Id like to point out that I took out insurance on all my camera gear VIA my Home and Contents Insurance as "Portables"
what this offers me thats better than just saving is:
2) WEAR AND TEAR
5) And If I have a 7D and It breaks etc - I dont have to get a 7D
and the best bit
6) my 7D plus lenses = $4000, but I insured it for $6000
My Contents insurance is (just as an example) is 100 bucks a month, my 6k extra portables is only 15 bucks a month on top.
If you do the math, it lasts longer than my camera wear and tear if Im good with it, AND it allows me to upgrade once my camera stops working.
This is one of the reasons why people get insurance for cameras - If you take out jus plain old insurance as its own policy then thats when you get into "I use it for rock climbing" or "I use it for sports and rain as a pro" then @kimichi, your comments MAY be usefull.
At the moment, I dont agree with anything you have said - it is counterproductive to this forum/thread.
1) Olympus OM1 [Zuiko Auto-S 50mm f/1.8]
2) Pentax MZ-60 [Sigma 28-90 & 100-300]
3) Canon 7D [EF-S 15-85 & 70-200mm f/4 IS & 50mm f1.4]
4) Leica M [50mm Summicron Pre-aspherical - Silver]http://www.poetproductions.net