When assessing a claim for Luggage and Personal Effects we use depreciation to measure the current value of the item in question.
The reason you would have got $400 back is because the camera is five years old, and many personal items depreciate in value over time.
If you have a valuable item which is less than 12 months old and have a copy of the receipt, you can insurance this for it's full value as a high value item with incurs an additional premium.
Please note that an excess is applicable per claim and you can choose your excess level when purchasing your policy.
All FAQ answers are based on the current effective Policy Wording. If your policy is older than the current Policy Wording, please contact us or refer to your particular policy.
Any information contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these having regard to the Policy Wording.