How do camera insurance companies deal with replacing discontinued bodies?

EspressoJunkie

EspressoJunkie

Suspended / Banned
Messages
2,886
Name
Greg
Edit My Images
Yes
I was having a chat with a friend of mine and the subject of insurance replacement policies came up.

When insuring a camera body which is discontinued, should you insure for the amount that the new model will cost, or for the amount the camera is worth at the time of insuring?

So for example should my D700 be insured for what it was new when I took out my policy, or should it be insured for the cost of a D800 body? At the moment I'm with Photoguard, and my camera is insured for what it cost new when I took out the policy.

Does anyone know how it works? I hope I never have to find out but I want to make sure I've done this correctly!
 
The replace with a D800 if they cannot source a D700.

I have photoguard on my gear also!
 
My gear is insured for its cost, if anything happens, and camera/ lens is no longer available, I'd get the next newer model available. I dropped my 30D and they replaced it with a 60D.
 
Mark Anthony said:
I remember reading somewhere that someone with a Canon 50D made a claim on it, and insurance co offered them a 60D, which they turned down due to it having a plastic body instead of the mag alloy that the 50D had, and they got a 7D instead as that was the next body available close to the spec of the 50D.
Click to expand...

That type of scenario was actually part of what we were discussing. My friend has a D3s so obviously his only option for a next model up is a D4, but for me with a D700 we were thinking what would happen if a D600 was offered as a replacement, as in my mind it wouldn't be fit for purpose due to the body differences.
 
daugirdas said:
so if you had an old cheap 1d2 this would be replaced with 1DX; I can see why the premiums are high
Click to expand...

Although in theory it sounds the same in reality it's poles apart isn't it..

The difference between a 60D and a 7D is a few hundred and the 7D was the nearest mag alloy bodied camera they could get.

The difference between a 1D2 and a 1DX is several thousand and not really like for like anyway as many 'prosumer' and even starter models now have features that the 1D2 had and more besides.. I'd put money on you being offered a 7D too.

Or maybe you'd get a cheque for what they valued the nearest possible spec camera feature wise to yours is.

Just a guess though.. as with all insurance companies i'd put money on you getting what was the cheapest possible resolution for them.

I had a friend who dropped his tv while decorating, it cost him £900 about 5 years ago.. he had his heart set on a nice spangly £900 replacement.. insurance company replaced it with a £350 one the same size and nearest possible spec due to the cost of tv technology coming down so much.

So i guess at least we're lucky our cameras hold their own huh.
 
Mark Anthony said:
I remember reading somewhere that someone with a Canon 50D made a claim on it, and insurance co offered them a 60D, which they turned down due to it having a plastic body instead of the mag alloy that the 50D had, and they got a 7D instead as that was the next body available close to the spec of the 50D.
Click to expand...

This exact scenario happened to someone i shoot with so maybe him, the 50D took a swim...
 
I know there was someone with the same conundrum with the Sony A700. Now going for £350 odd on the secondhand market, he was offered an A65 (£700 odd I think). Having discussed it amongst fellow sony alpha shooters, he drew up a list of why this wasn't a correct match (magnesium body, micro adjust focus, dual wheels) and went back to the insurers. It may depend on insurer, but generally they replace based on spec rather than value.

With my insurers, the total amount is based on the cost to replace with new. So although my minolta 300 2.8 only set me back around £1,000 the only equivalent on the market is the sony 300 2.8, at around 4 times that price so £4,000 of my cover is dedicated to that lens. Fact of the matter is the Sigma/Tokina's aren't OEM whereas Sony is (Sony bought Minolta).
 
Mark Anthony said:
Although in theory it sounds the same in reality it's poles apart isn't it..

The difference between a 60D and a 7D is a few hundred and the 7D was the nearest mag alloy bodied camera they could get.

The difference between a 1D2 and a 1DX is several thousand and not really like for like anyway as many 'prosumer' and even starter models now have features that the 1D2 had and more besides.. I'd put money on you being offered a 7D too.

Or maybe you'd get a cheque for what they valued the nearest possible spec camera feature wise to yours is.

Just a guess though.. as with all insurance companies i'd put money on you getting what was the cheapest possible resolution for them.

I had a friend who dropped his tv while decorating, it cost him £900 about 5 years ago.. he had his heart set on a nice spangly £900 replacement.. insurance company replaced it with a £350 one the same size and nearest possible spec due to the cost of tv technology coming down so much.

