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Verifly (Thimble Insurance) shutting down on March 24, 2023

Rickd83

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I periodically purchase drone hourly insurance, and the other day, I was purchasing drone insurance using Verifly app. I received a pop-up message that Verify is shutting down on 3/24/23, and you won’t be able to purchase drone insurance on that day and going forward. A reason for the shutdown was not given. Does anyone know why? Once I received this message, I purchased drone insurance through SkyWatch instead. Just curious if anyone knows why Verifly is shutting down its drone insurance side.
 
If I recall, they started as drone insurance and pivoted to small business insurance. I suspect drone insurance is not a large enough market to justify its marketing expense of it.
 
I've used SkyWatch on a montly plan for ~3 years. I recently received notice that they were switching underwriters in April and my rate would be going up. They were able to get me an annual renewal with the old underwriter at the old rate. Maybe these are related.
 
It's not uncommon for startups to close down after burning through initial investments if the projected business model is not working out as planned.

Skyward (not insurance) recently closed for this reason even after being acquired by Verizon. In that case, the original investors were able to cash in and Verizon took the loss.
 
I periodically purchase drone hourly insurance, and the other day, I was purchasing drone insurance using Verifly app. I received a pop-up message that Verify is shutting down on 3/24/23, and you won’t be able to purchase drone insurance on that day and going forward. A reason for the shutdown was not given. Does anyone know why? Once I received this message, I purchased drone insurance through SkyWatch instead. Just curious if anyone knows why Verifly is shutting down its drone insurance side.
Interesting and unfortunate. I have had great success with this app. Works perfectly. I just tried to obtain insurance and didn't see any notification about Verifly shutting down. I didn't actually order the insurance but got to the final Submit page. When or where did you see the notification?
 
If you are looking for drone insurance by the hour or annually, AirModo, is a great option! Policies are underwritten and issued by USAIG, one of the oldest aviation insurers in the USA.
 
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If you are looking for drone insurance by the hour or annually, AirModo, is a great option! Policies are underwritten and issued by USAIG, one of the oldest aviation insurers in the USA.
I was surprised that AirModo charges a higher rate when operating near private airstrips that may or may not even be used. Otherwise, they seem to be competitive with SkyWatch (which also has some anomalies).
 

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