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Author Topic: Insurance  (Read 13861 times)

superFX

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Insurance
« on: January 03, 2011, 05:56:53 PM »
I've started to accumulate a fair bit of gear and am looking to getting it insured. Would anyone have any experience or advice to what my options are? Thank you.

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Insurance
« on: January 03, 2011, 05:56:53 PM »

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Re: Insurance
« Reply #1 on: January 03, 2011, 09:01:34 PM »
Hey SuperFX

An insurance policy for your gear is a great idea.

I use State Farm insurance for all my gear, they have two different tiers for insurance.

All prices I'm quoting are in Canadian dollars from within Ontario, I assume it will differ elsewhere.


All State Farm policies are deductible free (here anyway) and I add my laptop to the same policy.

They cover everything, theft, loss, destruction, acts of god, it being eaten by a bear, etc.


1) Amateur.. the last time I checked ( about 2 years ago) it was $1.22/per $100 a year.

Example. $2000 worth of gear cost $24.40/yr

2) Pro.. I think I pay $1.70/per $100 a year. So a $10,000 policy works out to about $170/yr.

If you have any more questions, please ask away.


CR
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superFX

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Re: Insurance
« Reply #2 on: January 04, 2011, 07:11:46 AM »
I'm not entirely sure what regions State Farm cover, seeing that I reside in Australia. But it's exactly what I'm looking for - cover during use, transport, storage and theft, all amateur use.

neuroanatomist

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Re: Insurance
« Reply #3 on: January 04, 2011, 08:58:27 AM »
At least here in the USA, there's a difference between 'professional' use vs. 'personal' use, defined by whether or not you make money using your gear.  If it's not for business use, you can often get a rider on your home/rental insurance policy, or a separate policy from the same insurer - so, contact your agent!

Personally, I have coverage from State Farm like CRguy, and for my 'personal' use I pay US$7.60 per $1000 of covered gear.  Coverage is for full replacement cost, no deductible, coverage for everything (loss/theft/damage), applies wherever you travel, worldwide. 
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Goincarcrazy

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Re: Insurance
« Reply #4 on: January 04, 2011, 11:34:10 AM »
I have a rider on my rental insurance for my gear, but sadly I was never really informed as to what the conditions are.  I do know it covers theft and damage from catastrophic incident (fire, building collapse, etc), but sadly I have no idea if it covers damage while out and about.  Looks like I'll be calling them later!

unruled

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Re: Insurance
« Reply #5 on: January 07, 2011, 07:25:46 AM »
thanks for posting rumors guy. that seems a very good deal!

just wondering, have you ever claimed anything from that insurance, if so, did that go smoothly? I know some insurance companies get very anal about paying out sometimes.

I've still not had anything happen, and don't have any special insurance for my gear. I do have worldwide travel insurance, which I could always claim it under.. though that only covers about 1000 euro worth. I may look into getting additional insurance, thanks guys.

neuroanatomist

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Re: Insurance
« Reply #6 on: January 07, 2011, 11:56:43 AM »
just wondering, have you ever claimed anything from that insurance, if so, did that go smoothly? I know some insurance companies get very anal about paying out sometimes.

State Farm has been great for auto claims, in my experience, and I assume the same would be true of other claims.  However, the bigger concern is that if you file a claim it is entered into the CLUE database, and that can affect your premiums for your home/renters insurance (or your ability to obtain new coverage).  So, if you drop and break your nifty-fifty it's probably not a good idea to file a claim even though there may not be a deductible.

I've still not had anything happen...

Which is precisely the point of insurance - you have to get it before you need it!
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Re: Insurance
« Reply #6 on: January 07, 2011, 11:56:43 AM »

visionphotos

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Re: Insurance
« Reply #7 on: April 29, 2011, 08:29:18 AM »
Hello I have insurance with GIO for the content of my house but they have a special deal for all your photographic equipment I think I'm paying extra 280 and they cover all my equipment in and out of the house my exces is 100 just for the photographic equipment and it's cover for thief, accidental damage or lost.

I dropped my 7D during a trip and they paid everything and it took a couple of moths because of the check of the damage and the normal waiting period.

