sluger020889
Posts: 404
Joined: Sat Mar 19, 2005 9:41 pm

Camera Insurance

Wed Aug 01, 2007 4:42 am

The other day it occurred to me that I have quite a bit of money sitting in my camera bag and I'm at a pretty big loss should anything get stolen or what not. Would it be worth it to get theft insurance on my gear? If so where could Iook to get such insurance?
I would love to fly a cargo plane full of rubber dog shit out of Hong Kong!
 
waketurbulence
Posts: 1264
Joined: Sun Apr 18, 2004 12:33 pm

RE: Camera Insurance

Wed Aug 01, 2007 4:51 am

If you have a home you can attach it to that policy, the same thing applies if you have renters insurance as well. I just added my $4000 in camera gear to my home policy and I feel so much better. It is only about $15-20 a month and it covers things like fire, water damage, accidental dropping etc, and it also covers loss or theft. I am so happy I finally did it, now I can relax a lot more. Call up any insurance company and they will tell you what you need to do.
-Matt
 
ac888yow
Posts: 394
Joined: Thu Jan 20, 2005 12:29 pm

RE: Camera Insurance

Wed Aug 01, 2007 5:26 am

Any comprehensive (very important term) Home or Renter's insurance policy automatically covers your gear against all perils. The applicable policy deductible applies for any claims you might make.

It is also possible to "schedule" your gear on your insurance policy. This is also known as a "rider". Scheduling something requires an additional premium which is calculated based on its value. This is typically an extra annual premium of between $1 - $2 per $100 of value. No additional coverage is received over what the regular comprehensive (remember that term?) policy provides; the only benefit is that applicable policy deductible is waived in the event of a claim.

If you have a comprehensive policy, jury's out as to whether scheduling something worth it. I haven't bothered with it.

If you don't have a comprehensive policy, you best figure out what exactly is covered and strongly consider scheduling your gear if necessary.
 
ilikeflight
Posts: 359
Joined: Thu Mar 30, 2006 11:19 am

RE: Camera Insurance

Wed Aug 01, 2007 5:46 am

I would like to add to make sure your deductible is not any more than your gear is worth or it is useless
Think Different
 
AirMalta
Posts: 400
Joined: Thu Mar 09, 2006 7:02 pm

RE: Camera Insurance

Wed Aug 01, 2007 6:24 am

You are only insured as long as you equipment has been stolen from you personally.If you leave yr equipment behind the luggage and your car was broken and stolen you will get 0 money.
So remember carry yr camera on you as long as you are out!!
Malc
 
sluger020889
Posts: 404
Joined: Sat Mar 19, 2005 9:41 pm

RE: Camera Insurance

Wed Aug 01, 2007 8:17 am

OK, I'm still living with my parents, however I move off to college in late August. How would all this work with my Dorm and what not? That's actually why I started to think about insuring my gear, just incase anything happens in college, like it gets stolen or something.
I would love to fly a cargo plane full of rubber dog shit out of Hong Kong!
 
CalgaryBill
Posts: 618
Joined: Thu May 04, 2006 12:27 am

RE: Camera Insurance

Wed Aug 01, 2007 9:11 am

Quoting AirMalta (Reply 4):
You are only insured as long as you equipment has been stolen from you personally.If you leave yr equipment behind the luggage and your car was broken and stolen you will get 0 money.

That depends on the policy itself. My policy has "all peril" which means I can call the insurance company, tell them I left the camera on a picnic table, and I get a new one. And you don't have to believe me, my mom did exactly that thing with her camera and it was covered.

Speaking of my policy, I went through the "fine print" with my insurance broker and my policy covers camera gear up to the total insured value of all my belongings as long as I can prove I bought the gear. Of course, if my house burned down I'd probably have to use some of the money for clothes, dishes, etc...  Wink

Quoting Sluger020889 (Reply 5):
How would all this work with my Dorm and what not?

That's a question you'd have to ask your insurance company. They may be willing to cover you on your parent's policy off-site, but you'd have to be clear about pointing out you're living in shared accommodation.

One other big concern is commercial use of your equipment. If you're making money with your equipment you will require either a rider, or separate commercial insurance.

B
 
PlymSpotter
Posts: 10022
Joined: Thu Jun 17, 2004 7:32 am

RE: Camera Insurance

Wed Aug 01, 2007 9:51 am

Quoting Sluger020889 (Reply 5):
OK, I'm still living with my parents, however I move off to college in late August. How would all this work with my Dorm and what not? That's actually why I started to think about insuring my gear, just incase anything happens in college, like it gets stolen or something.

You will probably need insurance for your room, certainly I would suggest it considering you'll probably have music equipment, computer and your camera gear in there. If this doesn't automatically cover your camera gear, then you can add it for a small premium, I did just in case, my camera body did get nicked, so I was very, very glad I was insured as they paid up promptly with no quibbles.


