MtnMan Loc: ID

They are never worth it. The companies sell them to make money.

Start putting the requested amounts for them in a jar and you'll be surprised how quickly it builds up.

markngolf Loc: Bridgewater, NJ

While this is not a direct answer, it may be worth your consideration. I have a specific rider on my home insurance policy (Liberty Mutual) that covers all my equipment and laptop for replacement costs (no deductible). My equipment is valued at approximately $13500. My premium is $149 per year for the rider. I present a purchase receipt for each item covered.
Mark

gvarner Loc: Central Oregon Coast

Check with your insurance agent. My State Farm offers a policy for amateurs that covers loss, breakage, and with no depreciation. About $40/year for $3600 worth of stuff. Very easy to add items as you gear up, lenses, flash and accessories, other cameras.

DVZ Loc: Littleton CO

I haven't done the math but the warranty companies have, they make money on them. Which means they pay out less than they take in, which means on average you pay out more then you receive in warranty claims.
Over a lifetime of buying lots of warranties I bet it could be substantial. I laugh a the commercials that say "you might be responsible for paying expensive repairs on "fill in the blank". Well of course I will be, who else is going to pay to have my car repaired or my sewer replaced? I pay out a lot of money for insurance; home, car, health, these are needed but I opt to be self insured when it comes to consumer goods, it pays in the long run.

Royce Moss Loc: Irvine, CA

I am now a big friend of any kind of insurance or warranty here's why. Last year some one stole all my photo gear. Nikon D7100,(6 months old) 35mm, 50mm,18-55mm,70-300mm, backpack, tripod, cleaning stuff, filters, and a bunch of misc gear. All was covered by my homeowners insurance less my deductible of $500. So yes warranties and insurance are worth the money I would say. Also years ago I purchased an extended warranty on a 1989 Izusu for $250. The turbocharger blew up 1 day before the warranty was up. Warranty saved me $3000

gvarner Loc: Central Oregon Coast

I got a photo equipment policy from State Farm, no depreciation, no deductible. About $40/year for about $3600 in value plus flash and other valuable accessories. When I get new gear I just email them with make, model, serial number and purchase price and they add the cost on next bill. Didn't have a receipt for something and my agent looked it up on eBay for a value.

dcampbell52 Loc: Clearwater Fl

I agree. The insurance / extended warrantee is always less expensive than having to pay for the repair/replacement down the road. Yes some are correct. It is about money for the insurer and the insured. The insurer is betting that they will get through the entire warranty period/ extended warranty period with nothing happening. The insured is betting that the insured item will fail during that time. The manufacturer warrantees the camera (Nikon) for 1 year. The extended warrantee through Square Deal and some of the others is one or two years AFTER the original manufacturers warranty. If the item fails during the manufacturers warrantee Square Deal (the one I have experience with) will tell you to send it to the manufacturer and if it isn't covered (drops, spills etc) then Square Deal will repair or replace it otherwise the manufacturer does. For me, the extra year or 2 (including drops and spills) was worth the $100 or so extra. Had I done something stupid like drop the camera during the initial 1 year or after, I would have had to either pay a large repair bill or pay to replace the camera. For $100 or so, it was a no brainer, especially since I use my cameras as my business.

markngolf Loc: Bridgewater, NJ

I agree Royce. Riders on homeowner policies are expensive, but not only will they cover a painful and expensive loss, they also provide "peace of mind". I shoot and travel freely with my equipment. If the extraordinary event happens that either takes or damages my equipment, I'm covered. For me, the $149 a year for $13000+ of equipment is a small price to pay, for replacement. I value and take care of my equipment, but the unforeseen, gives me great concern. I spend more than that on internet, TV & phone per month. I can also do the math that will motivate some to mention the expensive amount of money over the long run. That does not alter my opinion. How many of us would not insure our homes? That's expensive too. How many, not me to be sure, have riders for jewelry? That's expensive too. Of course the insurers are making a profit. Why shouldn't they? The cost of insuring photography equipment is less than 10 family trips to MacDonald's. (I don't do that either - I cook!!) LOL
Mark

rob s Loc: La Mesa, CA

Check out State Farm's all risks personal items coverage. This gives repair or replacement and all my camera equipment is covered against pretty much everything except government seizure and war at $16 / $1,000 / year, pro rata.

I had a claim a year ago for repair to a dropped lens and their service was exemplary. Professional overnight shipping was suggested - and included in the claim. They researched the steps needed to get Canon to provide a quote and State Farm sent a check as soon as the quote arrived. I was reimbursed even before the lens arrived back!

Coverage with State Farm is cheaper than many of these Extended Warranties and does not require prepayment. There is no deductible. It can be kept for any period you wish AND you will have a local agent to help process your claim as needed.

Highly recommended instead of no name extended warranties.

Pkfish Loc: Wilson Wy

"THEY" say if you turn down every extended warranty in your life you will be many $ ahead in the end. Never bought one or needed one and I'm tough on gear. Just my opinion.

fotonut

My wife and I teach classes on finances; how to get out of debt, build wealth, handle ones money better, etc. With that said, warranties are a joke. They are not out to protect your products but to make an easy buck. Those selling this by-product know the market well. They don' t pay out much and make a ton of cash off of those who do purchase them.
With that said ... have enough cash in your emergency fund to get you equipment repaired or replaced if needed. Instead of putting monies toward a warranty, put it aside for that very purpose.

mas24 Loc: Southern CA

Best Buy, Target, and other Electronics stores selling camera gear are the Masters of persuading you to get extended warranties. It depends on the price of my purchase. Less than $200, I'll take my chances without the extended warranty. In other cases where you have very expensive camera gear, absolutely get insurance. Theft and accident damage especially. We all know on this forum, that one DSLR camera or lens can easily get into 4 or 5 figures.

amfoto1 Loc: San Jose, Calif. USA

"Drops and spills"... and for that matter "theft"... might be covered by your home owner's or renter's insurance. Might want to upgrade that to full replacement value with a rider, though. And, they won't cover it if you use your gear professionally. (Separate equipment insurance is required.)

Some credit cards also insure gear when it's bought with them.

I'd look into these, before I spent additional for "drops and spills" coverage.

"Extended warranties" are another matter... extending the warranty against equipment faults and failure, just as the name implies. I don't believe in spending extra for those at all. Most modern electro-mechanical devices - such as my cameras and lenses - either fail quickly right out of the box and well within the manufacturer's warranty period... or live a long, happy life far past the manufacturer's warranty period. I've worn out gear... but only after many years of heavy use.

Either type of warranty... "extended" or "drops and spills" seem like just giving away money for nothing, to me.

JeffDavidson Loc: Originally Detroit Now Los Angeles

If you do decide to buy an extended warranty, first, try to get it from the original manufacturer. In the event you cannot, the only other one I would consider would be from a very large, well established camera store.

Collie lover Loc: St. Louis, MO

Better to spend a little money for an extended warranty than have to come up with $800 for another camera if something happens.