Insuring your Optics

Lowke01

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How many people insure their high end optics or bow set ups? I'm a State Farm agent and haven't thought of doing it myself until just now. I'm close to buying some Swarovski SLC 15s so that's what triggered the thought. I just quoted myself for a $1500 bow set up and $3000 of optics with a zero deductible, it's only $65 per year.

Something to think about. I know I would be beside myself if someone grabbed my stuff and I had to pay my $2000 homeowner deductible.
 

SWOHTR

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We just went over this with our insurance policy, and my binos (10x42 SLCs) are covered under our home policy as personal property. I'm not sure how it changes when you start adding more...ie spotter, more binos, etc.

I know we had to do a rider for my wife's engagement ring.
 

Ross

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Being an insurance guy yes my binos have an all risk endorsement on them.... I drop them and they are covered without this or other endorsement named peril only on 95% of policies plus your deductible this way no deductible and insured up to the stated value. Would recommend you see how they are covered as theft not the greatest exposure for most avid hunters.👍
 
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Lowke01

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We just went over this with our insurance policy, and my binos (10x42 SLCs) are covered under our home policy as personal property. I'm not sure how it changes when you start adding more...ie spotter, more binos, etc.

I know we had to do a rider for my wife's engagement ring.

Yes, the binos or any other sporting equipment would be considered personal property (unless you're a guide and it's business use) but personal property under a home or renters policy is subject to only the loss types that are covered in those policies and will have the larger deductibles.

What I'm going to do is similar to how your wife's engagement ring is covered. My coverage will be all peril (loss type) and zero deductible. Some companies have riders, some have separate policies for special items like jewelry or in this case valuable sporting equipment. Whatever the case is with your insurance company of choice, make sure you know how it works, what your deductible would be and what type of losses would be covered. For example, if someone broke into your truck and stole your SLC's, it's fair to assume the homeowner policy would cover it as personal property subject to your homeowner deductible (ex. $1700 glass minus $1000 deductible = $700 to you.) But let's say someone is glassing above a steep ledge and bumps their tripod over and the glass goes tumbling. You recover it but it's destroyed. That's not a loss type typically covered by a homeowner policy, but would very likely be covered by those riders or personal articles policies.
 

goph707

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In February my house was broken into. They stole my 2017 EXO 5500 pack including Kill kit, Possibles pouch Etc, Vortex Razor 65mm spotting scope, Garmin Inreach, Matrix target, 1,000 rounds of 22LR, 50 rounds of .270 that is the stuff that I know of. When I filed the claim with my insurance I was told because I wasn't home at the time to the burglary I was not covered...I am sure you can imagine how pissed off this got me! So after a very heated exchange, the insurance claim people called me back and told me it would be a $1,000 deductible and they would do a depreciation adjustment on the stolen items. However I had to provide a Police report, pictures of the stolen items and receipts for the items. Luckily I was able to provide all of this information. After was all said and done I got $1200 dollars back. In other words know what your Home owners insurance covers and what it doesn't.
 

Ross

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Yes indeed replacement cost has to be purchased on most policies with that you receive depreciated payment until replaced. As noted be sure to ask questions about what standard coverage is provided, any limits for theft ie guns have limits on many policies and having documentation for higher valued items is often needed to proceed on a claim.
 

jb1842

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My wife works for a State Farm agent and all my firearms, bows, and other expensive stuff are under a personal articles policy.
 
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Our policy covers up to $2500 in firearm loss or theft for our group as a whole. I also have our most valuable pieces insured individually since our firearms collection exceeds the group amount. All the pieces that are insured individually range inbetween $36-$60 a year each which i find reasonable.


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Lowke01

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My wife works for a State Farm agent and all my firearms, bows, and other expensive stuff are under a personal articles policy.

For State Farm customers or people who go to State Farm for this purpose, it is indeed called a Personal Articles Policy. Some companies add this type of coverage as a rider or floater onto the homeowners policy. Whatever it is,know what you have and how it works. You can't afford to find out those details at claim time.
 
