Insurance on camera equipment

[Dirk Brand]

Hi guys and girls! I was wondering if it is possible to insure your camera equipment for fire and theft only if you mostly use it in the studio? I know it would mean that if my camera fell it would not be insured but I am paying a boatload on insurance that I just cannot justify. When I go outside I can specify everything so that it is insured for all risk but I use it in my house almost 98% of the time. What do you think?

[Leo Theron]

Dirk…

Not what anybody thinks.

The best answer would come from an insurance broker who deals in these things. He should be able to advise you.

Insurance is simple: You pay someone to transfer your risk to them. In your case - theft and fire.

My guess is that you will still pay a lot, as more cameras are stolen from houses than from cars...

[Dirk Brand]

Thanks Leo. I am planning to go see a broker but I wanted to get some input from other photographers before doing so.

[Phillip.Grobler]

look at what it woukd cost to.replace with exacyly the same item secondhand. ie R15000 for a 5d ii. not at the price of a new 5dii or 5D III. What would you do if it fell tomorrow can you live without it or replace it from savings if you can leave the insurance - all of it if not get comprehensive insurance.

Once you cancel the insurance start saving the premium to a new camerafund to use for the next upgrade or if something does happen.

a 5d ii 24-70 older 70-200 2.8 17-40 + lights is +- R40 000 secondhand

To replace R40 000 worth of equipment with a loan would cost R1000 for 6 years. To insure it would be +-R400pm.
If you started in 2008 and have not lost anything
you would already have saved 24 000 into the upgrade fund.

Its always a risk the bottomline how badly can you not afford.to have a camera if its gone.

If you only by new it becomes a problem though then the cost is R90 000

[koosdup]

PF,
I do not know what calculator you use: 4 x 12 x400 =R19200.00 (not R24000.00)
At prime + 1% a R40000.00 loan will be paid over a 49 month period at R1000.00 pm. At R1000.00 pm over 72 months the rate is 21.79%. If you borrow from a loan shark it could well be but surely not from a bank.

Dirk, I think you should shop around, I am pretty sure you will get cover at less than 1% premium(R40000.00 cover R400.00 premium)

[Phillip.Grobler]

PF,
I do not know what calculator you use: 4 x 12 x400 =R19200.00 (not R24000.00)

Im using an organic one 4.5 x. 12 x400 = 21 600 + 6% intrest will be very close to 24k

[Phillip.Grobler]

At prime + 1% a R40000.00 loan will be paid over a 49 month period at R1000.00 pm. At R1000.00 pm over 72 months the rate is 21.79%. If you borrow from a loan shark it could well be but surely not from a bank.

Dirk, I think you should shop around, I am pretty sure you will get cover at less than 1% premium(R40000.00 cover R400.00 premium)

We'll have to meet in the middle on the lending rate getting prime +1 will be very unlikely except if your rich enough not to need a loan.

Maybe insurance dont like me but all my qoutes have been arround that.
-- Edit
OK the R1000 might be a bit high the last quotes I got was around 0.4% - R331 for R87 000

[koosdup]

That ,4% does not sound too bad, is that covered by your household under all risk?

[Phillip.Grobler]

Was from Artinsure - with a specified value for each item