How to avoid depreciation on lost or stolen items

TID covers luggage and personal effects you take away with you or buy along the way for permanent loss, theft and accidental damage.

If you have to make a claim, what we pay does not cover you to replace your item with a brand new one, as we depreciate for age and wear. Depreciation applies to everything you take with you including clothing, luggage and higher value items like iPads, mobile phones, laptops and cameras.

How to avoid depreciation

You can avoid depreciation on items listed on your policy by specifically adding them as valuable items when you buy your policy. Simply get a quote and look for this panel on the options page:

adding valuable items in purchase path


Depreciation Calculation

The nominated depreciation rate will apply to each year of age of part thereof (calculated pro-rata on a monthly basis) up to a maximum of 80% of the original purchase proce of that item.


Depreciation amounts

The nominated depreciation rate will apply to each year of age of part thereof (calculated pro-rata on a monthly basis) up to a maximum of 80% of the original purchase proce of that item.

10%: Camping, sporting and leisure equipment (not leisure clothing), and musical instruments.

15%: Clothing, footwear, personal effects, luggage, prescription glasses, sunglasses, costume jewellery and books.

20%: Personal computer, communication or photographic equipment, electronic equipment, mobile phones, smart phones, CDs and DVDs.

50%: Toiletries including skin care, makeup, perfume, medication.

For items not listed above, we will apply the depreciations amount of the category which we reasonably determine most closely describes your item.


Proof of ownership

Where you do not provide proof of purchase or ownership, your item may be depreciated by a maximum of 75% even if it is specified and you have paid an additional premium.

The maximum amount you can allocate to a valuable item is its original purchase price. You must provide proof of the original purchase price if you claim; otherwise, we have the right to adjust the amount that we pay you. If you cannot provide the approved proof of ownership, we may decline your claim altogether.

This is a brief summary of cover only and does not include the full terms, conditions, limitations and exclusions. Read the PDS before purchasing.

Last updated: 20 December 2021

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