How much should your drone insurance cost?

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How much should you be ready to spend to get your drone coverage set up? The answer often depends on what you need your insurance for. 

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Whether you are a real estate photographer, a big-budget blockbuster cinematographer, or a casual drone hobbyist, it is highly probable that at some point in your life you’ll be needing to purchase drone insurance. As our drone technology becomes more sophisticated with each passing year, its usage can be seen in a broader range of channels. These channels share a common ground when it comes time to insure your drone, as well as anyone, or anything, around it. So, how much should you be ready to spend to get your drone coverage set up? The answer often depends on what you need your insurance for. 

Recreational Drone Insurance ($0.5M) 

Just got a new drone and looking to test it out at a nearby park? You are likely looking at a lower coverage limit in that case. Recreational policies can be purchased for less than $50 a month, or even lower if purchased by the hour.

A monthly SkyWatch policy with $0.5M coverage is priced at $42 per month and will keep you covered 24/7 across the nation. On-demand coverage can be purchased for as little as $6 by the hour, depending on the exact flight location. Users may also select an annual plan for $500, and remain covered for Liability all-year round. 

Standard Drone Insurance ($1M) 

Real estate photography, event photography and surveying jobs at empty sites are prime examples of operations that require a standard Liability plan. The most common limit used for these operations is $1M per occurrence, which can cost around $80 per month.

SkyWatch.AI $1M Liability policies start at $62 for the entire month and can be purchased by the hour for an average of $14, depending on the flight zone. If your business operates throughout the year, you may opt for an annual plan which starts at $750, and includes discount opportunities for pilots without a claim history, as well as lower Hull rates for pilots looking to insure their drone for physical damage on top of the Liability coverage. 

High Liability Drone Insurance ($2M - $5M)

Drone pilots working in the TV & film industry, as well as other high-profile jobs, are typically requested by contract to obtain drone coverage for $2M and up. The monthly rate for these operations averages between $100 and up to $250, depending on the exact limit specified by the client or production company.

Users can purchase monthly $2M Liability coverage through SkyWatch for $108 per month and maintain coverage for the entire 30 days. Hourly coverages average at around $25 per hour, making a monthly plan more attractive for pilots operating for over 4 hours a month. An annual SkyWatch plan with $2M coverage starts at $1,300 for the year. 

High-Risk Drone Insurance

Complex operations, such as drone light shows using a fleet of drones at a time, will require a custom quote to be submitted by your insurance provider. The annual rate for these types of operations starts at $4,000 annually and will depend on the exact nature of your operations. SkyWatch users may fill out a special application in order to receive a custom quote for such operations. 

The Bottom Line

While your work industry can help indicate how much insurance you will likely be paying for, keep in mind that at the end of the day, your exact coverage terms will be determined by the clients that you work with. Some real estate photographers can suddenly be asked to show coverage much beyond the standard limits, and vice versa; certain high-budget productions may decide a lower limit may also be sufficient. SkyWatch allows the flexibility to make mid-term adjustments on any activated plan, in order to keep up and match with your client’s requests.

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