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Do you have extra insurance on your guitars?


skilsaw

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I've never had to look into insuring a guitar but I'm considering insuring my son's new L-5 (on order now...arriving for Christmas.)

Do you have extra insurance on your guitars?

What is their replacement value, and what does the insurance cost per year?

 

My only experience is with bicycles in the $2000 range. Insuring them costs about 10% per year of the replacement cost. I have decided to carry the risk myself and not insure them. Same goes for my camera equipment.

 

Your views are appreciated.

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I pay just under £200 to insure a collection of guitars worth around £20k. It's a little complicated as some are covered for gig use, back of tour vans etc and others are only protected against home break ins, but it's a little cheaper that way and only a few of my guitars regularly leave the house.

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I have a rider attached to my homeowners policy. $60,000 of coverage costs about $150 per year. This will only cover what I paid for them, not what they are worth. If you want coverage for actual value, you will need to get them professionally appraised and the coverage will cost more according to the appraised values.

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As a "working" musician, I have a specific and dedicated insurance policy just for my guitars. As stated above, it will cost about 1% of the value of the instrument per year. I have the most comprehensive policy available (or at least that I could find). The cost of my policy is well worth every penny in the peace of mind it gives me.

 

In the States, there are only a couple of insurance companies that specialize in musical instruments. The one I use (as well as other industry acquaintances and a few members here) is:

 

Heritage Insurances Services

Ellis Hershman

1-800-289-8837 x107

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I have a rider attached to my homeowners policy.

 

I have posted this caution many times as this discussion comes up:

 

Be careful, and cautious, about what coverage you THINK you have on a homeowners policy, even with a rider. Your homeowners policy covers your guitars as "personal property", or "household contents" ONLY.

 

If you use your guitars to "play for pay", they are classified "for professional use", and are NOT covered by your homeowners policy, rider or not. You may even be giving the insurance company the extra money for the rider for which they will never pay a claim.

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I use Heritage Insurance:

 

Heritage

 

They cover my guitars in all situations, including gigs and shipping, for an agreed-upon value. In the case of damage they will pay both for repairs and the loss of valuation the repair might cause. When I placed a claim they sent me a check within two weeks. Despite this high level of coverage, they are actually quite inexpensive--my policy currently costs me about $3.35 per thousand.

 

The catch is that they have a minimum premium of $250, so they would be expensive to cover a single L-5. I suspect a floater on your homeowner's policy will be the best best.

 

Danny W.

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The catch is that they have a minimum premium of $250, so they would be expensive to cover a single L-5. I suspect a floater on your homeowner's policy will be the best best.

 

Thanks for your input. Sounds like "cheaper by the dozen"

The $250 minimum works out to between 2 and 3 percent.

I'll look into adding a rider to a basic homeowner's policy and ask my insurance agent if he can get me coverage by Heritage.

 

Should also consider covering my camera stuff.

 

Bikes might be so expensive because there is a minimum $200 cost, or because there are so many claims.

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Thanks for your input. Sounds like "cheaper by the dozen"

The $250 minimum works out to between 2 and 3 percent.

I'll look into adding a rider to a basic homeowner's policy and ask my insurance agent if he can get me coverage by Heritage.

 

Should also consider covering my camera stuff.

 

Bikes might be so expensive because there is a minimum $200 cost, or because there are so many claims.

 

Heritage is the agent, so you have to go to them direct at the link Heritage. My policy is actually issued by Travelers in an exclusive arrangement with Heritage.

 

Danny W.

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See post #5 above!

 

Thanks for the warning Larry.

My son is strictly amateur.

But if he ever goes busking that will be "Play for pay" and would void the coverage under household insurance.

 

Don't have to worry about that right now. Busking season is over for the year.

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