“I think flying drones is a fundamentally on-demand activity, for both recreational and most commercial users,” he says.
In addition to insuring for shorter periods of time, Verifly also covers smaller geographic areas. The traditional insurance carriers like AIG don’t have a way to contain where pilots fly, which can be a large risk for underwriters. And this can lead to more expensive policies.
“The fact that all of Verifly’s policies are delineated strictly by time and also by area means that you’re able to effectively deliver the insurance in a way that’s both cost-effective and risk-effective,” Bregman says.
Insurance is regulated by each individual state, and Verifly currently is offered in 40 states
. If it’s not offered in your state, be patient. Bregman says coverage should expand to include all 50 by the end of the year.
“If you’re going to create a new insurance policy from scratch, as we did with our partners, then you need to get that policy approved by the state insurance commissions in each state,” he says. “And some states have different, longer processes than others.”
Verifly’s underwriting partner is Global Aerospace
, which has been providing aviation insurance for almost 90 years.
“We needed to be able to lend that credibility to the policies, but we also wanted to make sure we didn’t have to go through the process of becoming an insurance company,” he says.
Still not sold on why you should have drone insurance?
“You wouldn’t go out and drive a car without insurance. Why? Because you might actually injure somebody, and in that case, you could be betting your entire life,” Bregman says.
It’s the same with drones. You could be in your backyard flying your drone when all of a sudden your drone malfunctions and lands on your neighbors one-of-a-kind Alfa Romeo.
“The idea of flying in fear versus flying safely isn’t nearly a good feeling to most people,” Bregman says.
Verifly is available on both iOS and Android devices for both recreational and commercial users.
“We are very much looking forward to working with our users to create to what we believe will be the essential app for any drone flyer,” Bregman says.