camera insurance confusion

[DStanic]

Since spring is around the corner and I will be shooting more, and have done a lot of adjustments with my camera gear collection it's time to update my insurance policy.

The lenses are not a big deal, because they don't really change in value that much.

The camera bodies however.. that is where I am now confused. Last year I just had my XTi which I purchased new, so I provided my receipt that it costs $xxx. This year, I will be selling my XTi (removing it from the policy) and adding the 30d and 20d, which I bought used. The 30d I paid $450 and the 20d was only $250 (with a grip). I bought them used and I do not have receipts, but they are worth more then that (especially the 20d) if they got stolen or something and had to be replaced. According to my broker the insurance company would cover replacement (or repair) up to the value of a new replacement of a similar camera (50d). That is provided that I pay the premium for $1200 (or whatever a brand new 50d would cost) assuming I can provide proof that the MSRP for the 20d was the same. I think the premium is $1.80 per $100 worth of gear (or something like that). I'm not trying to rip off the insurance company for a newer camera, but I don't want to get $250 if someone steals my 20d..

So I'm wondering what should I do? Go to a camera store and get some kind of appraisal?

[tracknut]

If you can find a 20D for $250, then presumably that's about what they're worth. And to me:
According to my broker the insurance company would cover replacement (or repair) up to the value of a new replacement of a similar camera (50d).
means that the insurance would cover replacing your 20D with a 20D, unless that would cost them more than buying a new camera. I *very* much doubt that the insurance company would consider buying you a 50D to replace a stolen 20D. In fact, the longer you keep the 20D, the less it's worth, and just like most any other insurance policy (except "stated value insurance"), the policy will assume that items depreciate, and that's what it'll pay out. So if it were me, I'd send them a note stating the 20D cost $250, and assume that's what they'd cover, at least for the next couple years.

Dave

[Jon]

An appraisal will probably give you somewhere in the price range of what you actually paid, not cost of the current model. If I buy stuff used, I tell the insurance company that, how much I paid, and a documented (I use B&H's web site) record of what the same or equivalent new item would cost. This can lead to interesting situations - I added a 300 f/2.8 and TS-E 24, both bought used, included links to B&H's new prices and found the insurance company listed the 300 2.8 at both prices, and the TS-E 24 only once, at the used price. (Mind you, that double listing meant about $40 extra premium for them.) The policy insures each item at the stated value.

I think in your case, where it's a camera body, I'd ask myself whether I plan on replacing it with the "latest and greatest" or with something of comparable value, say used 30D or 40D maybe. I certainly wouldn't want to pay "new" prices on the insurance if I could establish another base, since you'll be paying that for the life of the policy, or until you drop the camera. So that's about $30+ per year difference for the two bodies.

[DStanic]

I think in your case, where it's a camera body, I'd ask myself whether I plan on replacing it with the "latest and greatest" or with something of comparable value, say used 30D or 40D maybe. I certainly wouldn't want to pay "new" prices on the insurance if I could establish another base, since you'll be paying that for the life of the policy, or until you drop the camera. So that's about $30+ per year difference for the two bodies.

That is true. I just want to be covered for any repairs if something breaks ($250 is not enough), and replacement value maybe a bit higher, such as the next camera up (used 30d/40d). My broker suggested $900 or less to keep the premium down. If I had my cameras insured for $600 and it got stolen I could feel better about buying a refurb for a bit more (out of my own pocket) rather then trying to find a deal on something used.