Drone Insurance Options
The U.S. has the largest and most diverse general aviation community in the world, with more than 220,000 aircraft, including amateur-built aircraft, rotorcraft, balloons, and highly sophisticated turbojets.
Every year in the U.S., general aviation aircraft log 24 million flight hours. According to the International Air Transport Association, in 2015, more than 3.5 billion people flew safely on 37.6 million flights. It is obviously safe to fly, but having plane insurance is mandatory.
Of the gross estimated worldwide premiums of $4.62 billion collected by the aviation insurance industry in 2015, 51% was paid by general aviation, 34% by airlines, and 15% by aerospace companies. This insurance includes helicopter insurance, seaplane insurance, commercial aviation insurance, insurance for drones, and other aviation insurance.
There were 584,362 active U.S. pilots in 2016. In 2015, the Cessna CE-172S Skyhawk SP was the number one best selling fixed-wing general aviation aircraft. The Cessna 180 is a four- or six-seat general aviation airplane. The Cessna 185 Skywagon, which is essentially a Cessna 180 with a strengthened fuselage, is a six-seat, single-engined, general aviation light aircraft.To earn a seaplane rating, one must demonstrate proficiency to an FAA examiner. While there is no specified level of experience required for the rating, six to eight flight hours is typically enough time for most pilots to earn the rating. Drones are the latest flying contraption to come on the scene. You may have seen them in your neighborhood. The number of drones sold in the U.S. is projected to grow from 2.5 million units in 2016 to 7 million in 2020, according to the Federal Aviation Administration.
Many drone owners are wondering if you must insure your drone. It is wise to get liability insurance for your drone, if nothing else. Depending on the kind of drone you have and how you use it, you may already have coverage for drone damage insurance and liability through your home insurance policy. With high-end options such as camera and video recording equipment, the use of drones has exploded for hobbyists and photographers.
The cost of a drone can range anywhere from $40 to over $2000, so it is no wonder that you might want to know if it would be covered on a residential insurance policy like a homeowner, renter or condo policy. The good news is that most insurance company policy wordings would cover a drone in the same way that they would cover your personal property or contents. Depending on your specific insurer, you may not have to pay any additional amount to make sure your drone is covered.
If you are only using your drone for personal use and not business use, there is no current obligation to insure your drone. However, based on the number of accidents that seem to happen with drones, it is recommended you protect yourself with liability insurance and protect your investment with damage insurance.
Check with general aviation insurance agencies to see if it is best to insure your drone. Consider what you use it for and how valuable it is to you. This will usually depend on what you use it for. Consider the risks you are undertaking by using a drone. Some are considered toys, but many are more sophisticated and carry expensive equipment for taking aerial shots. There is a possibility for injury while using a drone to yourself or someone else. Drone related accidents are becoming more common. You want insure your drone if you consider dangerous situations that may arise out of your control. Drones can also damage personal property or power lines in your neighborhood. This could result in electricity going out for some time.
Study out the drone insurance options and look for one at a reasonable and affordable cost.