What version of Premiere Elements and on what computer operating system is it running?
For now I am assuming it is Premiere Elements 13/13.1 which has the known issue of No Disc.
To resolve that issue, delete or disable the OldFilm.AEX file.
Local Disk C
Adobe Premiere Elements 13
and in the NewBlue Folder is the Old.Film.AEX file that you delete or disable by renaming it to OldFilm.AEXOLD.
Please let us know the outcome.
I found (& reported here) a 100% repeatable "feature" with PE 13 - that is if you have used your CD/DVD drive for anything (even totally disconnected with PE 13) you will get the above message.
A reboot and the issue goes away.
Just put any CD/DVD (eg a music CD) into drive, remove it & the problem returns until next boot.
Thanks for reporting what has worked for you with regard to a No Disc error in your specific Premiere Elements 13 computer environment.
I am not convinced of the universality of your details, but the matter seems to be under investigation by Adobe. See link below.
However, the Premiere Elements 13 No Disc error that has been reported by many if not all has resolved with the use of the Adobe suggestion to delete or disable the OldFilm.AEX file found in the location given in this thread.
Have you tried the OldFilm.AEX (delete or disabling) when your Premiere Elements 13 No Disc error presented?
Please read post 5 (PRE_help's latest report on the Premiere Elements 13 No Disc error matter)
And, let us know if that works for you if you continue to run into the Premiere Elements 13 No Disc error.