arurso wrote:
*websites seen that offer insurance for up to four years
through third-party providers are B&H Photo and keh.com
That's a certain kind of limited insurance, usually against malfunction once outside of the manufacturer's warranty period or accidental damage. As you've noted, it's typically offered by a third party through a retailer (who gets a cut, of course) and doesn't necessarily guarantee that a repair claim will be serviced by the actual manufacturer. Some manufacturers also offer this type of insurance as an add-on similar to extend warranty coverage (though you need to read the fine print).
If you're looking for traditional insurance, for example against theft, damage, loss, etc., it may be available through homeowner's insurance. Previous discussions about insurance have recommended that those in the USA look into 'inland marine' insurance: https://en.wikipedia.org/wiki/Inland_marine_insurance.
I generally don't buy add-on coverage such as extended warranties. With photo equipment I've found that either it breaks very soon into the ownership period, while still under the standard warranty, or it lasts a long time before requiring servicing. I prefer to pay for repairs as required. The last used car I bought from a dealership, the least pleasant part of the experience was dealing with the after-sales person pushing the extended warranty for a few grand, using all sorts of scare tactics trying to convince me the 'peace of mind' the warranty would provide was worth the expense. I didn't buy it, and six years later, didn't need it, knock on wood.
arurso wrote:
Either as a hobbyist or proffessional, is it 'numbers-wise'
for you worth it to pay insurance on top of any of your
gear purchases?
Is it numbers-wise? Depends how you feel about things, how expensive the gear is and how easy it is for you to replace.
If you saved for 5 years (from your disposable income of $500) to drop 8k on a Leica, is a $200/year premium worth it? What if you drop it in a river the first time you're out?
If your disposable income is $5k/month then maybe you'd think of this differently.
If you're paying paying $10/year for a $200 item with a $150 excess then that math probably doesn't work.
There are different kinds of insurance. I’m not sure which you refer to, but it sounds like it might be the “warranty extension” type that gives you coverage for repairs after your manufacturer’s warranty expires.
In general, I do not think those are worth the money. The odds that you’ll have a post-warranty failure that you have to pay to repair And that you would not be able to afford it without insurance are pretty small. That’s why the people offering these extension policies make so much money on them!
One exception might be if you purchase a very expensive big ticket item that is so costly that you are sure you would be unable to pay for repair/replacement on your own, and which is so critical to your work that you could not afford to be. without it. This might be more the case if the item is one that typically wears and needs expensive repair/replacement during time time frame of the policy AND the coverage is inexpensive enough to not burden you. (E.g. paying $1000 over four years for a policy to pay for possible repairs on a $3000 item that is unlikely to have a problem is probably not a good investment.)
My experience is that over the years an with multiple products, you are likely to end up paying more for the insurance on all of your various items than you would end up paying to “self-insure” and cover the possible costs yourself.There are no guarantees, of course.
Now, there are other kinds of insurance, too. For example, “professional photographer” insurance (so-called “inland marine” policies) that cover all of your expensive gear against loss, theft, damage. If you have tens of thousands of dollars worth of cameras, lenses, and other stuff this kind of insurance is likely a good value… since you could probably not absorb the cost of replacing all of that gear if, for example, someone broke into your home/car and stole all of it. (Your homeowner’s or renter’s policy may offer some coverage, but there can be issues with those.)
arurso wrote:
Hi,
I have seen that *websites for either new or used gear
offer insurance for up to four years, perhaps some for
even longer terms. Do you buy insurance?
In many countries it is not always readily available. It
seems like a wonderful idea.
Either as a hobbyist or proffessional, is it 'numbers-wise'
for you worth it to pay insurance on top of any of your
gear purchases?
Thank you in advance, kind regards,
arurso : )!!!
