Equipment Insurance Costings

[Dynamic Entertainment]

Apologies if this is in the wrong place, but i wasnt sure where to put it. :)

Im in the process of costing up for my equipment insurance and was wondering the best way to do it.

For example, when i bought my MiracLEd i paid £129, whereas to buy one now you can get them for £119. Likewise, when i bought my HDJ-1000's they were £149, now ther are £129.99 from some stockists.

Do you reassess the cost of each peice of equipment to buy new when listing the value to insure, because i dont want to be paying for equipment insurance on £19,000, when i could shave a couple of grand off the value and save on the premium. The insurance company will only pay out on current market value anyway...wont they?

Also, what do you do about items that you can no longer buy, do you just put the price you paid, or the price of the nearest suitable alternative?

[Shaun]

Prices of gear seem to fluctuate all the time. I tend to insure them for what they cost me to buy rather than current market price.

[funksoulbrother]

I agree with Shaun, generally value them on what they cost, I know some insurers sometimes ask for sales receipts/valuations for high value goods, similar to the type that home contents insurance do............. Well I got asked once by a prospective insurer, didn't go with them though, they were way to expensive and too many get-out clauses imposed to their benefit ! ! !:eek:

[Dynamic Entertainment]

What about 2nd hand gear then? Same principle, or price for new because its unlikely that you would get the same price again...