In 1977, the world stood in awe as the United States launched Voyager 1 into the cosmos.
It’s primary mission was to explore the largest planets in our solar system, but in a remarkable achievement for seeing how far it could go, Voyager 1 is now in interstellar space sending data back to our planet.
In all it takes about 19 hours for the message to travel back to Earth from Voyager 1. Now, I have no doubt that when Artificial Intelligence allows drones to become self-aware and lead the robot revolution, they’ll look back at Voyager 1 as the founding father.
Yet, the technology on modern drones is advancing at a remarkable pace and makes Voyager 1 look like a stone tool from an age long ago. These technological done innovations are shaping the drone industry and putting pressure on drone insurance providers to continue to innovate and offer more coverages.
Drone Are Becoming Increasingly Smart And Easier To Operate
To backtrack for just a moment, one doesn’t need to be a NASA engineer to fly a high-quality and technologically advanced drone. Small recreational drones are coming down in cost and their potential commercial uses are increasing exponentially. Commercial Drone insurance is remarkably affordable and there is little downside to picking up insurance considering that even a small drone increases a drone business owners liability and can cause a big mess. Drone industry uses ranging from drone photography to aerial surveys, the type of equipment that is mounted on a drone is increasing scale and capability.
This means that losing a drone can set you back much more than the cost of the drone itself. Rising liability typically means higher rates as claims start to come in and insurance carriers start to pay out larger amounts of money. This, in itself, is how the insurance market has played out for centuries since and it is not unique to drones. However, the most recent advancements in drone technology and their expanded utility will shape the future of this market in a big way.
The Rise of 5G Drone Capability
Drone technology is now advancing at a rapid pace and the expansion of 5G networks presents untold possibilities for drones. The leading technology is coming out of Taiwan where they are setting the standard for enterprising drone solutions that have the full capability to take advantage of these 5G networks. Forget about Voyager 1 taking nearly a full day to relay a message back home, these drones are offering real time 4k instantaneously.
The potential applications from security surveillance to infrastructure inspection are off the charts. Moreover, these drones will continue to operate more autonomously as AI advances at a rapid pace. Currently, the technology seems about a half-step short of becoming Skynet from the Terminator movie series and I’m just hoping our new robot overlords will think kindly of me for trying to properly insure them.
Drone Technology and Drone Insurance
As for the drone insurance market, the end result is that drone insurance rates will not be set by how many American dad’s lose their drones during their 4th of July BBQ. Rather, it’s going to be set by how many commercial drone operators, utilizing high-priced and technology advanced drones, go down while surveying fire damage in the West or off of a deep commercial oil rig far out at sea. However, drone insurance is still affordable and we expect it to continue to be so as more and more drones take to the skies.
The 5G advancements coming out of Taiwan are remarkable and the application and utility of drones will continue to evolve at a rapid pace going forward. So whether you are in the recreational or commercial drone game, don’t hesitate to reach out to us at BWI Aviation Insurance to see how we can keep you properly covered.
Get A Quote For Commercial Drone Insurance
Get a full commercial drone insurance quote from BWI today. Our professional agents are licensed, well-trained and highly experienced in managing the risk of drone businesses. Call us at 800.296.8595 or submit a quote request online here.
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