Insurance policy worth extending?

[Toby]

Hi all,

Last year I bought a used Canon 70-200 f/2.8 IS. The owner had taken out an insurance policy on the lens which he transferred into my name and which is valid until next month. I've just had the renewal documents through for this policy and am wondering whether to do so or not.

Basically the policy protects me against accidental damage and mechanical breakdown, paying for repairs or replacement as necessary. Now I already have a Photoguard policy for all of my kit which includes protection for accidental damage so all I'd really be getting from this additional policy is the mechanic breakdown cover.

The renewal is £48 for the year which doesn't seem too bad considering, if the worst happened, I'd be looking at over a grand to replace it. The lens is three years old.

Any thoughts welcome on whether you think it's worth it or not.