Do you insure for the RRP?

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I'm just sorting out some insurance through Photoguard and am wondering if I need to insure for the RRP of my items...or the value of a replacement from the market?

example

Canon 40D

Do i insure for £RRP

or the £600 i can now buy it for?

Regards

AJ
 
yep it will be for the value of a replacment so what ever that is really :D
 
yer cool....sorry about that i hadnt got to the T+C's bit...
 
hmmm i was quoted 120 for a year on about 2k worth of gear and in car...so was gonna check out home insurance..cheapish?
 
Insure for the value of the replacement in a timeframe that meets your requirements. By that I mean, if your livelihood relies on it, insure it for it's current value at places you know you could get it next day. That may not be the cheapest you can buy it ( may even be RRP ) but you need to know you can replace it.
 
Surely though - they will want to see the receipt for it if you make a claim? So, you insure it for £1000 (say), but only paid £800 - when you send them the receipt, they are only going to stump up £800?

:shrug:
 
If you are insuring for replacement cost and not original purchase price then it would make sense to me to insure for the RRP. That way the Insurance company wont be able to wriggle out of any payments by saying you were underinsured. Also it may be that the only replacement available is from somewhere charging the RRP.

After all, if you're being honest about the insurance claim (some people are) then all you want at the end of the day is a replacement of what you are claiming for at no cost to you ..... at the time of loss that is.
 
ok so what is the RRP on a 40D?
 
try looking on canons website
 
I insured mine at RRP last year, but that is about to expire amd not sure whether to renew as home insurance has just been renewed and on reading the new policy book and T&C's, I think a quick phone call will ensure everything I have and plan to have over the next year is covered and on new for old. Do need to ring them though to make sure. I was always told that RRP is best because whilst you may not get that figure, its better than being underinsured :shrug:
 
Right, I can insure under the home insurance under the following conditions....

items must be less than 1k with a total value no more than 3k....

Worldwide cover...

No extra!?!?!!! Is this too good to be true?

All I need to do is photograph all my equipment..
 
For anyone else asking this question and using the searc button:

I used the Warehouse express prices, as the conditions said "from a reputable dealer, not auction sites or end of line clearances"...
 
SimonTALM said:
For my insurance with Photoguard (new for old) I use the price on Warehouse Express rounding up to the nearest £5. As prices drop I figure this is a happy medium between RRP and cheapest possible via Hong Kong
Click to expand...
That's pretty sensible.
 
all my stuff insured for the price i paid, providing it wasn't an insanely cheap bargain, and is infact somewhat close to the RRP, as my view is if anything were to happen to any bit, then I want to be able to replace it with the current day equivalent....thus my 350D at the time many years ago was much more 'up the line' than today, so if that were to go, i'd be replacing it with a much newer model that cost the same as what i originally paid (including any inflations, etc.). hmmmm tempting to just 'happen' to leave the door unlocked :-D (lol- just kiddin!)
 
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