In spite of this, many photographers stop short of purchasing camera insurance for their DSLR, video, or compact camera or other photography gear. A lot of photographers only consider camera insurance before travelling abroad, and find themselves without coverage in the event of an accident or misadventure back home. To avoid this happening to you, we’ve enlisted the experts at Ted’s Cameras to answer the 3 most common questions about camera insurance.
Read on to see their responses and learn the best way to protect your camera.
1. I have contents insurance – isn’t that enough?
The short answer is: It depends.
Some home and contents policies may cover your camera in the case of loss, theft, or damage. Certain policies may even provide you with coverage in the event of a fire or accident, such as dropping the camera on the ground.
However, photographers should be mindful that policies that provide this kind of coverage often come at a high cost. Contents insurance that extends to cameras works in one of two ways: By offering insurance for “replacement value” or by offering insurance for “new for old replacement”. The former provides coverage only up to the nominated dollar value of your camera, while the latter covers the cost of replacing your item with a new, equivalent model if necessary. For this reason, “new for old replacement” contents policies are typically more costly.
Notably, a significant number of content policies specifically exclude portable items, including your camera. If your contents policy falls into this category, you’ll need to purchase additional portable contents cover. Similarly, if you’re taking your camera abroad you’ll need to consider taking out a specific travel insurance policy. In many cases, these types of insurance are a costly but necessary endeavour – particularly if you’re a professional or landscape photographer who travels and shoots outdoors.
2. Why should I consider specialised camera insurance?
Given the limitations of insurance policies that we explained above, it’s a good idea for any photographer who likes to get out and about to consider specialised camera insurance. This is particularly true for professional photographers, who simply can’t afford the down time that any loss, damage, or theft of their digital camera or photography gear might cause.
Certain providers offer specialised camera insurance policies that cover the value of the camera and selected camera accessories, in addition to a set amount for image recovery and public liability. However, this higher coverage often comes with higher premiums, so expect to see higher prices when considering this type of insurance. The good news? You may be able to claim your insurance payments as a tax deduction at the end of the tax year, provided that you pay for the insurance yourself and keep your receipts.
3. Is camera insurance the only cover I need?
While camera insurance is a great way to protect yourself against loss, theft, and certain types of damage, it’s by no means comprehensive. Like most camera manufacturer’s warranties, the main shortfall of insurance policies is that they don’t cover general wear and tear. Camera insurance also tends to exclude manufacturing defects, leaving you in the cold in the event that your camera develops a fault out of the box.
To make sure that your camera is protected from all damage or defects – no matter how it’s caused – we recommend investing in a camera protection plan. Ted’s Total Care Packages are a great option for cost-conscious photographers, and give you access to camera repairs and a range of proactive expert camera care services.
Unlike camera insurance, Ted’s Total Care Packages only require a reasonable one-off payment. Simply purchase coverage when you buy a new camera, drone, gimbal, camera flash, or lens, and you’ll be covered for 2, 4, or 5 years. For the stated period, you’ll enjoy priority repairs, complimentary annual camera checkups, and a free camera loan service – all performed in-house by Ted’s.
Enjoy peace of mind with a camera protection plan
Camera insurance is a fantastic option for professional photographers and those who like to shoot on rugged terrains, or hobby photographers who are heading overseas. For everyday protection, consider a camera protection plan like Ted’s Total Care Packages.