Hope this helps

niccyboy

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Re: Insurance
« Reply #8 on: September 24, 2011, 10:58:31 PM »
I used AON, wasn't bad in aus.


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Re: Insurance
« Reply #9 on: October 05, 2011, 01:34:57 AM »
I was on the phone to the insurance the other day, and while i was there I checked some things.
I'm with Alliance, they give a $10k coverage to 'personal effects anywhere in australia' (i think NZ too).
That includes breaking, theft, leaving it in a friend's house which burns down (if their insurance doesn't cover it), even non warranty repairs and dropping it because you're a klutz. $250 excess though, and it'll probably make the premiums go up if I ever claimed (but with 7D, 70-300L, 15-85, cards and filters in a bag that's already $4k of gear).
Only stipulation is that it's for 'non-professional' use only, so if my camera gets nicked next time i'm at a pub filming a mate's band, it was for my enjoyment only.
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Hillsilly

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Re: Insurance
« Reply #10 on: October 05, 2011, 03:52:36 AM »
CBA also insure camera gear out of the house and for accidental damage (as an add-on to their house contents policy) and I don't remember this affecting the premium too much.
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scottsdaleriots

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Re: Insurance
« Reply #11 on: October 16, 2011, 06:54:38 AM »
there should be more insurance polies for us photographers who don't make a living from taking photos. anyone know if RACV/AAMI has insurance for photographic equipment? i don't own the deed to the house i'm living in so i'm not sure how it works. i want 'wear n' tear' kinda of warrantee as well. camera house has one for like $650+ for 2/3 years (depends on what kind of gear you have, obviously the more expensive it is if you have more professional gear).

wickidwombat

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Re: Insurance
« Reply #12 on: February 06, 2012, 06:35:58 AM »
there should be more insurance polies for us photographers who don't make a living from taking photos. anyone know if RACV/AAMI has insurance for photographic equipment? i don't own the deed to the house i'm living in so i'm not sure how it works. i want 'wear n' tear' kinda of warrantee as well. camera house has one for like $650+ for 2/3 years (depends on what kind of gear you have, obviously the more expensive it is if you have more professional gear).
In Australia GIO platinum home insurance will cover any amount of non professional use gear up to $5000 per item and professional use equipment up to $5000 total
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Re: Insurance
« Reply #12 on: February 06, 2012, 06:35:58 AM »

PeterJ

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Re: Insurance
« Reply #13 on: October 03, 2012, 04:10:00 AM »
I used AON, wasn't bad in aus.
Pretty old thread, but I was about to start a similar one, you probably had professional coverage? I'm with AON/CGU and just got a quote and it's $500 extra and that's with a $500 excess / deductible. The kicker is the only way to do it on their home policies is to upgrade all your contents to accidental damage and I'm probably not too likely to damage or lose my fridge away from home ::).

Anyway might try CBA, GIO and Alliance and see how I go unless anyone has any other suggestions? It's just about $10K of the usual sort of photography stuff I'd like some better cover on.

P.S. It's easy to miss the board titles when replying, I'm in Australia so looking for local coverage.

AmbientLight

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Re: Insurance
« Reply #14 on: October 03, 2012, 08:56:39 AM »
Over here in Europe the situation is not too different from Australia. My gear is all covered through my home insurance (from Axa), but I had to raise the insured sum, so that it will also cover my gear, which I might bring along, when I am travelling. I have some 15k$ of equipment insured against theft, accidents or damages, when I am out of my house and beyond 100k$, when I am at home.

The same insurance company also offers to insure photographic gear as a specific insurance for photo equipment, but that seems to work only in case you rent something or use something for a specific trip (safari or such), because it only insures listed equipment and only at time value, so if you leave this insurance running for some years, your old equipment will not be replaced with new equipment, while your insurance rate will stay up, but in case of claims they will calculate how much value your equipment has lost, so it is not better than a normal insurance and in addition, if you buy new equipment, your insurance rate will go up, if you add it to the list of equipment or it will not be insured.

Please be careful with those options. For me the combination with home insurance works fine, although I must admit that my yearly rates are similar to purchasing a small L lens per year.

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Re: Insurance
« Reply #14 on: October 03, 2012, 08:56:39 AM »