Whether you’re an amateur snapper who likes to dabble at weekends, someone who’s wanting to grow a photography business, or you’re an established photographer by trade, you’ve probably accumulated a fair bit of kit; not just cameras, but lenses, memory cards, chargers etc. and as we head into the time of year when we’re bombarded with sales, chances are you could be adding to your collection.
Camera equipment doesn’t come cheap so of course you’re careful with it, but there’s always a chance that something unexpected could happen; which is where insurance comes in. But what kind of cover do you need?
One thing that often confuses people is the idea of New for Old cover, so we’re going to take a look at the importance of insuring your equipment for the correct value so that you can get the most out of your policy.
WHAT IS NEW FOR OLD COVER?
New for Old cover means that if your equipment is stolen or lost, or accidentally damaged, within the period set out on your policy, then you’re covered for the cost of replacing it with a brand-new version of the same make or model, (or a similar one if your model is no longer available) provided the sum insured was sufficient and that’s why it’s so important to keep this updated on your policy. Otherwise, your insurance company will calculate your claim settlement based on the price paid less depreciation, sum insured and/or the market value.
The Insurance Emporium Camera Insurance policies come with 4 years New for Old as standard, so the insured item can’t be more than 4 years old from the date of manufacture, however, we do also offer New for Old for Life as an optional benefit which removes the 4-year limitation.
WHY IS IT IMPORTANT TO UPDATE THE SUM INSURED?
Your insured amount needs to match the current cost of replacing your equipment, otherwise New for Old won’t apply. For example, say you insured your camera for £1,000 a few years ago, but now that model costs £1,500 to replace; if your camera is then stolen but the Sum Insured hasn’t been updated, you’d only get the £1,000 it’s insured for. It’s your responsibility to update the Sum Insured on your policy, which you can do at any time, although it’s best to make changes to your policy at the time of renewal, as changes made mid-term could incur an admin charge. It’s also worth remembering that altering the Sum Insured will affect the premium so always check your policy wording.
We have two camera insurance policies to choose from; either Amateur and Semi-Professional, or Professional, that you can tweak with a choice of optional benefits that include Gadget and Mobile Phone cover and New for Old for Life. But don’t just listen to us, hear what our customers have to say. Then take a look at the website to see the full range of benefits, snap up a free, no-strings quote and a *25% introductory discount while you’re there.
* The 25% Introductory Discount is available from the start of the policy until its first review/renewal date.
All content provided on this blog is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. We will not be liable for any loss, injury, or damage arising from the display or use of this information. This policy is subject to change at any time.
We offer a variety of cover levels, so please check the policy cover suits your needs before purchasing. For your protection, please ensure you read the Insurance Product Information Document (IPID) and policy wording, for information on policy exclusions and limitations.
