The real advantage for me would be if I need a repair, and they just cut that incentive by 33%.
Not entirely. Return shipping is free for CPS Gold members and that is at 100%. On my last invoice it was $23 if I recall correctly. On a low cost repair that may be a substantial percentage of the benefit.
Consider a $250 repair today. The discount is $75. Add the $23 for shipping and your discount is $98.
Now consider how much the same repair would be worth after 10/1. The discount is reduced to $50 plus the $23 for shipping. The net benefit reduction is 25/98 or 25.5%. That's a low number but not that far off from my recent repair of a dropped lens in which the elements were undamaged.
On a $1000 repair the percentage value of shipping is much lower, but the repair discount alone, without shipping, is still twice the annual membership.
A $350-400 repair plus free return shipping (which will be higher next year than this since FedEx goes up every year) will make it a wash, and then you get the cleanings for free.
There is still some
value in the loaner service, even at one week, and also in the semi-guaranteed turnaround time on repairs.
For $100 it's repair insurance for me. Same thing for many others and I suspect Canon looked at the numbers and saw that their costs were very high. They made the bar to breaking even for a CPS member higher, but only by a few dollars. To insure a collection the size of yours against repairs, it's really
cheap insurance, even with the reduced benefit.
Insurance rates are always rising. There are two ways it's done. Raise the premium or reduce the benefit. A perfect example of the latter is what US property insurers did after Hurricanes Katrina and Rita. The changed the deductible methodology. Instead of being a fixed amount as it is for fire or other wind peril, "named storms" now have a deductible that is a steep percentage of the value of the property. I don't recall for sure, but I'm fairly certain they did not reduce premiums correspondingly.
UPS raised their their insurance charges this year, as did FedEx. Again, if I recall correctly, last year UPS got $0.80/$100 declared value. This year I believe it's $0.85/$100.
Canon has been offering a 30% discount at a fixed price and without regard to the value of the collection for awhile now, even as their costs (labor, healthcare, shipping,etc.) have risen. They had a choice to "raise the premium" or to "reduce the benefit". They chose the latter.