Drone Insurance - Some things to consider

[bobec231]

Folks,
Be careful about drone insurance from the typical insurance companies.
If you loose your drone it becomes an "official insurance claim" that stays on file. In the event that you need to get new insurance for any issue car, house, personnel that claim will appear. It will also effect your insurance rate. They all share your info!
If you are insuring with a company that you have an existing account and you make more than 2 claims for any reason in less than 3-5 years that company, most likely will not renew your policy at time of renewal.
Even if it is a stand alone policy.
The traditional insurance companies only like you if you do not make any claims.
Had insurance of 20 yrs. Had 1 small claim that they paid our $500 after deductible. Then had a $6000 claim after deductible. Both in less than 3 years. They would not reissue policy. When challenged, I was told it was due to having 2 claims in less than 3 years.
When I went to get new insurance with other companies I learned that all my history and data from previous company was available to them.

I think there are several Drone Insurance Companies that are stand alone. They are expensive but they are not linked to the traditional insurance companies.
Buyer beware!!!!

 

[Hegemone]

I think I am going to risk it until I start hearing about good stand alone companies as widely as the traditional ones. I would pay dji more if loss was covered but they don't. I will use them for damage claims. I hope to never need the secondary loss. If I make a claim with the loss company I will consider other options after I have a new drone that dji didn't cover. Insurance is a racket and I do totally understand your point of view. For me the risk versus reward is not on the side of avoiding the large nationally recognized companies and the local agents that also rely on good service for their reputation.

Frankly if I could go without insurance because I was independently wealthy I would. I hate paying for what if situations.

 

[BigAl07]

I think I am going to risk it until I start hearing about good stand alone companies as widely as the traditional ones. I would pay dji more if loss was covered but they don't. I will use them for damage claims. I hope to never need the secondary loss. If I make a claim with the loss company I will consider other options after I have a new drone that dji didn't cover. Insurance is a racket and I do totally understand your point of view. For me the risk versus reward is not on the side of avoiding the large nationally recognized companies and the local agents that also rely on good service for their reputation.

Frankly if I could go without insurance because I was independently wealthy I would. I hate paying for what if situations.

I have had "Drone Insurance" for several years now through "Stand Alone" and it's TOP NOTCH! It costs more than the small policies many people are toting but also it's a REAL aviation policy written to protect you in worse case instances. Anytime you have the word "Aviation" attached to an item you carry additional risks and liability and you should be covered like-wise.

 

[Hegemone]

Sounds great, but no one really talks about names and prices. I am a base level hobbiest and general searches starting with zero information aren't very productive. If I had a biz a whole lot of options would open up.

 

[tcope]

I'm sure this tread will switch between liability coverage and 1st party coverage (if it has not already) and it will make the matter confusing.

One difference is that it sounds like you probably made a claim under a homeowners or renters policy. Most people are getting an Inland Marine/Personal Article Policy through State Farm. These are usually treated differently as the exposure is very limited. If you file a $6,000 claim under your homeowners policy, the exposure is it's entire value. If you file for your drone under a PAP, the exposure is about $2,000. So usually filing a PAP claim won't affect other policies. But you are correct, this is not a given. It could.

 

[BigAl07]

Sounds great, but no one really talks about names and prices. I am a base level hobbiest and general searches starting with zero information aren't very productive. If I had a biz a whole lot of options would open up.

It depends on several factors like:

How many aircraft?
What type of flying/work you're doing?
How much coverage do you need?
What type of coverage are you wanting?

Here's an example:
Drone Insurance Rates start at $475 for a 1 year policy and can be increased from $500,000 liability up to $5,000,000 liability. We also offer hull coverage, covering damage to the drone itself and its payload.

Do you have 5 minutes today for us to work up an insurance quote for you?

Our team is standing by at 800.666.4359 or www.bwifly.com

BWI Drone Team

I have mine with Aviation Specialty

 

[DroneDragon]

Fellow droners: I suggest checking out Verifly. Pretty amazing, really. You download the app to your cellphone, put in your credit card info, and you're set. When you are on location and ready to fly, open the app and you get a map (somewhat similar to B4UFly). You can choose various radii from your location and length of time you will be flying. Typically flying for 1 hr within a 1/4-mile radius of your location costs you $10.00 for $1,000,000 liability insurance. Larger radii and longer operational times available for higher premium. Tap the screen and you are instantly insured. After the time is up, you receive an email with full-blown liability policy attached. They record your map and radius. If your drone causes damage or injury within the time and radius purchased, you are covered.

 

[pjarvo18]

I am a licensed insurance producer and can tell you a Personal Articles Policy claim will have no adverse affect on your auto or homeowners/renters policy. When policies are “rated” a CLUE report is ran based off of the specific line of insurance you are requesting. As such, auto claims will not affect homeowners/renters either. Your personal credit score can affect them however.

 

[brettbrandon]

Fellow droners: I suggest checking out Verifly. Pretty amazing, really. You download the app to your cellphone, put in your credit card info, and you're set. When you are on location and ready to fly, open the app and you get a map (somewhat similar to B4UFly). You can choose various radii from your location and length of time you will be flying. Typically flying for 1 hr within a 1/4-mile radius of your location costs you $10.00 for $1,000,000 liability insurance. Larger radii and longer operational times available for higher premium. Tap the screen and you are instantly insured. After the time is up, you receive an email with full-blown liability policy attached. They record your map and radius. If your drone causes damage or injury within the time and radius purchased, you are covered.

Just downloaded, not working enough for a full policy so this will come in handy, thanks.

 

[brettbrandon]

It depends on several factors like:

How many aircraft?
What type of flying/work you're doing?
How much coverage do you need?
What type of coverage are you wanting?

Here's an example:
Drone Insurance Rates start at $475 for a 1 year policy and can be increased from $500,000 liability up to $5,000,000 liability. We also offer hull coverage, covering damage to the drone itself and its payload.

Do you have 5 minutes today for us to work up an insurance quote for you?

Our team is standing by at 800.666.4359 or www.bwifly.com

BWI Drone Team

I have mine with Aviation Specialty

When I get enough jobs, this looks like a great way to go.

 

[stberlin]

anyone tried this:

UAV & Drone Insurance | Avion Insurance

UAV & drone insurance protects drone owners from liability and covers damage to the UAV in the case of an accident.

www.avioninsurance.com