Insurance for USED (cash purchase) Camera Gear

I do carry Camera Insurance as part of my home policy but I was wondering how used equipment (which are cash purchases with no receipts) are treated by insurance companies. If I insure these, would I get full replacement cover for these items?

The conundrum is that if there is a loss/theft of gear then there is no way I can quickly replace some of the gear (like my EF 100mm f/2.8 macro) at the used purchase price so would the insurer say go ahead and buy a brand new replacement?

Depending on your policy, replacement value is not dependent on what you paid. I keep photos of the serial numbers on all my gear as proof of ownership.

Call your agent.

Oh I have provided the SN# of anything with more than $100 value. Taking a photo of the SN# seems like a better idea. I will clarify with the insurance company about the definition of replacement value. The only thing I remember them telling me is that they wont pay for "shipping" for an item full replacement value when I provided them with B&H prices for replacement cost references.

My policy states 'new for old', therefore it shouldn't matter how much I paid or whether the item was new or s/h, they will replace with a new item. If that new item is no longer made, a suitable equivalent should be quoted for - i.e. if you have a 20D stolen you would have to quote for a 40D now

My insurance company accepted current rates from B&H. I also gave them the serial numbers, but taking pics of the serial numbers sounds like a good idea as well...

I know it may seem a bit anal, but I keep a spreadsheet and this includes all my currently owned gear, along with all serials and part numbers etc. right down to CF cards, filters and batteries etc.
If you had to make a claim you have to be able to remember exactly what you have/had and you may not remember that old cable release you picked up on ebay for a few pennies.

kevin_c wrote in post #5308578
I know it may seem a bit anal, but I keep a spreadsheet and this includes all my currently owned gear, along with all serials and part numbers etc. right down to CF cards, filters and batteries etc.
If you had to make a claim you have to be able to remember exactly what you have/had and you may not remember that old cable release you picked up on ebay for a few pennies.

Actually I do that too. But your post bring up another question: what about eBay bought items?

I have generic RS-80N3 shutter release and Angle Finder C, would these be replaced with B&H listed items?

Get it appraised for it's replacement price. My insurance requires this for anything i don't have the reciept for. I got all my gear appraised at my local camera shop for $20.

Declare EVERYTHING. The extra items may cost you a few dollars a year on your policy, but when your entire camera bag goes into the lake, you'll be glad you added in remotes, cf cards, batteries, etc. It will probably total a couple hundred bucks that you don't end up having to replace out of pocket. Insure it for at least repair cost, but you're better off to declare the value closer to Ritz Camera prices. That way, you won't get paid out less than your gear was worth. I made that mistake, and listed some values at the used prices I paid. It cost me a few hundred bucks.

This reminds me, I really need to update my policy.

gjman wrote in post #5309991
Actually I do that too. But your post bring up another question: what about eBay bought items?

I have generic RS-80N3 shutter release and Angle Finder C, would these be replaced with B&H listed items?

If your'e honest with the insurance company you should be replacing 'like for like', therefore you should try and get another 'generic' item, but at the end of the day they are going to write you a cheque for the gear you have listed (if you are lucky!) and it will be up to you to source it all.

It all depends on your policy and what the insurance company requires. All of my gear is insured, and the company just wanted a list of the items, serial numbers, and the estimated replacement value (purchase receipts were not required). I maintained a copy of the list on my hard drive as well as in my strongbox...didn't see the need to bother with pictures. For replacement value amounts, I simply went to the B&H site and used their retail prices (without shipping...that won't be covered). I recently purchased a used 28-70L (nine years old), which is no longer available except on the used market. I have replacement value on my gear, so should anything happen to it, the replacement would be a new 24-70L.

The more information you can keep track of, the easier a claim will be. I have only bought 1 piece of used gear. It happened to be my 70-200 f2.8 IS. Got it from my best friend so I just filled out one of those generic receipts from a book you can buy at Walmart or stationery store. It served the purpose with State Farm just fine.

EricL wrote in post #5314150
The more information you can keep track of, the easier a claim will be. I have only bought 1 piece of used gear. It happened to be my 70-200 f2.8 IS. Got it from my best friend so I just filled out one of those generic receipts from a book you can buy at Walmart or stationery store. It served the purpose with State Farm just fine.

State Farm actually has a service that gives them the replacement costs for pretty much anything you can imagine. The important thing to remember, is that no matter what you PAID for an item, the actual value is still the same. I have my gear on a Personal Articles policy. There's no deductable, and it was under $100/year for $5-6k of coverage.