Insurance for new equipment

[eyepoker]

I just got a list of equipment that all first year students need to purchase from SUNY, they also include a list of equipment insurance, the company would replace any stolen or broken pieces during the 4 years of school. Their price is about $3000 for 4 years this seems like a pretty large amount to me....

So my questions to the 2nd, 3rd, 4th years, or ODs: is this really worth it, or is this just like purchasing a peace of mind (like what I did with my renter's insurance, paid a couple hundred per year, but never use it, feel like all that money goes to waste.) How likely are the pieces to be stolen/broken or missing?

Good deal? waste of money?

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[jefguth]

I just got a list of equipment that all first year students need to purchase from SUNY, they also include a list of equipment insurance, the company would replace any stolen or broken pieces during the 4 years of school. Their price is about $3000 for 4 years this seems like a pretty large amount to me....

So my questions to the 2nd, 3rd, 4th years, or ODs: is this really worth it, or is this just like purchasing a peace of mind (like what I did with my renter's insurance, paid a couple hundred per year, but never use it, feel like all that money goes to waste.) How likely are the pieces to be stolen/broken or missing?

Good deal? waste of money?

Waste of money, for 3 grand you could almost buy a whole new set of equipment!

 

[jefguth]

I'd just like to reiterate that this is a TOTAL RIP OFF. Any repairs should during your time in school should be done by the manufactuer, at least thats the deal we have at ICO. Next, it's hightly unlikely that your stuff will be stolen. Take the chance, worst case scenario all your equipment is lost/stolen and you have to replace it, best case you don't loose anything and you've avoided a $3000 scam.

 

[KHE]

I just got a list of equipment that all first year students need to purchase from SUNY, they also include a list of equipment insurance, the company would replace any stolen or broken pieces during the 4 years of school. Their price is about $3000 for 4 years this seems like a pretty large amount to me....

So my questions to the 2nd, 3rd, 4th years, or ODs: is this really worth it, or is this just like purchasing a peace of mind (like what I did with my renter's insurance, paid a couple hundred per year, but never use it, feel like all that money goes to waste.) How likely are the pieces to be stolen/broken or missing?

Good deal? waste of money?

I agree with the other poster. $3000 for an insurance policy that covers what? $5000 worth of equipment for 4 years? That is a complete and total scam. If if you destroy your BIO and trial kit it is unlikely to cost you $3000 to replace it.

I will sell you the same insurance policy for $2000! Just PM me.

 

[cpw]

Total rip off. All of the manufacturers have HUGE warranties on everything while you're still a student. We had a girl in our class leave her direct case on top of her car, DRIVE OVER IT, and Heine still replaced it no questions asked.

 

[eyepoker]

Hi guys, thanks for the fast response, I have to admit I was reading it too fast, the $3000 is their coverage, not the premium (they had to make the "premium" in smaller font....)

so the premium is actually $225 for 4 years, and I think they cover up to $3000 worth of equipment, books, trial case...etc. But Kramer-Warner (the ins company) only covers the trial case up to 600, and the entire trial case has to be damaged or stolen, they don't cover individual units within the case....

so what now? $225 is obviously a much better figure, but still, do you guys think it's necessary to purchase insurance on instruments?

 

[Ben Chudner]

Hi guys, thanks for the fast response, I have to admit I was reading it too fast, the $3000 is their coverage, not the premium (they had to make the "premium" in smaller font....)

so the premium is actually $225 for 4 years, and I think they cover up to $3000 worth of equipment, books, trial case...etc. But Kramer-Warner (the ins company) only covers the trial case up to 600, and the entire trial case has to be damaged or stolen, they don't cover individual units within the case....

so what now? $225 is obviously a much better figure, but still, do you guys think it's necessary to purchase insurance on instruments?

While $225 is significantly lower, I would still argue that the insurance is a waste of money. Unless things have changed since I was in school, the manufacturers bend over backwards for students. Good luck.

 

[KHE]

Hi guys, thanks for the fast response, I have to admit I was reading it too fast, the $3000 is their coverage, not the premium (they had to make the "premium" in smaller font....)

so the premium is actually $225 for 4 years, and I think they cover up to $3000 worth of equipment, books, trial case...etc. But Kramer-Warner (the ins company) only covers the trial case up to 600, and the entire trial case has to be damaged or stolen, they don't cover individual units within the case....

so what now? $225 is obviously a much better figure, but still, do you guys think it's necessary to purchase insurance on instruments?

No, generally not. Most of the manufacturers will repair damaged units for free while you are in school. Also, most of the time when people start in clinic, they use the equipment on hand, not their own. Most of the time, students equipment ends up in storage for years. I just pulled out a lot of my equipment from my closet after purchasing my practice and that equipment had been in storage unused for years.

Spend the money on something that a student really needs, like an Xbox or some pizza.

 

[WoodyJI]

Spend the money on something that a student really needs, like an Xbox or some pizza.

Don't buy pizza your 1st year. The equipment reps will buy it for you!