*websites seen that offer insurance for up to four years
through third-party providers are B&H Photo and keh.com
rscheffler wrote:
That's a certain kind of limited insurance, usually against malfunction once outside of the manufacturer's warranty period or accidental damage. As you've noted, it's typically offered by a third party through a retailer (who gets a cut, of course) and doesn't necessarily guarantee that a repair claim will be serviced by the actual manufacturer. Some manufacturers also offer this type of insurance as an add-on similar to extend warranty coverage (though you need to read the fine print).
If you're looking for traditional insurance, for example against theft, damage, loss, etc., it may be available through homeowner's insurance. Previous discussions about insurance have recommended that those in the USA look into 'inland marine' insurance: https://en.wikipedia.org/wiki/Inland_marine_insurance.
I generally don't buy add-on coverage such as extended warranties. With photo equipment I've found that either it breaks very soon into the ownership period, while still under the standard warranty, or it lasts a long time before requiring servicing. I prefer to pay for repairs as required. The last used car I bought from a dealership, the least pleasant part of the experience was dealing with the after-sales person pushing the extended warranty for a few grand, using all sorts of scare tactics trying to convince me the 'peace of mind' the warranty would provide was worth the expense. I didn't buy it, and six years later, didn't need it, knock on wood. ...Show more →
But insurance can cover more than a camera malfunctioning. There is loss, theft and damage that can also be covered by insurance. I still buy insurance for the contents in my house even though it won’t cover malfunction of those contents.
Don't put camera gear on home insurance. If you make a claim, you maybe denied home insurance in the future. Happened to me with even a stand alone personal article policy for my camera gear. I made a claim and it showed up when I was trying to change home insurance companies.
Thank you for your messages : )!!! I appreciate it!
I would like to give an example. I have seen several
cameras, that new cost between $800 and $900,
with a one year warranty included.
The same camera could be bought used for $600 to
$700, used, plus one can add $100 to $200 of insurance,
or extended warranty, for protection for a few years.
What option would be warrantywise better for you,
buying new or buying used with the respective warranties
mentioned before.
Thank you for your messages : )!!! I appreciate it!
I would like to give an example. I have seen several
cameras, that new cost between $800 and $900,
with a one year warranty included.
The same camera could be bought used for $600 to
$700, used, plus one can add $100 to $200 of insurance,
or extended warranty, for protection for a few years.
What option would be warrantywise better for you,
buying new or buying used with the respective warranties
mentioned before.
Thank you again, kind regards!
arurso
What is mo
In general, paying for extended warranties isn’t a great idea. On average those warranties will cost more than you are likely to save in the unliely event that you make a claim under the warranty.
The place where extended warranties could make sense for some people is on very expensive items that have a history of being unreliable, and for which the costs of a repair would be beyond their financial abilities.
The question always involves some degree of risk and some unknowns. Of course, if you pay for the warranty and are unlucky enough to t have a problem and the warranty resolves it, you might feel like it was a good choice. More likely though that you’ll pay for it and not have a problem. (If it were otherwise, those offering the warranties could not afford to do so.)
So, if it drops and breaks, you mean
that there are extra costs to be paid to
have it repaired or restituted?
Buying used gear, can get you up
to four years of protection. I think
for new gear is the same. In the
above mentioned case, that costs
around $200. I seems not to
include any maintenance service
with the warranty.
So, if it drops and breaks, you mean
that there are extra costs to be paid to
have it repaired or restituted?
Buying used gear, can get you up
to four years of protection. I think
for new gear is the same. In the
above mentioned case, that costs
around $200. I seems not to
include any maintenance service
with the warranty.
Thank you again, kind regards!
Usually these extended warranties are just that — they (more or less) extend the coverage that was in the original warranty for a longer period of time.
I can't see the policy that you are looking at so I can't tell its precise terms, but generally these kinds of warranties that extend the manufacturer's original coverage are NOT going to cover things like damage that you caused by dropping the camera. They cover things that break by wearing out.
Check also for limits on the pay-out. Is there a deductible? Are there exclusions for things like theft, etc? Get a copy of the policy and read it.
In the end, you'll have to weight the pluses and minuses and your own personal situation and make a choice that is right for you.
