Guitar appraisals

[MichaelT]

I'm hoping someone with some experience has some information for me. I recently had my three Gibsons appraised by a reputable store. The appraisals look good and I'm going to submit them to my insurance company for coverage. How often should appraisals be done? I'm going to ask my insurance agent as well but they may not know the answer so I thought I'd ask here. I was thinking maybe every 5 years or so. What do you guys do?

[Guest Farnsbarns]

I tell the insurance company what guitars I have and the value each year and they quote a premium. Not sure why one would get them appraised.

[MichaelT]

I tell the insurance company what guitars I have and the value each year and they quote a premium. Not sure why one would get them appraised.

 

That's what my insurance company requested and requires to insure them and add them onto my policy.

[Guest Farnsbarns]

What a pain. Is that normal there? I only have to tell them about 1 because if they're under £500 in value they're just covered.

[MichaelT]

I'm not sure if it's normal or not. I called to discuss with them but I think it's a monetary thing. According to the appraiser, they're worth about $6500 total for the three Gibson guitars. Another $1500 in amps, around $800 in other guitars and equipment. I think they're covered here if they're under a certain amount too.

[BigKahune]

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Are you insuring the value, or the replacement value? If you're required to provide appraisals, the value is likely insured. This could be below the cost of replacing the guitar depending on what is available if/when you have to make a claim. BTW, if it's a homeowners policy you're talking about, they usually DON'T cover instruments used professionally - be sure to ask about that.

 

Regarding re-appraisals: If you keep up with ongoing price fluctuations, you should be able to gauge when you need new appraisals. Once the resale value has risen above your insured value to a difference you're not willing to risk, then you get new appraisals.

 

Regarding providing appraisals: I'm in the US and providing appraisals or sales receipts is usually required by homeowners insurance. I use Clarion, which specializes in musical instruments. They did not require appraisals (except for valuations of $5000 or more, which requires proof of value like appraisal or receipt). As Farns has said, I send them an updated value schedule of instruments and gear every year and they quote a premium.

 

 

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[rct]

My homeowners just has replacement value, whether I use them professionally or not. Provide the list, photos if you want, and the name used to describe the guitar is the averaged retail in your area replacement value used for insurance purposes. "American Telecaster, EJRW Stratocaster, Les Paul Classic", etc. Pretty simple and not real expensive to insure for fire/damage/theft from the home. In my entire time of playing the guitar since 1971 I've never had anything happen to, at, or from a gig to require super duper insurance outside the home, so that works for me.

 

If you are looking to insure them for their Reverb/Ebay/Guitar Forum value you'll need regular appraisals to keep up with the dizzying rates of guitar appreciation. Not.

 

rct