Insurance - how to value

[Reschsmooth]

We have been collecting a fair bit of Bronica gear (two lenses, metered prism finder, two film backs, etc). The second hand price paid is one thing, but how would you recommend we value the items for the purposes of listing on our contents insurance?

I could probably go to Borges or someone and get an appraised value (which could be quite generous), or I could use the RRP prices from the Tamron site (which would probably increase the value by a multiple between 5 & 10).

Thoughts (put down on the keyboard) would be appreciated.

Thanks

[jamesw]

does your insurance company provide new for old replacement?

- if yes, provide replacement cost. ie rrp.

what do they require as proof of purchase?

- many insurance companies will just require a photo of your kit.
- some may require you to have your gear appraised.

long story short, give them a call (anonymously, do not give them your details) and ask them what you should do.

it's all good and well to do what you think is the right thing now, but it would suck the proverbial if in a few years time you make a claim and they don't payout because you messed something up.

[phillipb]

With Bronica out of business you may not be able to get new for old anyway so they would probably pay out an agreed sum. Insure for what you think you would like to get back if something happens.

[Reschsmooth]

Thanks guys. Pending confirmation of the policy (yeah, Phillip - no new for old for Bronica!) I will opt for an appraised value - I will get the appraisal first to make sure it is above what I paid for it!

[moz]

Just make sure that whoever does the appraisal is acceptable to the insurance company. You don't want to go with someone who only accepts "valuations" from some dodgy pawnbroker.

[michael_]

perhaps just depreciate the value of the item over 5 years, i just had to work out depreciation of my camera gear and we did it over 5 years

[MSF]

I have worked in the Insurance industry for the past 19 years now, and whilst I am sure everyone on here means well in what they say, unfortunately they *MAY* be misleading you and that may cause you a few problems come claims time..

The best advice I can offer is CALL YOUR INSURANCE COMPANY !!
- Find out what THEY want - that way, you can be assured that you do it properly in a way that they will be happy with. Also, you will be able to discuss with you the best type of cover that is available, and maybe even how to save some money

As a GENERAL rule however... there are generally TWO types of policies available.. - 1. Replacement - (eg, New for Old) or 2. Indemnity - (eg, Depreciation). Each policy has their benefits for certain people..

This is what i would reccomend..
Catalog EVERYTHING - include make model and serial number
Photograph Everything, individual or as a group.
As for valuations - if you have the original receipt - Perfect - it not only proves the item existed, but proves YOU owned it and when you bought it.

If you do not have the receipts, and the items are no longer available new - then take the catalog and photos to a camera store (with credibility) and ask them to give you a valuation (either as a 'next-closest-model' if it is no longer available, or as a 'street-value' or 'cost-to-replace' based on second hand values) - Eg, a D60 would have a street value of (say) $250, where as the replacement would be a 400D or 40D's list price. How you are settled comes down to how your policy operates..

Make sure you include everything, Bags, spare batteries, lense / sensor cleaners, loupes, stofens etc - EVERYTHING...

Michael,
DSLR Cameras, like most high technology based items depreciate much more rapidly than that... - a 5 year old D60 for example was about $5,000 new, but would be worth $250 at most nowadays... Laptops for example are given a realistic life of about 2.0 years..

[Reschsmooth]

Thanks for the info guys - definately worth a call to the insurer and then a call to their competitors!

[jamesw]

May i suggest Allianz for a good policy and competitive quote. I myself use them, it costs me about $30 a month, and as a part of my policy i am covered for accidental damage on any of my gear, up to value $2000 and for a total of $7500 per claim. A nice touch

[MSF]

James,
Check your policy wording - ESPECIALLY if you use your camera gear for ANY business purposes...

Business use photographic equipment is not covered...

See pages 36 & 37
http://www.allianz.com.au/internet/alli ... +03.07.pdf

[Alpha_7]

Thanks for the info MSF!