating the coverage that the insurance company will provide you. If there is a higher possibility of an accident happening, the cost of insurance may go up. On the other hand, if the operator is an experienced one and the chances of a collision occurring are less, the premium amount might not be that high. So, when looking for a good drone insurance plan make sure that the drone you have is a safe one and is being piloted by an experienced professional.

Insurance Coverage

Every drone insurance plan is different. The coverage that is provided by the drone insurance will largely depend on the policy that you are buying and the company providing it. The areas that are covered by drone insurance plans are different for the owner and the manufacturer. For instance, most insurance plans for drones provide coverage to the owners for the legal liability and the physical damage caused by their drone either to a person or a property. This insurance will cover you for the following aspects:

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