diff --git a/file_entity.install b/file_entity.install
index 29f639a..5c542ee 100644
--- a/file_entity.install
+++ b/file_entity.install
@@ -549,7 +549,7 @@ function file_entity_update_7203() {
 /**
  * Add title and alt text to image file types.
  */
-function file_entity_update_7203() {
+function file_entity_update_7204() {
   _file_entity_create_alt_title_fields();
 }
 
diff --git a/file_entity.module b/file_entity.module
index f689679..2adb16b 100644
--- a/file_entity.module
+++ b/file_entity.module
@@ -570,6 +570,15 @@ function file_entity_file_formatter_info() {
       'view callback' => 'file_entity_file_formatter_file_image_view',
       'settings callback' => 'file_entity_file_formatter_file_image_settings',
     );
+    // Provide default token values.
+    if (module_exists('token')) {
+      $formatters['file_image']['default settings']['alt'] = '[file:field-file-image-alt-text]';
+      $formatters['file_image']['default settings']['title'] = '[file:field-file-image-title-text]';
+    }
+    elseif (module_exists('entity_token')) {
+      $formatters['file_image']['default settings']['alt'] = '[file:field_file_image_alt_text]';
+      $formatters['file_image']['default settings']['title'] = '[file:field_file_image_title_text]';
+    }
   }
 
   return $formatters;