Choosing the Right Camera Insurance
Camera Insurance
Everyone knows what a home insurance is as well as car insurance, but what is camera insurance?
There are more and more people getting into the fun and creative world of photography. Some of them do not have proper training in photography or have not attended photography sessions or workshops, but you get to see many people outdoors with their digital cameras shooting and clicking almost everything in the surroundings and capturing every moments they see from people around. There is no doubt that those digital cameras they have in their hands or around their necks are very expensive. The typical compact cameras are pricey on their own ways but what more if you have DSLR or the digital single-lens reflex cameras?
A DSLR camera costs around a thousand dollars to three thousand dollars depending on the brand and model. And there are lenses, tripods, and other accessories that go with it that makes it even more valuable.
Pricey cameras and lenses are sure to be objects of desire for enthusiast photographers as well as for people who have intentions to sell them for cash. It is crucial not to forget how costly the equipment you carry around, it may be on sale when you bought your camera though, but once you add a couple of lenses and more accessories with it, you begin to appreciate the value and importance of protecting your gear and you realized that it is time to get a digital camera insurance.
You might be protecting your camera and equipment physically by using a protective UV filter, lens cap, and body gloves for the lenses, and storing your camera in a proper place, but do you think it’s sensible to have insurance for your camera, as well as insurance for camera equipment? I think so. It is wise to insure your expensive equipment at the soonest.
Why is Camera Insurance Necessary?
It is a standard procedure that all new cameras and lenses, and even some second hand and refurbished models are covered by the manufacturer’s warranty. The warranty lasts for a year or two starting on the date of purchase. The manufacturer is responsible to cover certain problems that are stated in the warranty but what happens after the warranty period? Actually, there are additional warranties to be offered to you when you purchase camera equipment. The warranty can be stretched to accidental damage which is a good deal but these may also incur additional expense in your part. This kind of offer is very attractive as this will give you peace of mind if anything goes wrong to your camera.
You might want to check on your home insurance if your camera equipment is already covered. Insurance policy varies depending on the insurance company. Some insurance policy may have covered you for accidental damage, loss and/or theft, or a sort of protection if you take your camera with you temporarily for a trip abroad, whether for a holiday or business trip. Or in terms of travelling, you may want to check on your travel insurance if you are already covered for camera equipment. It is important to have camera travel insurance just in case it got lost when you are walking in the Great Walls of China, or it got broken when your camera fell off from your bag while you are climbing up the mountain in Nepal. Whatever the case may be, the coverage of insurance depends on the policy of your insurance company. It is better to talk to them to clarify their responsibilities and to discuss your limitations as a client.
What are the Types of Insurance for Camera Available to Clients?
Typically, insurance companies offer two different types of insurance for people who have valuable cameras; the standard or amateur cover and the professional cover.
Let us take a look at this insurance for camera checklist that you need to consider when you are looking for camera gear insurance companies:
- You have to know the type of cover you need. Do you need amateur or professional cover? If you intend to use your camera for personal reasons, you can settle for an amateur insurance cover, but if you intend to use your camera to earn an income, you have to get the professional insurance cover.
- Are you prepared to pay an excess value in the event of an insurance claim on your camera? The main factor that will determine the price of your policy is the excess value, now if you pay high excess value, the lower the premium you’ll get. Generally, it is important to get the balance right when you are insuring your precious digital camera.
- Are you a traveler who always brings a camera along with you? You might want to consider checking this one with your travel insurance company.
- Do you always carry your camera with you and leave it in your car unattended? There are insurance companies that are very specific with this kind of policy, so then again, you have to ensure that you are covered in this area.
What are the Factors to Consider When Selecting Camera Insurance?
These following factors should be taken into consideration when selecting insurance for your camera:
- Value
You have to consider the value of your camera and other camera equipment you wish to insure. How much did you buy them? Have a list of the things you want to include in the insurance and make sure to write their equivalent price as well. The insurance will use those figures to calculate your contribution in fortnight, month, or annual basis.
- Accidental Damage
This one should not be ignored. You need to take a very careful look at what are included in the accidental damage. Does it include damage caused by grit and sand or when you accidentally drop your camera on the beach and got broken?
