How much does drone insurance cost?
Currently we do two types of policies, a full annual policy for commercial operators and a cut down version restricted to 30 days for the flight test. We will go through the rough costs of both of these policies. See below to get a rough indication of how much drone insurance costs or use our online quote and buy system to get a real quote.
Flight Test Assessment Policy
Under Irish Aviation Authority (IAA) rules if you intend to fly your drone for commercial purposes, it is compulsory to have commercial liability drone insurance in place..
To become a commercial drone pilot you must complete an IAA approved drone training course with a Registered Training Facility (RTF). As part of the course you will need to complete a practical flight test assessment and the RTF may request you have a flight test insurance policy in place to do this.
Policies are split into two sections:
- Hull Damage
The cost of a flight test assessment policy for €1,300,000 Liability Only which includes war and allied perils is €30.50 and is valid for a period of 30 days. This will provide cover for third party claims against property and bodily injury caused by operating your drone
You can also add cover for your drone to the policy. So in the event your drone is damaged during the flight test you will be covered. Levels of cover can start from a minimum of €650 up to a maximum of €3,250.
The cost of €1.3M Liability plus €650 cover for drone damage would be €41.36 or for €1.3M Liability plus €3,250 the premium would be €51.44.
Once you have your course the cost of your flight test assessment policy would be deducted from the cost of a full annual policy if purchased.
Full Annual Policy
Once you have passed your theory and flight test assessment you will need to apply for your Permissions for Commercial Operations. To do this you will need a full annual commercial drone insurance policy in place. An annual policy for Liability only can start from as little as:
- €1,300,000 UAV Liability limits from €215 per year
- €2,600,000 UAV Liability limits from €315 per year
- €6,500,000 UAV Liability limits from €400 per year
- €13,000,000 UAV Liability limits from €555 per year
Liability and Drone Damage
Whilst it is compulsory to have at least a minimum of 750,000 SDRs Liability cover for your commercial operations it is not compulsory to cover the drone or your equipment. However, drones and drone equipment can be expensive and if you did have an accident or loss, the cost of replacing your equipment could have a financial impact on your business.
Cover for drones will cover you for theft, loss and damage and includes flyaways.
The cost of an annual premium including cover for damage to drones and payload can cost from:
- €1,300,000 Liability plus €500 drone/payload – prices from €262 a year
- €1,300,000 Liability plus €1,000 drone/payload - prices from €297 a year
- €1,300,000 Liability plus €2,000 drone/payload – prices from €310 a year
Our flexible system will allow drone values from €390 up to €39,000 for each individual item and can quote for a maximum of 10 online so you can compare the different costs involved.
You can also toggle the differing liability limits to see what the different limits of drone insurance cost.
Liability, Drone Damage and Equipment and Spares
In addition to cover for the drone and payload you can also include cover for equipment and spares. Again this will cover you for theft, loss and damage and an indication of the cost of drone insurance premiums for liability, drone and payload and equipment and spares are as follows:
- €1,300,000 Liability plus €500 drone/payload and €500 equipment/spares - €283
- €1,300,000 Liability plus €1,000 drone/payload and €1,000 equipment/spares - €340
- €1,300,000 Liability plus €2,000 drone/payload and €2,000 equipment/spares - €395
The higher the levels of indemnity for Liability, Drone & Payload and Spares & Equipment will increase the premium. For example if you opted for €13M Liability, Drone & Payload €3,000 and Equipment & Spares €3,000 the annual premium would be circa €732. To extend to include worldwide cover and the premium would be circa €761.
The above premiums are indicative as other factors which would be taken into consideration and would affect the cost of drone insurance are:
- The type of UAV
- The weight of the UAV
- Whether your drones have GPS and return to home and other safety features
- The type of work you do
- The number of operators flying
- The number of drones
- The number of drones being flown at any one time
- Extending cover on a worldwide basis
- If you have any historic claim
The best way to see how much drone insurance costs is to take a look at our online quote system. You will be able to get a quote is less than 10 clicks and can toggle the different cover and limits to get a policy which suits your needs and then buy a policy there and then.
Want to talk to a human? We are available on the phone to talk through the different options we can offer you. Give us a call on 01 556 3644