Do you buy insurance for your lenses, camera, hard drive, etc. ??

[igmolinav]

Hi,

Do you buy insurance for your lenses, camera, external hard drives, etc. ??

About two weeks ago, I needed a new external hard drive. I went to a store, and I paid 79 *units * for a 750 GB external hard drive.

As I was at the store, the salesman offered me insurance. He said for 30 more *units* the external hard drive would be covered for everything except rescuing any lost information. So, any accidental damage, malfunction, theft. The period covered is up to five years.

Is paying insurance worth it ?? The cost of that insurance is almost 40% the value of the product. Doesn't it make more sense to save that money for a future purchase ??

I still have a few days to return the insurance. They let you think about it for two to three weeks.

Thank you, kind regards,

igmolinav.

By *units*, I refer to some of the currencies being mentioned in this forum like the Dolar, the Pound, and the Euro.

On my keyboard I can only hit the "$" dolar, and the "€" euro signs, but I don't find the pound sign

 

[gnasher729]

Hi,

Do you buy insurance for your lenses, camera, external hard drives, etc. ??

There are two cases when you buy insurance: One is if the possible damage is so much that you would be in real trouble if it happens. That's why you buy insurance for your home, and third party liability insurance for your car. If your new external hard drive breaks down I assume you can afford to buy another one. The other case is when the damage is so likely that the insurance is worth it. I bought a TV hard drive recorder about 7 years ago. It broke down which I fixed myself by buying a new power adapter and later a new hard drive. The next one I bought I got insurance; since then it regularly breaks down every two years and I get a new one (I am on the fourth now, and every time it is better than the previous one). If my current one lasts over three years (insurance time) I'm stuffed - I'll have to buy a new one myself. Another situation is AppleCare where you can wait 11 months to buy the insurance - if you have problems with your Mac in the first 11 months, then buy AppleCare, otherwise don't.

But with a hard drive, they take your money. If anything happens, chances are you forgot you had insurance. Or you can't find the paperwork. Or they find some excuse to avoid paying. And if you take the money, plus the interest, plus the effort it takes to get a replacement, and the likely price drop, you are better off taking your chances.

 

[steviem]

By *units*, I refer to some of the currencies being mentioned in this forum like the Dolar, the Pound, and the Euro.

On my keyboard I can only hit the "$" dolar, and the "€" euro signs, but I don't find the pound sign

Try pressing the key next to the apple key (not the spacebar) and 3. Then you will get your £... You must have a US or European keyboard.

Also, the only emergency care you'll want on a disk costing £79 is really when you want to recover data. If it fails, it fails, and as gnasher729 says, they will squirm their way out of paying to replace/repair your disk at any cost. If the disk fails in the first 1, there is usually some kind of manufacturer's warranty, and in that case, I believe you only need proof of purchase and to send it to the manufacturer.

 

[MattSepeta]

Yes

I have USAA for all insurance except health insurance.

I have a package kind-of-deal with my Car insurance, renters insurance, and a Valuable Personal Property policy all combined into one package for about $190 a month IIRC, so I think its a GREAT deal. It covers all of my camera stuff, my computers, etc.

 

[bzollinger]

I have a separate policy added to my car/condo policy that has all my camera gear covered against theft, damage, loss, etc. It costs me about $90 a year and the rate changes depending on how much gear I want covered.

There is no deductible and it's a great piece of mind when you travel regularly with $3000+ worth of gear. I typically wouldn't buy any type of policy from a store for a specific purchase. There are usually too many caveats that leave you uncovered.

 

[Flash SWT]

On your particular HD question I'd say no it isn't worth it, take it back. Every hard drive I buy has a 5 year warranty from the manufacturer already. Since you'll have your photos backed up somewhere else also and won't need data recovery, if it breaks just write it off and replace it. It is just an extended warranty. You've gotta remember, stores wouldn't offer them if they didn't make money. Most people never use them and it is pure profit.

On the insurance question:
Since my wife and I are both working professionals we have all camera equipment and portable computers insured. It is "drop and break" coverage; I can throw a camera against the wall in a rage and it is covered. Runs about $1,000 per year but is well worth it. A broken 400/2.8 isn't something you want to replace in a rush without insurance.

A note to those in the US who are covering their camera gear through a homeowner's policy. Most carriers will not cover camera gear used "professionally" on these policies. Something to consider if you are making any money from your photography.

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