value of gear

when i go to camera stores, the have a blue book for used gear. its like their bible. anyone know where we can look up value other than ebay. i like the standard blue book approach. i have to insure all my gear and take inventory. they said they dont want ebay values...

When I did my inventory for state farm I used brand new equipment pricing because that's what they will pay you if you need to replace your gear.

I agree. You want replacement value, not used value.

I buy something, I send the insurance company a copy of the invoice. They prefer it that way. If you're dealing with existing stuff, ask your agent how they think you should value it. Or look at the selling prices at KEH or B&H for used gear.

For me with renter's insurance we guesstimated but honestly my gear is the most value next to stuff that can't be replaced. All our furniture was free so it was hard but I figured new price. Although I got my 20D used, I calculated purchase priced used which back when I got it was $800.

aram535 wrote in post #6077629
When I did my inventory for state farm I used brand new equipment pricing because that's what they will pay you if you need to replace your gear.

Actually, it is better to price your gear for the lowest going rate, it will result in lower premiums. The insurance company is going to replace your gear with what it costs to purchase that gear, regardless of what you paid for it.

When you insure a car with 50,000 miles on it, do you pay your insurance based on what it cost you new?

aram535 wrote in post #6077629
When I did my inventory for state farm I used brand new equipment pricing because that's what they will pay you if you need to replace your gear.

I also insure my gear with State Farm and I read their policy a little differently

as DDCSD said. They replace it with (or pay equivalent in cash) for what they could buy te equivalent for. In Canada I initially purchased my 20D for around $1600 well if it was lost or stolen now they would look at what 3 year old used 20D's are selling for and probably give me about $500 now. For that reason I inform them of revised values periodically.

I just insured my gear through Safco for an upcoming trip to Ireland. I gave the "new" price. The anual fee was only $78. I will not be as paranoid about loosing or having my gear stolen as I did last trip. It was a rider to my home owners insurance.

Thanks to everyone for your input. On a side note, anyone know of the book Im looking for? Say, for other reasons...

Jesse West wrote in post #6079237
Thanks to everyone for your input. On a side note, anyone know of the book Im looking for? Say, for other reasons...

Sound like you are talking about adorama's used department.... Seriously though, no idea what you are talking about. Not to say it does't exist, just never heard of it.

Jesse West wrote in post #6079237
Thanks to everyone for your input. On a side note, anyone know of the book Im looking for? Say, for other reasons...

My local store with used gear keeps computer records of past sales of used gear. Ide say the book is the stores own records.

Ask them for the ISBN number, if you can find it anywhere it would be using that. It tracks to the publisher and you can search most online book shops with it.

Is this it?...Ben

i belive thats it thanks!

DDCSD wrote in post #6078352
Actually, it is better to price your gear for the lowest going rate, it will result in lower premiums. The insurance company is going to replace your gear with what it costs to purchase that gear, regardless of what you paid for it.

When you insure a car with 50,000 miles on it, do you pay your insurance based on what it cost you new?

No, of course you don't value a 50,000 mile car as it's new value. Car insurers don't replace an old car with a new one, though. They pay out, in cash, the value of the car as it stands.

New for old camera gear insurance works differently. You can lose a two year old 30D and be paid with a voucher with a value to get a new 30D or it's current equivalent.

If I were to value my old 20D, my three year old 5D and several lenses at the lowest going rate for second hand cameras (say £5,000) and then, when some tw*t nicks my full camera bag, put in a claim for £10,000 replacement value do you think they will pay up ?

The likely result is that I would get £5,000 as that is what I was insured for. It's also possible that they could reject any claim entirely as I hadn't been honest in my application, in an attempt to pay less than I should have been paying.

Never under estimate an insurance companies ability to avoid paying out, they can come up with some extremely spurious reasons for not coughing up. I suspect that all you are doing with this method of reducing your payments is giving them a way out of paying up if you have to claim.