Best insurance coverage for Leica M8 and Lenses

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eleskin

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Just wondering which insurance company has the best plan at an affordable price to cover loss and damage to equipment.
 
Check with your homeowners policy. Ask your agent about coverage and what the deductable is. You can up the coverage for a moderate amount. If you're a pro you need to list it under your business insurance. Some people have gotten away with filing a claim against their homeowners policy by claiming the Leicas are for their "personal photography" and they just use their Hassleblad or digital SLR for business (or vice versa).

If your cameras are injured by impacting the floor of your car when somebody smashes into your car try to collect against their car insurance. I guess your auto policy might pay if your car is broken into, with the same business/personal caveat as a homeowners policy.
 
Quite a lot of insurance isn't worth the paper it is written on, as the company may well try to wriggle out of it and you may need to threaten legal action to get them to pay up. Don't ask how I know... (And yes, they paid up)

DO NOT buy on price alone, as the cheapest companies are normally the least honest. As Al says, for an amateur, extending homeowners' insurance is usually best, but even there, you'll find crooks, thieves and liars among major companies.

Cheers,

R.
 
Self insurance is by far the most effective. The probability of something happening to your camera (or other assets) is statistically very low. For almost all of us, the value (net present value) of premiums payed to insurance companies over the years exceeds loss compensations received by a huge margin. Considering the turbulent financial times, your insurance company would be the first you would have to fight, in case of a loss. As a rule, don´t send triple A money to single B or lower rated balance sheets in the hope to get some back in case of need.

With other words, save money and make sure you can replace your camera (or household items) if something happend.
 
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if you have a collection in the USA you can get a rider on your home owners and the appraise your cameras. Also make sure your home owners policy has replacement cost. That way they pay to replace item not a deprecated value. Having been through a house fire and two burglaries I am familiar with this process and very happy I did have insurance.
 
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eleskin said:
Just wondering which insurance company has the best plan at an affordable price to cover loss and damage to equipment.
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I have a separate schedule added to my Homeowner's policy with Liberty Mutual (in US). It covers the loss all lenses and cameras and associated equipment. The annual premium is ~ 1.15% of the original price of the equipment, and the coverage is the original cost, not the current (appreciated or depreciated) value. To get the policy I only had to produce copies of the original receipts.

Harry
 
Insurance

Insurance

Home owner's insurance. I do not believe you really need a rider unless something is collectible and non-replaceable. 20 years ago I dropped an M4 (ugly) and my homeowners insurance replaced it without a quibble. More recently (about 2 years ago) I had an M7, 50 Summilux and a couple of CV lenses stolen. I have full replacement value so even though the Summilux was more than 25 years old they bought me a new one. Be aware that if I did not use the full replacement clause of the policy they we're going to depreciated the cameras and give me about 20% of the value. When I pointed out that I had full replacement in the policy they bought me new stuff, they will not give you cash.

I think, in the US anyway, homeowners or rental insurance is the best you can get. Note however it is minus your deductable.
 
C. Tom Pickard offers a commercial inland marine policy for those in the states. It covers your gear worldwide, and it is worth the money. I have about $50,000 worth of gear insured for about $600-$700 a year.

I would be concerned about insuring an M8 with my homeowners, even if I wasn't a professional. Agents have a habit of saying yes, yes, yes, until it comes time for a claim. It is not the $1,000 Digital Rebel that they thought they were insuring. Often time they will disallow professional grade (read expensive) gear even if you are not a professional.

Just do a search on Sportsshooter.com to read all the stories of the photographers who thought that their homeowners' insurance would cover their gear.

Mike
 
retow said:
Self insurance is by far the most effective. The probability of something happening to your camera (or other assets) is statistically very low. For almost all of us, the value (net present value) of premiums payed to insurance companies over the years exceeds loss compensations received by a huge margin. Considering the turbulent financial times, your insurance company would be the first you would have to fight, in case of a loss. As a rule, don´t send triple A money to single B or lower rated balance sheets in the hope to get some back in case of need.

With other words, save money and make sure you can replace your camera (or household items) if something happend.
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I agree with this. It is a weird result of a financial service no longer working as intended. Back in the 60' and 70' the insurance premiums were reasonable. But the companies didn't sort out the profitable customers so effectively as they do today. Typical is car insurance. A middle aged man get far cheaper car insurance than a young man. The young man can just as well be self assured, - and so can the middle aged man too! The insurance companies are too inefficient and greedy. Their service, - to the price they charge, is no longer needed.

It is funny to see all the effort and the poor success the large western insurance companies have at introducing insurance to citizens of former communist states in Eastern Europe.
 
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