So i guess at least we're lucky our cameras hold their own huh.
Click to expand...

That's an interesting one... can they force 1.6x instead of 1.3x sensor? no integrated grip, cheaper build quality? Obviously I picked the most extreme example here but that's what you always do when raising a question
 
PaulJC said:
This exact scenario happened to someone i shoot with so maybe him, the 50D took a swim...
Click to expand...
If you're saying what I think you're saying - please thank your buddy for making insurance premiums as high as they are. At least he got a benefit out of it. :thumbsdown:

There seems to have been a lot of cases on here recently where insurance companies have provided Jessops/Currys etc. vouchers instead of a replacement, but I guess that will depend on whether the policy is new for old, or maybe it's household insurance that's more likely to do that.
 
I had this very discussion with Tesco insurance a couple of days ago with regards to my D3 and 70-200mm VR1. We agreed a cash value for the D3 as the disparity between that and a D4 or D3x is so large. For the lens they will replace with a VR2. To me this seemed a common sense approach.
 
Phil Young said:
Are you getting a D4 from insurance or is that hypothetical?
Click to expand...

That's what the replacement would be if repair wasn't viable.... its getting sold (D2x) mind, so premium will go down accordingly....
 
OutLore said:
There seems to have been a lot of cases on here recently where insurance companies have provided Jessops/Currys etc. vouchers instead of a replacement, but I guess that will depend on whether the policy is new for old, or maybe it's household insurance that's more likely to do that.
Click to expand...

Insurance companies cannot force you to take a voucher. You can insist on a cheque to the value of the claim. If they argue, tell them the Ombudsman says they're wrong.
 
digital said:
Insurance companies cannot force you to take a voucher. You can insist on a cheque to the value of the claim. If they argue, tell them the Ombudsman says they're wrong.
Click to expand...
Surely this depends on the T&C of the policy?
 
Good to know that, I'd not want a 60D to replace my 50D if it dies a painful death.
 
I checked the house insurance the other day

Everything is 'new for old' but for anything worth tham more than 2K but not listed as being more than 2K- I get a flat 2K regardless.

My 40D is insured new for old which would be (model discussed) = less than 2K = no problem

My 1D2 is insured new for old which (having checked) would be a 1DX however as £1999 is the max pay out on that item then that's what I would get unless I add it to the >£2K list in which case I would get the 1DX but the monthly cover would be a bit more.
 
Last edited:
Ive just taken a policy that is "new for old" so hopefully i wont need to use this
 
Question for those who have made claims - did you have to prove you had a specific item? IE give a receipt, or some other document? In the case of damage did the insurance co. want the damaged kit back?
 
OutLore said:
Question for those who have made claims - did you have to prove you had a specific item? IE give a receipt, or some other document? In the case of damage did the insurance co. want the damaged kit back?
Click to expand...

Depends on whether they think it is a genuine claim or not.

In the past, in the absence of boxes,receipts etc (when I used to throw it all out!) they have accepted credit card statements of purchase and even a friends holiday pictures showing me wearing watch, jewellery and using camera!

Honest claims are rarely refused.


Heather
 
OutLore said:
Question for those who have made claims - did you have to prove you had a specific item? IE give a receipt, or some other document? In the case of damage did the insurance co. want the damaged kit back?
Click to expand...

All of my kit is second hand, and currently insured just with serial numbers, as I obviously don't have any receipts etc . I would assume in the event of a claim that that's all that would be needed.
 
EspressoJunkie said:
All of my kit is second hand, and currently insured just with serial numbers, as I obviously don't have any receipts etc . I would assume in the event of a claim that that's all that would be needed.
Click to expand...
That's my concern - S/H stuff... I mean, I have images of everything, showing serial numbers where possible... Might have to call them and ask outright.
 
OutLore said:
Question for those who have made claims - did you have to prove you had a specific item? IE give a receipt, or some other document? In the case of damage did the insurance co. want the damaged kit back?
Click to expand...

I just listed what I had with how much it cost and where I got it from. The person on the phone from insurance company asked if I had receipts, I said yes, and then asked for me to hang on to them in case someone else processing the claim wanted to see them. They gave me everything I claimed for (new for old) and didn't question the valuation (original purchase price). I think the level of detail they wanted, and the fact I could provide it, helped them decide it was genuine!
 
You must log in or register to reply here.
Back
Top