- Theft of Camera and Equipment
This is an important factor to be considered especially to countries that thieves can freely take your precious things from you. This is a very common case where there are many fraudulent claims have been made regarding stolen cameras. Some have made big claims for their cameras when in fact the true value of their cameras was worth much less than their actual claim.
To avoid this kind of deceitful claim, it is advisable to keep all your receipts. The receipts will be used to prove when and where you bought your camera and for how much money you got it. A photograph of your camera and all you camera equipment included in the policy is a great proof to show the insurance company when you are getting your claim. You have to secure a crime number or a police report as soon as your camera and your equipment have been stolen as a requirement for the claim.
- Breakdown Cover
Usually breakdown cover is provided for at least one full year when cameras are bought new. You can continue this cover if you wish by talking to your insurance provider. If you have an extended warranty where you have bought your camera, this could be used as a possible cost effective alternatively after an investigation.
- Public Liability Cover
If you are using your camera and camera equipment to earn an income, you have to make sure that your professional camera insurance policy includes public liability cover. This will cover any broken or stolen camera and camera equipment that were hired by other people. It is also called the camera rental insurance wherein you are lending your camera and equipment to the public and for some reason the camera got broken or stolen while on their care allows you to get a claim from your insurance company.
- New for Old
Some insurance policies have “New for Old” cover. This means that if your camera got stolen or completely destroyed in an accident, the insurance company will replace it to a new one of similar quality to your old one. You have to carefully check this type of cover with your insurance provider as some policies require age restriction. Typically, if your camera is over 2 years old, it will no longer be eligible to the cover.
- Including Other Equipment on the Policy
Can you include other items to your camera insurance? Absolutely! If you wish to include lenses, tripods, battery packs, film, lighting, chargers, and flash equipment, you may do so by discussing it with your insurance provider. Make sure that you are specific in making the list of the items. Ensure that you have listed specific details such as brands, models, and value of each item.
- Discounts and Specials
There are other discounts that camera insurance companies offer if you do purchase online.
- Claim Limits
You have to check this in your insurance policy as many policies have set a maximum limit that you can make in a certain period.
Tips on How to Select the Right Camera Insurance
Step 1: Define your Photographer’s Profile
There are two types of Photographers; amateur and professional. If you are an amateur, your camera is most likely covered by your home content insurance. But if you are a professional photographer, you may want to consider broader coverage than just a standard insurance.
Step 2: Document Equipment to be covered
Make a list of all the camera accessories you want to include in the insurance policy. Make sure that you list all the necessary details such as the brand, model, and value of each item that you want covered.
Step 3: Narrow the Search
If you have an insurance company that you trust, you might want to discuss the possibility of covering your camera together with your home insurance. You could also ask for other referrals that may offer insurance for cameras and equipment. If you haven’t had an insurance policy before, you may want to do some research on the internet to search for the best camera insurance company. You can also ask your photography buddies if they have a relationship with an insurance professional that can be trusted and offers good deals. You may also ask local photographers and inquire about the insurance company that covers their camera and equipment. They will surely be of great help to your search for an insurance provider.
Step 4: Read and Know the Details of the Policy
Never disregard the camera insurance policy, you have to take your time to read and understand what’s on it before you buy it. Investing your time to understand the policy can actually save you dollars in the future. It is crucial to know the deductible amount that you need to contribute in order to replace the equipment. For some insurance companies, it is important to know the exact amount before they can actually pay its share.
Whether you are an amateur or a professional photographer, it is sensible to get insurance for your camera and equipment.
But deciding on what cover should you get, actually depends on your requirements. You need to discuss your needs and preferences when it comes to insurance, taking all the considerations such as travelling with your camera, shooting as a hobby, earning money in photography, leaving your camera and equipment unattended in your car, and more. You need to talk to your agency about these things when choosing the right cover. The insurance will certainly give you the right cover based on what you are as a photographer. They know exactly what you should get. Don’t hesitate to talk to them and make sure that you find the right option for you. But as mentioned earlier, you need to read very carefully and understand each line of the insurance policy or you’ll be sorry later when you are getting your claim. Make sure that you agree to all the requirements and rules stated in the policy before you sign the contract. It is important to choose the right policy for your needs to avoid paying more than you should. Now that you have selected the right camera insurance for you, you can enjoy clicking and adjusting your precious gadget and enjoy photo sessions with your photography buddy.
