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Posts: 3523
Joined: Jul. 12 2009
From: Washington, DC
Insurance for Guitar
Do those of you who have expensive guitars have insurance coverage? I have not seen anything on the Foro about insurance. Just FYI, I have a Gerundino that My guru Paco de Malaga gave me a nice deal on about a year ago, and we estimate its value at about $12,000. I had delayed looking into insurance, but purchased coverage today for a maximum amount of $12,000. The policy covers unintentional damage, breakage, theft, fire, etc., and the annual premium is only $37. That seems to me like a very inexpensive annual premium to cover a valuable instrument. Just posting this for information, and to see what others do in terms of insurance.
Cheers,
Bill
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And the end of the fight is a tombstone white, With the name of the late deceased, And the epitaph drear, "A fool lies here, Who tried to hustle the East."
My instruments are insured by voodoo. Not sure if you want to know the price, but it's pretty fool proof.
Does it involve sacrificing a nubile virgin?
_____________________________
And the end of the fight is a tombstone white, With the name of the late deceased, And the epitaph drear, "A fool lies here, Who tried to hustle the East."
Home owners/renters insurance covers against fire/theft etc. it but if you are gigging and/or travel it wouldn't if something happened in that regard.
That's the reason I finally looked into, and purchased, insurance specific to the instrument. This type of insurance covers damage and breakage no matter where it is. I occasionally travel on consulting gigs (nothing to do with music) both in the U.S. and overseas, and I sometimes take my guitar in order to have it with me and play for my own enjoyment. Another thing I found out, at least regarding my homeowner's coverage, is that there is coverage on such things as musical instruments and jewelry (for fire and theft), but only in the home and only up to a certain amount (in my case, $10,000). And any deductible on one's homeowner's insurance policy would apply in the case of a damaged, destroyed, or stolen guitar as well. Any damage or destruction above the upper limit will not be covered unless special insurance specific to the instrument is purchased. In my case, to insure my Gerundino, with an estimated value of $12,000, for the full amount of its value should it be destroyed, at an annual premium of $37 seemed like a pretty good deal.
Cheers,
Bill
_____________________________
And the end of the fight is a tombstone white, With the name of the late deceased, And the epitaph drear, "A fool lies here, Who tried to hustle the East."
In my case, to insure my Gerundino, with an estimated value of $12,000, for the full amount of its value should it be destroyed, at an annual premium of $37 seemed like a pretty good deal.
I think that's a fantastic deal !
Which company are you with? Do you have to have your home insurance with them also?
I'm with USAA, Britguy. And, yes, I have all my insurance (home and auto) with them. The catch is, insurance with USAA is only available for active and retired U.S. military officers and Foreign Service Officers.
Nevertheless, the low premium leads me to believe that any reputable insurance company would have similar insurance for a reasonable annual premium.
Cheers,
Bill
_____________________________
And the end of the fight is a tombstone white, With the name of the late deceased, And the epitaph drear, "A fool lies here, Who tried to hustle the East."
I'm with USAA, Britguy. And, yes, I have all my insurance (home and auto) with them. The catch is, insurance with USAA is only available for active and retired U.S. military officers and Foreign Service Officers.
Nevertheless, the low premium leads me to believe that any reputable insurance company would have similar insurance for a reasonable annual premium.
In Germany we once had the Mannheimer insurance for musical instruments. Before the company got bankrupt, I had my 1969 Gerundino or Marín in the mid of the 90th years there. Regarding theft I strongly recommend to study the condtions! I remember a significant term. If the instrument got stolen out of a car at night from 10.00 pm on, you´ll have to prove that the parking space was lighted or guarded till 6.00 am! If this case might happen to anyone, I whish you good luck to get your demand accepted
Most of the insurance companies reimburse just the time value and do not often insure the instrument on aerial tours. So that I´m not traveling around the word I can afford to use a cheaper guitar for concert trips to save the money for the insurance charge.
Bill, I'm in the insurance business and I can tell you that the homeowners policy will cover named perils like fire, windstorm, theft etc and subject to the deductible on the policy as long as you are not using them professionally. The problem with the base policy coverage is that it affords no coverage if your instrument mysteriously disappears or someone sits on it and breaks it in two.
The proper way to cover your instruments would be to talk to your agent or company and ask to have them "scheduled" on the polilcy. This means you supply an appraisal and they use an agreed value based on that appraisal. Yes, typically the coverage is reasonable even for an expensive instrument plus if something happens, no deductible.
As I mentioned earlier if you are using them "professionally" gigging and such, the insurance company may have an issue. You might have to look to what's know as the excess markets or high risk types of policies. Here's where things can get expensive. I did a quote for an pro player and he owns several rare and high end instuments with a total value around 70k. The annual premium was around $700 but when you consider a loss of a 1951 Barbero its probably worth it... Sig--
When I was playing regularly I had specialist all risks musical instrument insurance for two of my guitars that travelled with me and the others were just covered by household insurance. While I was on holiday in Cuba my house flooded and the guitars were left standing in their cases on a damp carpet. There was no evidence that running water had entered the cases but I suspected that the wood had become a bit damp. The specialist insurers told me to make sure that the cases were dry and to keep the guitars in their cases as far as possible. They agreed to open a claims case and pay up if any damage appeared during the next 6 months. I asked the household insurers if they would do the same and their line was “show us the cracks now and we will pay, otherwise you have no claim”.
Everything ended well with no damage.
Sadly, getting compensation for a cherished lost guitar doesn’t mean that you can just go to the shop and get an equivalent replacement the day the cheque arrives. I have one beaten up guitar (not the most valuable) that I consider irreplaceable and, in spite of having good insurance, I never like to let it out of my sight.
Bill, I'm in the insurance business and I can tell you that the homeowners policy will cover named perils like fire, windstorm, theft etc and subject to the deductible on the policy as long as you are not using them professionally. The problem with the base policy coverage is that it affords no coverage if your instrument mysteriously disappears or someone sits on it and breaks it in two.
The proper way to cover your instruments would be to talk to your agent or company and ask to have them "scheduled" on the polilcy. This means you supply an appraisal and they use an agreed value based on that appraisal. Yes, typically the coverage is reasonable even for an expensive instrument plus if something happens, no deductible.
As I mentioned earlier if you are using them "professionally" gigging and such, the insurance company may have an issue. You might have to look to what's know as the excess markets or high risk types of policies. Here's where things can get expensive. I did a quote for an pro player and he owns several rare and high end instuments with a total value around 70k. The annual premium was around $700 but when you consider a loss of a 1951 Barbero its probably worth it... Sig--
eh, better off taking $700 a year to the slot machines or hire a professional poker player or something. Chances are after some years you probably have your guitar still intact with enough money saved up to buy a new one.
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