what do you do for insurance?

torana68 (Roger) · #1 30-07-2010, 10:01 AM

Guys,
I am getting a biggish collection of stuff and have been wondering about insurance. I have advised my home insurer about telescopes but as they like to know what they are exposed to Im thinking again. If the 'scopes are lost what to do? they are all pre 1980 restored , the new replacement cost would be pretty high. Do I ask for market value? that could find me unable to replace them to the same condition, do I ask for new replacement? what are you doing for insurance?
roger

AdrianF (Adrian) · #2 30-07-2010, 10:11 AM

Quote:

Originally Posted by torana68

Guys,
I am getting a biggish collection of stuff and have been wondering about insurance. I have advised my home insurer about telescopes but as they like to know what they are exposed to Im thinking again. If the 'scopes are lost what to do? they are all pre 1980 restored , the new replacement cost would be pretty high. Do I ask for market value? that could find me unable to replace them to the same condition, do I ask for new replacement? what are you doing for insurance?
roger

I have Suncorp Contents Insurance and have New for Old insurance cover. I have also opted for the travel insurance so that my gear is covered in the event I can actually make it to Qld AstroFest. I had to list all of my astro gear for insurance purposes (cameras, scopes, adaptors, mount etc). I think I pay around 600 ayear for $140,000 cover. Cost may vary as I have had Suncorp Insurance for 20 odd years.

Adrian

erick (Eric) · #3 30-07-2010, 11:08 AM

Crossing my fingers at present! My insurance company wants everything listed and valued for specific item insurance. The generic "bundled portable items" has limits which are far too low (couple of eyepieces reaches the limit.)

Just have to make time to sit down and do it. Replacement value I'll have to argue for.

mithrandir (Andrew) · #4 30-07-2010, 06:37 PM

Our insurance with GIO and is new for old, but for items above some figure or other they have to be individually nominated. They may want some proof, usually receipts and serial numbers, but the original boxes will do for some stuff.

They tend to bump the premium for transportable valuables like jewelery. Astro gear would probably get hit by that. Valuations from time to time have cost us hundreds of dollars, and are only good for a few years.

leon · #5 30-07-2010, 10:07 PM

What you have to do is, nominate the items on your contents policy as, over the limit you are untitled to.

Your contents policy might state that you are untitled to a sum of $1000.00 per item, lost or stolen.

If the item is more valuable than that, say $5000.00 then you have to list it with the insurance company you are with.

Only then you can claim the value of the item stolen or lost in the event of being stolen or lost.

Leon

torana68 (Roger) · #6 31-07-2010, 06:25 PM

Ok, thanks to those that replied, seems most are not bothering with insurance, from the info you guys have given me Ill just contact my insurer. I guess the issue will be what value to put on things, the 8" on Gem's are at the moment on there at 2k each, might have to increase that.

ANDYB (Andy) · #7 01-08-2010, 10:13 PM

Quote:

Originally Posted by torana68

Ok, thanks to those that replied, seems most are not bothering with insurance, from the info you guys have given me Ill just contact my insurer. I guess the issue will be what value to put on things, the 8" on Gem's are at the moment on there at 2k each, might have to increase that.

One thing to be aware of is to make sure that your gear is insured OUT of the home. I am insured with GIO and they forgot to tell me this when I insured all my gear. When I upgraded my policy a while after I found out it was only covered inside my house. I now have my gear covered for any where but the policy increased as a result.

multiweb (Marc) · #8 01-08-2010, 10:16 PM

Quote:

Originally Posted by ANDYB

I am insured with GIO and they forgot to tell me this when I insured all my gear. When I upgraded my policy a while after I found out it was only covered inside my house. I now have my gear covered for any where but the policy increased as a result.

I got all my stuff with my GIO house and content insurance and it's insured indoors, outdoors, during travel and out on site. The yearly premium increased only by $120.00.

torana68 (Roger) · #9 01-08-2010, 10:23 PM

Quote:

Originally Posted by multiweb

I got all my stuff with my GIO house and content insurance and it's insured indoors, outdoors, during travel and out on site. The yearly premium increased only by $120.00.

ok the inside outsde thing is important as is the travel, Ill ask. So your insured if a scope is stolen or damaged in transport or use somewhere else? whats the max value there for you? or is it new replacement?
thanks

multiweb (Marc) · #10 01-08-2010, 10:33 PM

Quote:

Originally Posted by torana68

ok the inside outsde thing is important as is the travel, Ill ask. So your insured if a scope is stolen or damaged in transport or use somewhere else? whats the max value there for you? or is it new replacement?
thanks

Yes - I insured the lot for a set amount. My main concern is that if any of the stuff gets damaged in an accident while I'm commuting or if I dropped accidently something etc... So not replacement for new for all of them but enough to replace bits and pieces without being out of pocket.

torana68 (Roger) · #11 01-08-2010, 11:15 PM

Quote:

Originally Posted by multiweb

Yes - ... So not replacement for new for all of them but enough to replace bits and pieces without being out of pocket.

ok thanks.

mithrandir (Andrew) · #12 02-08-2010, 09:32 AM

Quote:

Originally Posted by torana68

ok the inside outsde thing is important as is the travel, Ill ask. So your insured if a scope is stolen or damaged in transport or use somewhere else? whats the max value there for you? or is it new replacement?
thanks

It depends on your policy. Within Australia, our stuff is covered by our contents insurance, but you do have to nominate high value items such as jewelery and cameras (like the 1Ds everyone wants). I probably should nominate OTAs, CCDs and mount (new acquisition in sig).

AdrianF (Adrian) · #13 02-08-2010, 09:56 AM

When we setup our policy to reflect the astro aquisitions I was told to obtain Australian replacement valuations on some of the equipment I have.
I own a ED127 from North Group but they were not interested in the value I paid (1200$) they wanted Australian replacement value (approx 3000$ they are not interested in imported gear) and replacement value of all the other gear. Admittedly some was preloved some new but they only wanted new value. So the replacement of all my astro gear is around.... well alot I dont want to advertise too much.

Adrian