"Dropping" Insurance
Aug 11, 2012 13:10:07 #
Erv wrote:
I think everyone should go out and shop around for... (show quote)
Insurance companies bank on statistics. They don't really care if you stay with them or not. Sadly, loyal customers are not what keep them in business---premiums and fewer claims make them money. Why would they have a problem offering you a competitive rate? They wouldn't. Insurance is a necessary evil in my opinion. I'm glad they treat you right, but that is only because they have no reason to treat you unfairly.
Aug 11, 2012 13:17:39 #
Living in post Katrina, Louisiana, and knowing how well the insurance companies took care of Louisiana, I'm skeptical of how they will pay claims. Most will only pay at current value of the equipment. That means if you have a 5 year old body, you may get 50% of value, plus have to pay a deductable. If you have a new Canon L lens you may get 70% of new value, but you have to provide proof of ownership, and the destroyed lens. You will never get cash for your new equipment, they will replace it from a replacement company.
Aug 11, 2012 13:24:08 #
not too sure of the math there, but $1000 coverage for $1 multiplied by $40 would equal $40,000.00. So the rider would be $40.00 not $400.00
Aug 11, 2012 13:58:30 #
jerryc41 wrote:
Someone just posted about needing a repair after dropping his camera. Do any of you have insurance that covers dropping?
Jerry, after I purchased my 5Dmk3 in April, I contacted my homeowners ins. company, Erie, and set up a "zero deductible" personal Inland Marine policy to cover loss, thief, or "normal" damage to my two camera bodies and my lenses. Thus, among other situations, if I accidentally drop my 5D and/or 70-200mm 2.8, its covered. Also, I included my tripod, monopod, travel case, and filters.
This police cost roughly 1 percent of the total value of my equipment and gear. And, there wasn't any real savings to take the $500 deductible option.
Check with your ins. company about the inland marine option.
Aug 11, 2012 14:39:11 #
Aug 11, 2012 16:08:37 #
Aug 11, 2012 16:16:44 #
jerryc41 wrote:
Someone just posted about needing a repair after dropping his camera. Do any of you have insurance that covers dropping?
State Farm - Personal articles policy. Covers any loss. Mine is up to $7,000. My homeowners policy covers any stuff I have at home. I don't have more than $7,000 in equipment with me in the field at any one time. It is $89.00/yr. It will go up some when I get the 200-400 later this year.
Aug 11, 2012 16:39:13 #
Aug 11, 2012 19:33:18 #
zincgt wrote:
not too sure of the math there, but $1000 coverage for $1 multiplied by $40 would equal $40,000.00. So the rider would be $40.00 not $400.00
What?
100% of 40,000=$40,000
10% of 40,000=$4,000
1% of 40,000=$400
1.5% of 40,000=$600
$40 would only be .1% of the 40,000
Aug 11, 2012 19:46:52 #
Aug 11, 2012 20:58:17 #
Aug 11, 2012 21:07:36 #
jerryc41 wrote:
Someone just posted about needing a repair after dropping his camera. Do any of you have insurance that covers dropping?
I do, its part of my HO its a rider for my camera stuff and my insurace is throught encompass. I hope this helps you Jerry.
Blake
Aug 11, 2012 21:16:19 #
I think my lack of math skills and/or typo seems to have caused some of the confusion on this thread. So my facts are I have $7500 worth of insurance on my photo equipment and my cost is $75 per year. Now I'm not too smart but I think I would have to pay the $75 insurance premium for 100 years to equal $7500. Seems pretty fair to me but any math wizards are free to correct me if I'm wrong and also post the percentages. :-D
Aug 11, 2012 21:34:14 #
I'm an Insurance Broker based in New Zealand. We have an extention on household insurance called "accidental damage". It covers you for personal items such as cameras, mobile phones, iPods, laptops etc. which are accidentally damaged with the same excess than the normal contents insurance. All this aside, don't be fooled by the most affordable insurance around. You get what you pay for. In the end, " A good Broker is the best insurance you can have" Think about this as it really sums up everything!
Aug 11, 2012 21:39:35 #
yeah but it wasn't stated as 1%. it was stated as $1/ $1000 of coverage. uhhh... I still think $40.00 would cover $40,000 of coverage.
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