I finally bought a mint condition Leica M6 Titanium for $3,500. It was stolen from my bag in Paris. I filed a claim with my homeowners insurance. They Googled “Leica Camera,” found a digital point-and-shoot for $800, and offered me that. When I argued, they said, “The M6 is discontinued. We owe you the value of a ‘functionally equivalent’ modern camera.”
Key Takeaways
- Replacement Cost on Vintage is Tricky: “Replacement Cost” means the cost to buy a new item of like kind and quality. Since Leica doesn’t make the M6 Titanium anymore, insurers struggle to price it.
- “Functionally Equivalent”: To an uneducated adjuster, a digital camera is “better” than a film camera. You have to fight to prove the analog nature is the key feature.
- Agreed Value is Essential: For vintage cameras (Leica, Hasselblad, Rolleiflex), you need an Agreed Value policy where the dollar amount is settled before the loss.
- Market Fluctuations: Vintage camera prices surged in the 2020s. If you insured a camera for its 2019 purchase price ($2,000), by 2026 you’re underinsured—replacement cost could be $3,500 or more.
The “Why” (The Trap)
The trap is “Depreciation and Obsolescence.”
Standard policies depreciate electronics. They view a 1990 camera as “old electronics” worth $0.
Or, they try to replace it with a modern equivalent.
Without a specific appraisal or a specialist policy, the claims software (Xactimate) will default to the lowest common denominator.
The Investigation (My Analysis of 3 Carriers)
I looked at how to insure a film legend.
Hodinkee (Chubb)
- The Verdict: Not just for watches. They insure cameras too.
- The Method: Agreed Value. You tell them it’s worth $4,000. They charge a premium for $4,000. If stolen, you get a check for $4,000. No arguing about “digital equivalents.”
PPA
- The Verdict: Replacement Cost.
- The Outcome: They will try to find a used M6 of similar condition on the market to determine the payout. This is better than homeowners, but takes longer.
State Farm (PAF)
- The Verdict: Stated Value.
- The Risk: They pay the “Lesser of” Stated Value or Replacement Cost. If you stated $3,500 but they find one on eBay for $2,500, they pay $2,500.
Comparison Table
| Feature | Homeowners Policy | PPA / TCP | Hodinkee / Agreed Value |
| Valuation | ACV (Depreciated) | Replacement (Used Market) | Agreed Value |
| Proof of Value | Receipt | Current Market Listings | Appraisal / Invoice |
| Scarcity Coverage | Poor | Good | Best |
Step-by-Step Action Plan
- Get a Valuation: Go to KEH or Leica Store Miami. Print a listing for a camera in identical condition.
- Switch to Agreed Value: If you have rare gear, move it to a policy that respects the collector value, not just the utility.
- Update Limits Annually: Film cameras fluctuate. Check eBay “Sold” listings once a year and email your broker to bump the limit if prices rose.
- Photograph Serial Numbers: Vintage cameras are traceable. Keep the serial number in the cloud.
FAQ
Does insurance cover “shutter capping” or mechanical failure?
No. That is “Wear and Tear” or “Mechanical Breakdown.” Insurance covers accidents and theft, not old age.
What if I lose my film rolls?
Professional policies usually have a small sub-limit for “exposed film” reconstruction (reshoot costs), but they can’t replace the sentimental value of the images.
Is the lens covered separately?
Yes, list body and lens as separate line items.