Verifly (Thimble) insurance to end drone coverage on March 24

verifly drone insurance shutting down

Verifly, one of the pioneering companies to provide insurance for drone pilots on demand, has recently revealed its decision to cease operations, effective March 24, 2023.

Established in 2016, Verifly, a company located in New York, offers on-demand liability insurance for both commercial and recreational drone flights. The company utilizes mapping technology and real-time conditions to inform drone operators about possible risks via a user-friendly app. Verifly’s coverage, provided by Global Aerospace for a maximum of $10 million, permits users to fly within a two-mile radius for a duration of up to eight hours.

In 2019, Verifly, formerly known as Thimble, underwent a significant transformation as it raised $22 million in Series A funding. This funding enabled the company to expand its range of insurance products, allowing it to cater to a wider audience of small businesses and independent workers seeking short-term coverage.

Users can still access their past purchases by logging into their accounts here. Verifly announced earlier this month that the drone insurance app will be shutting down and will no longer be selling policies on and after March 24, 2023, with the inclusion of a pop-up notification.

If you’re searching for an alternative to Verifly, you might consider checking out SkyWatch. Since 2018, this app-based drone insurance company has been offering flexible insurance coverage to numerous commercial drone pilots across all US states (except New York).

The coverage includes injuries to the body and claims of privacy invasion, damages to property, and all drones weighing less than 55 lb. Moreover, you have the option to select hull coverage for drones and the equipment attached to them. Additionally, SkyWatch offers coverage for indoor commercial missions and provides extended coverage options for advanced operations.

Regardless of your piloting skills, the best way to be prepared for any potential wrongdoings or mishaps while flying a drone is to ensure that you take the time to properly train and hone your flight abilities.

SkyWatch data indicates the market share of DJI, Autel, and Skydio, as well as the increasing prices of drones.

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