No deductibles? I have that on my personal policy, but my professional equipment policy carries a $250 deductible per item. The PPA free coverage had a $250 deductible for the first claim of the year, $500 for the second claim, and $750 for the third claim plus an additional $250 deductible on drops. I dropped a 24-70 f/2.8 lens and the repair was $425 - cheaper than my deductibles. The free policy was also designed to insure a maximum of depreciated value on the lens based on the age. So a 5 year old lens may have a market value of $1000, but might only carry maximum coverage of $400. The paid policy covered up to replacement value.
Either way small claims are not practical. If you have too many small claims, your policy will get dropped. You have to strike a balance of whether its worth making a claim.
It's interesting that over the past few years repair costs have increased at Nikon and Canon. LensRentals.com has a recent article about increasing cost of repairs. A few years ago a typical repair was $325-400. Now the same repairs are likely to run $600 or more which changes the economics on filing claims, deductibles, etc.