Dan Smile
...love is just a camouflage for what resembles rage again...
 
sluger020889
Posts: 404
Joined: Sat Mar 19, 2005 9:41 pm

RE: Camera Insurance

Wed Aug 01, 2007 11:44 am

Ok cool I will start looking into it.

Joey
I would love to fly a cargo plane full of rubber dog shit out of Hong Kong!
 
AirMalta
Posts: 400
Joined: Thu Mar 09, 2006 7:02 pm

RE: Camera Insurance

Wed Aug 01, 2007 6:03 pm

Quoting CalgaryBill (Reply 6):
My policy has "all peril" which means I can call the insurance company, tell them I left the camera on a picnic table,

but can u cheat and you say you left it so that u claim money or a new body?
malc
 
User avatar
scbriml
Posts: 13685
Joined: Wed Jul 02, 2003 10:37 pm

RE: Camera Insurance

Wed Aug 01, 2007 7:28 pm

Quoting AirMalta (Reply 9):
but can u cheat and you say you left it so that u claim money or a new body?

Yes, you could. You would also be guilty of fraud. sarcastic 
Time flies like an arrow. Fruit flies like a banana!
There are 10 types of people in the World - those that understand binary and those that don't.
 
AirMalta
Posts: 400
Joined: Thu Mar 09, 2006 7:02 pm

RE: Camera Insurance

Wed Aug 01, 2007 7:36 pm

Quoting Scbriml (Reply 10):
You would also be guilty of fraud.

how can you judge me if I say I left it behind me?

malc
 
CalgaryBill
Posts: 618
Joined: Thu May 04, 2006 12:27 am

RE: Camera Insurance

Wed Aug 01, 2007 10:52 pm

Quoting AirMalta (Reply 9):
but can u cheat and you say you left it so that u claim money or a new body?



Quoting Scbriml (Reply 10):
Yes, you could. You would also be guilty of fraud.

Well, there's the whole dilemma. The adjuster is going to ask you a TON of questions: did you sell it? Was anyone considering buying it? What kind of pictures did you take with it? Were there pictures in it? What kind? When did you take them? They are trying to make you stutter and pause, and if they think you stutter too much, they won't allow the claim. Of course, you also have to file a police report (if, like my mother, you forget it somewhere and it's gone when you return, that is still theft) and prove that you purchased the camera (original receipt or forget the claim).

Of course, if you "forget" your gear a few times, you'll be seen as a bad risk and your insurance cost will go through the roof.

I once had a camera stolen out of my car. The only time the car was alone was in front of a ski rental shop in Banff and I was gone for all of 60 seconds. Didn't notice til I got home that my day pack was missing from the car, and my camera was in that pack. Filed a police report and called insurance - they were great! The camera was no longer in production, so insurance agreed to buy the next model up, which was over double the price of my original. They called the camera store, had them drop ship the camera directly to me, and paid the camera store directly. The other stuff in the pack was about the same amount as my deductible, so I paid for that. The camera store even gave us a huge discount since I had purchased the original camera through them.

A friend had an opposite experience: he bought a quad and loaded it up with extra carrying racks, handlebar heaters, foot guards, etc. It was only a couple months old when someone stole it right out of his driveway. His insurance was terrible - they only allowed him the "depreciated" value of his quad, and they wouldn't pay for any of his extras. Even though everything was installed by the dealership, and he had the receipt to prove it, his insurance company said he couldn't prove the extras were still on the quad when it was stolen.

Back to your original question AirMalta - how can anyone prove anything was stolen? Gear is stolen out of hotel rooms, unlocked cars, house break-and-entries (don't ya hate it when you come home and your front door is unlocked... and you wonder, did I do that???). And let's say you're walking through a park taking night pictures - someone grabs your camera and runs, and there are no witnesses - did it really happen? Between pure fraud and outright theft, there has to be a middle ground where your insurance company will help out.

B
 
User avatar
scbriml
Posts: 13685
Joined: Wed Jul 02, 2003 10:37 pm

RE: Camera Insurance

Thu Aug 02, 2007 12:44 am

Quoting AirMalta (Reply 11):
how can you judge me if I say I left it behind me?

Insurance companies are not stupid. You may well get away with it, but for me, the risks are not worth it. In addition, the rest of us would be paying for your fraud through higher premiums.

Quoting CalgaryBill (Reply 12):

Great post!

We've had the misfortune to be burgled three times (at different addresses). On each occasion my insurance company has been great (including the time we claimed over £4,000), I have "rewarded" them by staying with them even though I could save a few pounds by switching company. Being burgled is not a pleasant experience, but having an insurance company that has supported us has certainly helped to make it easier to get over.

All our contents are covered on "new for old" basis, and all my camera gear is covered against loss and accidental damage for an additional £75 on the premium. Considering how much gear I'm insuring, I think the incremental cost is very acceptable.
Time flies like an arrow. Fruit flies like a banana!
There are 10 types of people in the World - those that understand binary and those that don't.

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