Just insured my camera gear......

Companies like Geico and Progressive will think nothing of dropping you after a claim. That's how they get their rates low, in part, by "only insuring good drivers."

In certain areas you can't get homeowner's insurance because your house is in a flood zone.

Don't even get me started on medical insurance.

I hate insurance companies. They're all scumbags. You pay and pay and pay and if you need to rely on them one day... You're screwed in one way or another.

thoreau wrote in post #4882679
I'm not a lawyer, but if that's the case, then someone should tell the rest of State Farm the same thing. *IDENTICAL* Auto insurance coverage for me in Phoenix, AZ was nearly 3x the cost as it was when I lived in Harrisburg, PA.

Sorry, I should have been more detailed. Rates will very from state to state. That is normal. Redlining is defined as:

In other words, in a given city charging the folks who live on one side of the tracks one rate, and those on the other a higher rate. /Dan

mson wrote in post #4882888
I would imagine that dropping someone completely and black listing them is a rare occurrence.

Actually, it's not that rare. In fact, according to Clark Howard, consumer advocate, the practice, known in the industry as "Use It and Lose It" (meaning if you use your insurance and file a claim, you lose it)is quite common and being adopted by the majority of insurers.

In this three-year old article on CNN, the practice is detailed. Since then, the industry has become even more reactive and it is not uncommon to have your insurance canceled if you make a single claim.

That's why, as stated before, the best thing to do is to NOT file a small claim such as a pebble hitting your windshield and breaking it. It may be best to pay for that $400 windshield out of your own pocket and save the insurance for the major claim. In the meantime, knowing you are going to pay for small things out of pocket, raise your deductible to $500 and save money on insurance.

One other thing I forgot in the first post. As mentioned, if this happens to you, your name goes into a universal pool insurers share. Although you may not be refused insurance by another insurance company, if they see your name in the pool, you may be charged twice or even triple the rate you previously paid. /Dan

what do you know another reason why insurance companies suck....geez They make billions upon billions and when they actually have to pay out some money they run away.

Getting back to the original point, tho, you might consider this when getting a quote on the photo equipment policy: ask your agent to quote the cost three ways: zero deductible, $250 and $500 deductible. Then make a decision based upon how likely you think it is you would make a claim vs. how much you save by a high deductible vs. your ability to recover small losses out of pocket without filing a claim. /Dan

Yea with my auto insurance I saved almost $400 a year by moving from on side of town to the other. I was amazed when my agent came back with: "Oh you in that area now? Well thats a better area and if you live there now you insurance will be lower."

What I find even more astonishing is that most people (including many here as I see in this thread) actually thought that insurance companies were there to HELP us... Sorry people but NO company is in the business of helping anyone if it costs them money. No one makes any money by giving it away all the time. Thats just bad business. These companies are strictly in the business banking on the fact that YOU are the honest good person who will never make a claim let alone a false one and that THEY can take advantage of you and just suck up all your money and feel ensured that you are going to continue religiously sending them the check.

All that being said I do intend to operate my insurance policy as CannedHeat has described. If my claim is not say 20% of my insured value, Ill just pay for the loss myself as Id rather save that big claim for if my entire bag gets stolen. Then I can really stick to them, get all new gear and then at least feel I got the better end of the deal after they drop me.

ben_r_ wrote in post #4880313
...Both also covered me worldwide if I ever traveled....

Hmm. My State Farm agent claims that I'm covered at a reduced rate outside of the States. My total equipment coverage is at $35k, and they say if I'm in Canada, my coverage is only $17k. Not that I'm likely to haul that much equipment around, but something to keep in mind.

Have any of you checked out your insurance coverage? I have had a seperate policy with Allstate for over 4 years now for 10K worth of gear. My home was buglarized just over a month ago. Lost a Canon 40D,30D and 20D bodies. Also my dear 70-200 IS 2.8 and 24-70 2.8. Never knew it; but they depreciate everything 20% for every year you have own the equipment. My 70-200 IS 2.8 was 2 1/2 years old.; so I am losing 50% of the replacement cost. I am fighting it...............so you better check with your agents Exactly what your policy covers and what depriceation is.

ouch to bad you could sell that thing with maybe a 10% loss of your original purchase price even if the thing was 4 years old!

I raised our deductible to £250 on the house insurance, and saved £140 per year on the policy... We have immensely high "contents" cover, but we've never claimed. I reckon I can live with a £250 deductible, mainly because for less than that it would almost certainly be too much hassle to claim (gotta love those insurance companies ).

Also, my lot pay "market value", so whilst I'm screwed on the body, lenses should see me recoup most of the cost. I'm with Hiscox.

I do not see it mentioned in any of the threads, If you have a bad credit rating it will show up in increased rates at some point. All insurance companies are FOR PROFIT operations they only SLIGHTLY care about you.
Lee

Lee Smith wrote in post #4915927
...All insurance companies are FOR PROFIT operations they only SLIGHTLY care about you...

Only as long as you're an asset instead of a liability.

what if i bought some of my gear used? i would really like to insure my gear, but i do not no how i should go about doing it. i live on campus, does it count as an extension of the home?

Double Negative wrote in post #4932654
Only as long as you're an asset instead of a liability.

Definitions:

Asset: as applies to insurance companies, a relationship that involves the customer sending money to the insurance company but never asking for anything in return.

Dirtbag: An insurance company customer who files a claim, albeit legitimate

Canceled: What happens to an insurance company customer's policy after being reclassified from Asset to Dirtbag.

/Dan

e r y k wrote in post #4932687
what if i bought some of my gear used? i would really like to insure my gear, but i do not no how i should go about doing it. i live on campus, does it count as an extension of the home?

Wont matter how you bought the gear. They didnt even ask me for proof that I owned ANY of it.