Equipment Insurance - What %?

Grug

Grug

Veteran
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.

Cheers
 
we pay around 2%.

our experience has been that there are a few factors that can contribute to the rate. is your equipment primarily staying in the same location? if you have studio and your equipment is used primarily there, the rate is lower. if you also take it on location as most of us do, it can increase your premium. we do both.

it's about risk for them. if it's in one place all the time, the risk is less. if it moves around there is a greater opportunity for theft, breakage or leaving something behind.

i'm sure there are many providers out there, ours is The Hartford.

you also have to consider if you're renting gear, that can be an add-on policy and if you want general liability.

g.
 
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