Does insurance eliminate the need for extended service plans?

[kklasman]

I am planning on buying a 500/f4 lens and was wondering if the NANPA insurance policy's "Chubb's "all-risk" worldwide policy protects against breakage, fire, vandalism and theft " obviates the need for extended service plans. Does "breakage" cover all the things that can go wrong with such expensive gear, or is both really recommended? The NANPA insurance is a given for sure.

What's the consensus? I'm located in the US, if that's makes any difference.

[Ed Cordes]

I don't think the insurance covers normal wear or warrantee type work. If you drop the lens a d break it it's covered. If the IS wears out and needs replacing insurance does not apply. At least that's my understanding.

[Erik Hagstrom]

Actually this is kind of an interesting basic question. Is extended warrantee worth it at all? I know for most consumer products it is a great money maker for the store offering it and less of a real benefit to the consumer. On my photo gear I haven't yet had a lens or body break due to mfg defect outside of the mfg warrantee. But with the complexity of todays digital/IS/LCD/etc expensive gear I am pondering this issue with new eyes. Has anyone really gotten good use of an extended warrentee for their photo gear out there?

[Jim Poor]

So far, I've never bought an extended warranty on anything. I figure if it works during the warranty period, it will continue to work after it. I've only been bitten once.

[Robert O'Toole]

NANPA/Cubb ins is excellent in my experience. Have never purchased an extended service plan, although I have used AMEX purch protection, free double warranty and 90 days replacement gurantee.

Robert

[Robert Amoruso]

So far, I've never bought an extended warranty on anything. I figure if it works during the warranty period, it will continue to work after it. I've only been bitten once.

I agree with Jim on this one. However, an insurance policy from Chubb (or whoever) does not cover wear & tear or mechanical/electrical breakage from things not associated with dropping it, etc.

[Erik Hagstrom]

That has been my experience as well...extended warranty not worth it. Thanks for the sanity check.

[William Malacarne]

I never get them myself. Consumer Reports magazine says something to the nature that it is better to take the money you would spend on them and save it and use it for any repairs or replacement you might have.

Bill

[Blake Shadle]

Hi everyone! I'm going to move this thread to the Equipment forum ;)

[David Kennedy]

I never get them myself. Consumer Reports magazine says something to the nature that it is better to take the money you would spend on them and save it and use it for any repairs or replacement you might have.

Bill

Good point. On the 500mm IS, the part most likely to wear out is the IS motor. I had it replaced in my 400 DO this past October and it is a $330 repair (my bill was $267 with a CPS discount). You could easily buy a CD or open an ING account with the cost of the extended warranty and have enough to cover the repair when you need it (years from now)

[Johnny Bravo]

I never get them myself. Consumer Reports magazine says something to the nature that it is better to take the money you would spend on them and save it and use it for any repairs or replacement you might have.

Bill

Correctomundo!! Extended service/warranties are simply a VERY overpriced insurance policy. The markups on those things are in the neighborhood of 400-800 percent. A waste of money, imho.

[Paul Pagano]

I don't buy extended plans. Along with being overpriced, it burns me to hear "buy a three year extended plan" that starts the minute I walk out the door....now, didn't I already have a one year plan from the manufacturer? So, really, I only got two years extended plan....misrepresentation never leads to much good.

Does anyone know where I can get an Inland/Marine policy without joining NANPA? I just don't care to flip out the extra money to join right now but need a policy. I've asked my Allstate agent who does my car and house twice and never get a quote. Thanks in advance.