Things to Know About Camera Insurance
Almost all cameras come equipped with a manufacturer's warranty; however, that usually does not exceed a couple of years. So what do you do to protect your camera after the warranty expires? It's simple, buy a camera insurance policy. The policy is important and critical to protect you from heavy bills, in case of loss or damage to your camera.
Things to consider when buying a camera insurance policy
Similar to other insurance policies, camera insurance is a tricky affair and you need to understand a few things before you buy one. Here are some things you should consider:
- Value of your Camera - When checking policies, assess the value of your camera as well as other equipment that you want to insure. Companies offer equipment cover that includes lighting and flash equipment, tripods, additional lens, cover filters and other items. The value of all such equipment along with that of your camera should be taken into account.
- What's included in accidental damage? Check the list of accidental damages covered by a policy as every policy covers different things. Damage due to wear and tear, battery leakage and cleaning is usually not covered under a general camera insurance policy. Therefore, read carefully to see what's covered and what's not.
- Is theft covered? The increase in fraudulent claims has made companies sceptical and strict when it comes to processing such claims, with some not including it in the policy. On the other hand, those policies that are inclusive of this cover have certain conditions applied to it. Hence, ensure that your camera and equipment covers theft.
- Does your policy have a breakdown cover? Most policies offer a breakdown cover for a short period, such as one year, till your camera and equipment is relatively new. You can extend this in your camera policy if you want to avail this after the stipulated period.
- Does your policy offer equipment replacement? Also referred to as 'new for old', this aspect in an insurance policy offers to replace your camera or equipment with another of the same make and model, in case the existing one is completely damaged or stolen. When you compare policies, check whether it offers this coverage and whether there is any age restriction applied to it. In most cases, cameras older than 2 years are not entitled to avail this benefit.
Apart from these, other aspects to be considered are discounts, claim limits and the public liability cover. It is best to buy a policy from a reliable broker or a company, who offers the best deal at the best available price. The key to selecting a good camera insurance policy is to read the terms and conditions and understand them before signing on the dotted line.