How much??? Busted 70-200 & Travel Insurance

So my 70-200 f/2.8L took a trip from the overhead locker in a A320 to the floor a couple of weeks ago, net result blurred images and a really slow AF.

Off to Canon for a repair quote, he commented that the parts would be around $600NZ plus labour if it is the focus motor.

Got the quote back on Friday, yep new Focus motor is $600, but labour is $700, so $1300 in total! This for a 10 year old lens

Oh well that is why I paid to have the item listed on my travel insurance, paid for the $1950 replacement value.

Today I find out that the policy only covers repairs up to the current value of the lens or they will just pay me the cash, so what is the current value according to them - $650 apparently at 10% depreciation per annum.

So much for travel insurance, wish I had got the details of the guy who dropped it now

Any good deals going on 70-200 f/2.8L's? I'll give you $650 for it?

the moral of this storey is to always have specific insurance for your gear.

With specific insurance for each item would you get 'new for old' in this situation?

sherman111 wrote in post #6571747
With specific insurance for each item would you get 'new for old' in this situation?

Here in the U.S.A., when I got my gear insured, the insurance company required that I provide an "appraisal" for each item. I provided receipts for those items I had them for and I went to a local shop who provided their prices for those I didn't have receipts for. Those are the amounts that are specified on my policy.

I hope you told them that lenses don't EVER depreciate

Yay for camera gear.

What really does me in about this is the fact I did have to get a current valuation, which in this case specified replacement value, and I did have to pay a percentage of the replacement value to get the item specified, now it is claim time they have decided it is worth less.

I have had the run around from insurance companies before, but that is over theft which there is always some doubt of the true value of things and having to prove you actually did have them and they were actually stolen, but in this case I have the lens, we all know what it is, it is broken and repairable.

twofruitz wrote in post #6572192
I hope you told them that lenses don't EVER depreciate

Yay for camera gear.

Yeah good lenses don't just look at Trademe of Ebay!

sherman111 wrote in post #6571747
With specific insurance for each item would you get 'new for old' in this situation?

if you go with photoguard in the UK then yes. and also regarding needing receipts with photoguard:

FlyingPete wrote in post #6571465
So much for travel insurance, wish I had got the details of the guy who dropped it now

Major bummer. I have an Allstate policy here in the States that is replacement with no deductible. It's something like $47/year for $6,000 in gear. (No, I didn't intend to rhyme...)

Pete, if you need to borrow one PM me I owe you from 2 yrs ago

Bummer Pete... Hope it works out well...

weka2000 wrote in post #6582215
Pete, if you need to borrow one PM me I owe you from 2 yrs ago

Thanks for the offer! Might not be a smart move though, in three weeks I will be a Taranaki boy!

look on the bright side, it was probably time to upgrade to IS anyway right?

Well that's ridiculous. What did you have to get the valuation for then? What does the fine print say?

Can you please specify the company?

Does your household insurance not cover you for anywhere in NZ (or were you outside nz?)

Bad news about the 70-200, I can't believe it costs that much to get it fixed.
It was a fantastic bit of glass too.

FlyingPete wrote in post #6582230
Thanks for the offer! Might not be a smart move though, in three weeks I will be a Taranaki boy!

So your going to do it aye?

Cool