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Old May 29th, 2012, 06:49 AM   #1
Major Player
Join Date: Apr 2007
Location: Melbourne, Australia
Posts: 470
Equipment Insurance - What %?

Hi Guys,

I'm looking at equipment insurance for my new gear, and seem to get quite a wide variance in pricing. One quote came in with a premium worth 5% of the combined cost of the gear (and didn't even cover it for fire damage).

Other quotes seem to come in with premiums around 3.5% and 3% the value of the gear.

However I was told that 2.5% is about as much of a premium as you should pay for equipment insurance.

If anyone could share their experiences and what their gear-value/premium ratio has been, that'd be much appreciated - I simply can't figure out what's a reasonable rate.

Any help would be much appreciated.


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Old May 29th, 2012, 07:35 AM   #2
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Join Date: Aug 2006
Location: Efland NC, USA
Posts: 2,322
Re: Equipment Insurance - What %?

That is something that will be difficult to get a reasonable snapshot of from a forum such as this one. Insurance pricing is a very localized thing. Here in this USA it can be a challenge to find decent coverage. As an example I had to be referred to a broker by one of their current customers before they would give me a quote for my gear. My insurance agent that handles my home/auto policies would not even discuss it.
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Old June 2nd, 2012, 07:29 PM   #3
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Join Date: Sep 2006
Location: Sydney.
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Re: Equipment Insurance - What %?

I'd look at the use of the gear as a starter, how suseptable is it to getting stolen, lost or damaged.

eg: Is it used with your main business? Do you take it on location jobs every day? In 'bad' areas of Melbourne? Have you had any gear stolen,
lost etc and made any claims? The rates might be based if you declared any of this.

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