Gut-bucket insurance?

[WaveRay]

Since it's been only a few years since I have owned any nicer guitars, I never had to think about this.

Can one buy insurance specifically for one's guitars? I know homeowners will cover loss due to theft, fire, etc, but what if your guitar falls, or gets broken through any kind of accident? I try to take care of my instruments but anything can happen. (and usually does to me)

 

What do you large inventory guys do?

 

Thanks,

 

Ray

[WaveRay]

Bump.

No responses?
Does anybody have their guitars insured?

[Whalebot]

I'd like to know too.

[Freeman Keller]

Only thru my home owners insurance. I have recorded all the s/n's and have that in my safety deposit box (along with my cameras, bicycles, skis, Sherrill's shotgun and everything else that has a serial number). I also walked around the house with a video camera a couple of years ago and talked into the mic as I was filming everything, including the gits in their open cases.

I did just change my home owners coverage and one of the things I mentioned to my agent was that we owned both antiques and several semi-valuable musical instruments. She was more interested in whether I had a swimming pool, trampoline or pit bull (no to all). btw - my insurance would cover the theft of my bike from the rack on my car or my guitar from the trunk, providing they were locked.

So, I would have to pay the deductable but they are covered for fire or theft, but not if I happened to drop one on its head. I'm OK with that.

[kwakatak]

Heritage Insurance:
http://www.musicins.com/

[WaveRay]

Originally posted by kwakatak Heritage Insurance: http://www.musicins.com/

 

 

 

Thanks, Kwak.

This is exactly the kind of thing I was looking for.

[bigby]

It all depends on your insurance carrier. Most "standard" home insurance policies have a limit placed on replacement of items such as music equipment and jewerly. For instance, my basic plan covers musical instruments up to $1,000 and jewelry up to $1,500; which wouldn't come close to replacinig those items in a total loss. What you need to ask your agent about is "scheduling" your musical equipment. You pay a little extra, but you can schedule the value of the instruments.

*Also be sure to ask them if in the case of a loss, will their company pay "Actual Cash Value" or "Replacement Cost". Actual cash value plans take into consideration depreciation and pay much less on most occassions. "Replacement Cost" policies pay whatever the amount is there to get you back to where you started. This factor is even more important when you look at your overall home insurance. Thousands of ppl have Actual Cash Value policies in an attempt to save some money on premiums, then when they have a big loss, they're screwed. In New Orleans for example, someone may have bought a house in 1990 for $150,000 and got an ACV policy. When Katrina hit, the insurance company depreciated the house, and paid more like $75,000; which wasn't nearly enough to rebuild.

Schedule your musicial equipment or find an outside company that will cover your true value of the gear (like listed in the above post); and if you have expensive jewelry, go to http://www.jewelersmutual.com and get insurance that way.

Sorry, probably more than you were asking, but thought I'd send it out there.

[guit30]

My guit is covered by my apartment renters insurance, State Farm, had a Martin when I got it, that was worth $750, for a 2000 D16GT, now I have my Alvarez, still covered,
JIm

[WaveRay]

Well, I'm having drinks and dinner with my insurance guy this evening. I will bring it up and, if any new or uncovered info comes about, will report it here.
Thanks for all the responses.

[d03nut]

I once posted a thread asking precisely the same question only w.r.t a guitar that's like old and has "aged" well. How would one value "aging" -i.e. better tone- for insurance purposes? Just call 'em pre-war and put a 6-digit price tag on them (and insure them as such)?

[guitarist21]

I thought I should tell a guitar insurance story that just happened:

Don't know if any of you heard, but over here (southwest of Chicago) we had some serious rain and flooding last week. My good friend and former band-mate's basement flooded with nearly two feet of water and he called me and a bunch of other people in to clear out as much as possible. Keeps all his guitars and amps and everything down there. We saved what we could, but a bass and a speaker and a few effects were ruined. And his bass drum filled with water. Most of it, if not all of it, was covered by homeowner's insurance, thankfully. Scary though, to have his basement filling up and us running around almost knee-deep trying to get all the instruments out.

His old Nintendo system was also ruined and not covered by homeowner's insurance.

Ellen

[WaveRay]

Originally posted by d03nut I once posted a thread asking precisely the same question only w.r.t a guitar that's like old and has "aged" well. How would one value "aging" -i.e. better tone- for insurance purposes? Just call 'em pre-war and put a 6-digit price tag on them (and insure them as such)?

 

 

 

K, here's the poop. At least in Pa.

Homeowners will cover fire, theft, flood, acts of god, and so on, but not accidents. So, if the wife bumps a ladder with her vacuum that in turn falls into your guitar, no go on the homeowners. However, you can specifacally add riders to the policy on each guitar for the current value of the instrument. If something happens to the guitar, this will cover repairs or replacement. Repairs if possible or the agreed to amount of coverage will be payed out. So, .....this is important, If the value on your guitar changes, for whatever reason, you will have to call your insurance guy and update the policy. It will NOT automatically adjust to current value.

Also, The fair market price will be agreed upon by yourself and your agent. They should not allow you to insure your Estaban for $10,000.00. I told my guy that most upper end guitar dealers sell for around MSRP minus 30%. The MSRP can be, thereby, verified on the respective websites. He said that would be a good basis to value new/newer instruments. Probably Ebay averages or other sales oriented websites would work for vintage/older guitars. I now have to supply the Make, model and serial number of my guitars to him for him to write the coverages. He said that it should only be about three or four dollars per thousand per year.

 

Not too bad and worth every penny if you ask me.

 

There ya go!

 

Ray

[kwakatak]

So if my 2 year-old decides to have a snit and throws down my Tak or (*gasp!*) Larriv

[da mayor]

Heritage Insurance

 

+1:thu:

 

Check it out and compare to the coverage on your homeowners or renters insurance.

[WaveRay]

Originally posted by kwakatak So if my 2 year-old decides to have a snit and throws down my Tak or (*gasp!*) Larriv