Owning a drone can be a great investment for either professional purposes or as a recreational tool. When you do purchase a drone, you are buying an asset that comes with a big initial purchase. To ensure that your investment is properly protected, you should consider getting drone insurance. There are five questions that you need to ask when you are looking to buy drone insurance.
Is it Required?
The first factor to understand is whether you are actually required to have drone insurance. Drone insurance requirements vary considerably from one person to the next. Those that have a drone for commercial purposes will likely need to have insurance in order to operate them. However, the average person that uses one at home may not be required by law.
What is Covered?
You should also figure out what type of coverage you will actually receive with the drone insurance policy. The type of insurance you receive with a drone insurance policy should include plenty of coverage for liability and personal asset protections. This will ensure you are covered in the event an accident takes place.
What Influences the Rates for Coverage?
Since drone insurance can be expensive, you will want to know exactly what will influence the amount of money that you need to spend on premiums on an annual basis. Some of the factors that will influence the rates include the amount of money spent on the drone, how it will be used on a regular basis, and whether there are any unusual risks that are relevant to your situation.
What is Needed to Apply?
Applying for drone insurance is normally a very easy thing to do. All you will need to do is provide some basic information about your drone, the type of usage that you expect, and information about yourself. The drone insurance provider may then have some additional questions but should be able to come up with a policy quote quickly.
What Happens if I Don’t Have Coverage?
If you do not have coverage a number of negative things could occur. The biggest risk is that you will not be covered for liability. When you have drone insurance in place, you will receive coverage if you cause an accident. If you don’t have this coverage, you will have to pay restitution out of pocket.
Ultimately, having drone insurance in place on your drone at all times is very important. When you have drone insurance you will have very valuable coverage that you need. While it can be a complicated concept to understand, asking these five questions will help you to better understand your drone insurance needs and will ensure you get into the right policy for your situation.