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Lowke01

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I have all vortex optics as well but I don't think their VIP warranty covers theft. Interested to know if it does tho

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I'm not certain but I don't see how they could possibly replace lost or stolen glass. What about your bow?
 

goph707

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I talked to Vortex when they were stolen and they are NOT covered under that. I was hoping they had a serial number but they only track it when it is sent in for service. The spotting scope was only 3 months old. The Gentleman I talked to was super rad and supportive. He even said “ I hope a bear eats the persons face off” for that I will always be a Vortex customer.
 

mvmnts

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I self insure everything like that, phones, optics, etc. I can afford to live without them or replace them, and I almost never break stuff like that, so year over year I'm way, way ahead. Vortex has a nice warranty if you can live with mid-range glass, I can't. I'm not sure I see the wisdom behind buying expensive consumer products that you can't even afford to replace and then throwing money away every month betting against yourself.
 

oenanthe

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Hmmm ... I've been using high-end optics for about 40 years. In all that time I've had one incident where a camera fell off a cliff (literally) and was destroyed. It cost $300 out of pocket to replace in 1982.

Over 40 years, your premiums would've cost me 40x65=$2600. If I had put that $65 every year into a savings account bearing 4%, I'd have $6172 in that account.

So, no, insuring optics doesn't make much sense financially. The only case I can think of where it might make sense is if you were a professional guide or photographer who relies on his equipment to make a living but doesn't have enough cash to replace the equipment. In that case you might want to insure your gear - but what you are really insuring is your livelihood.
 

Jimbob

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I hate insurance... until I need it. Honestly though, my bet is that I will pay exceedingly more in premiums then I will ever recover in my life time. The idea of that kinda makes me sick.
 

Trial153

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I would give insurance on optics way before i took it, just me.

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Lowke01

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Hmmm ... I've been using high-end optics for about 40 years. In all that time I've had one incident where a camera fell off a cliff (literally) and was destroyed. It cost $300 out of pocket to replace in 1982.

Over 40 years, your premiums would've cost me 40x65=$2600. If I had put that $65 every year into a savings account bearing 4%, I'd have $6172 in that account.

So, no, insuring optics doesn't make much sense financially. The only case I can think of where it might make sense is if you were a professional guide or photographer who relies on his equipment to make a living but doesn't have enough cash to replace the equipment. In that case you might want to insure your gear - but what you are really insuring is your livelihood.

With all due respect, your formula isn't relevant to today's values. Nobody is getting 4% on their savings accounts and you did your math using a $300 item and a premium that was calculated for $3000 worth of bow and optics. I wouldn't insure a $300 item either. And the idea in general isn't for everyone but everyone will wish they had it when the loss happens unless they've been disciplined enough to set money aside as they self insure.

All I am doing is giving people some ideas.
 

oenanthe

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With all due respect, your formula isn't relevant to today's values. Nobody is getting 4% on their savings accounts and you did your math using a $300 item and a premium that was calculated for $3000 worth of bow and optics. I wouldn't insure a $300 item either. And the idea in general isn't for everyone but everyone will wish they had it when the loss happens unless they've been disciplined enough to set money aside as they self insure.

All I am doing is giving people some ideas.

With all due reciprocal respect: $300 in 1982 would be $800 today. And throughout those 40 years, I've owned enough optics to easily exceed your $3000 threshold, when adjusted for inflation.

And you can argue all day long about return on investment - but I'd have come out way ahead even if I'd simply put the premiums under my mattress.

So I'll stick to my point - it doesn't make sense financially to insure your optics.
 
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Lowke01

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My math tells me if I pay $65 per year to cover $3000 of stuff with a zero deductible then I only need one claim in 46 years to break even (3000/65.) If you don't like those odds, don't do it. Some will and some won't.

I
 
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