Drone racing is as fun as it sounds. Being able to fly one of the greatest devices of modern technology in racing format is very exciting for drone-lovers everywhere. However first-person view (FPV) drone racing comes with risks and responsibilities. As you do your best to make sure you and your drone are ready, you may be wondering, do I need insurance for my next drone racing event? We strongly encourage you to get insurance to protect yourself from any predictable and unpredictable incidents that could happen.
Why Should I Get Insurance for My Drone?
Your drone probably didn’t come cheap. Drones that are designed to race are sold between $150 – $800. This is just the starting price of a racing drone. That doesn’t include modifications that most racers purchase to enhance their drone’s racing capabilities, which can cost an additional $200 – $1,000. Additionally, there’s the cost to compete, which include admission fees, hotel stays, and more. Most people enter these competitions for fun, but some take it much more seriously, at a chance to win 5-figure contracts and endorsement deals. When you enter a drone race, you’re putting a lot of money into it and you want to protect what could be a big investment.
What happens if you accidentally crash your drone? Without insurance, you’ll have to take care of the replacement costs completely out-of-pocket. Or, what if your drone hits a person and you’re found at fault? You’ll be required to pay that person’s medical fees all by yourself. The medical bills will be costly, and if you end up having to shell out a lot of money because you weren’t insured, you may end up regretting racing in the first place.
When you take the time to think about what could happen should you race uninsured, you realize it simply isn’t worth the risk. You can have fun and compete while protecting yourself and your prized device. Let’s talk about the different types of drone insurance and why you should get coverage in time for your next drone racing event.
What are the Types of Drone Insurance?
There are different types of coverage that fall under drone insurance. These types of coverage were created to protect drone operators like you from having to pay extremely high out-of-pocket costs that stem from unfortunate drone accidents. Read on to learn about the different types of drone insurance coverage that could save you from the emotional and financial stress that comes from a drone accident.
Aviation Liability Insurance
You may be a master at flying your drone, but mistakes happen. If a drone hits a person, whether by operator error or equipment malfunction, you’re going to want insurance. Aviation Liability Insurance provides drone operators with coverage for legal costs, such as attorney fees and settlements, should you get sued by another party. If you’re found guilty of negligence, Aviation Liability Insurance will essentially cover you for the costs associated with defending yourself in court.
Medical Payments Insurance
In addition to dealing with legal fees, if someone gets injured by your drone, for any reason, you’re going to need coverage to protect yourself from medical costs. The injured party will need costs covered for hospital stays, treatment, and more. With Medical Payments Insurance, you’ll be protected so you won’t have to pay for those costs out-of-pocket.
Hull Coverage Insurance
Whenever you fly your drone, you take into consideration the fact that the drone could get damaged. Say your drone crashes into another drone and sustains notable damage. Hull Coverage Insurance could cover the cost to repair or replace the drone. Note that the amount of coverage will depend on the agreed value between the policyholder and the insurance company, in addition to the deductible amount.
Personal & Advertising Liability Insurance
Like with any racing event, FPV drone events are a hub of advertising and sponsorships. Photographers, videographers, and regular goers have to be careful not to associate themselves with any brands that could sue them for a range of legal infringements. For example, say you as a drone racer take a picture of yourself at the event and a company banner happens to be in the photo. If that company is sponsoring another racer, this could open up a flurry of lawsuits all stemming from one innocently taken photo.
Speak to a Drone Insurance Broker
As you can see, there’s a lot of risks involved with drone racing. Don’t allow one incident to devastate you financially. Enjoy all the fun of drone racing by having the peace of mind that comes from being covered with drone insurance.
Protect yourself from incidents that could happen at your next drone racing event. Speak with a drone insurance broker at MFE Insurance to get started on insuring you and your done. Contact us online or give us a call at (213) 266-7990.