Requesting value to insure

[Rudedawg]

I am reassessing the values of all our music equipment for our homeowners insurance and am requesting the value of my 1999 Les Paul Standard Lite Double Cutaway. It has a mahogany body and neck, maple top, 24-fret rosewood fretboard, with 492R/'57 Classic humbuckers, gold hardware and body is Translucent Blue. The guitar and oem Gibson USA case is in absolute mint condition. I have searched but cannot find my specific model's value so any advise is greatly appreciated, thanks in advance.

[Eracer_Team]

Your best best would be to contact Gruhn's Guitars for an "official " value for an insurance company 

https://guitars.com/appraisals

[Rudedawg]

Thank you, I'll give that some thought for sure.

[sparquelito]

Rudedawg, 

It might be best to call the customer service folks at your insurance company, and ask them what qualifies as an official valuation. 

Eracer_Team wisely points out that Gruhn's can offer a written Appraisal, which carries more weight than a valuation offered by some guys on an internet web forum. 
Chance are, if you live near a large city, there will be a music shop that offers Instrument Appraisal services, for a fee. (Usually $50 or so.)

Here's a screen capture from Fjestad's Blue Book Of Guitar Values. 
It's considered a decent and credible valuation resource, so maybe this will help.

See what the insurance company says for sure though. 
Their position is what matters most, right?

🙂

 

 

[NighthawkChris]

Like @sparquelito said call your insurer… make sure you understand what’s covered and how it would be replaced before signing up for this on a policy. I needed to send receipts to them for everything I added to the policy if I wanted to get exactly that money back in some crappy event one or more guitars get damaged. If I didn’t do that, they would cover what I said to cover at some “replacement” value. So long story short, I had to prove that I paid X for each item to get the better coverage - I.e. get what I paid for the item at very least otherwise the insurer would find a “suitable” substitute, and we all know how that’ll go… If you have something more valuable @Eracer_Team suggested to get appraisals from some credible place to share with insurer. My insurance also would accept appraisals to set an agreed coverage value on an item. 

[Rudedawg]

Thank you all for the responses. The reason for my question was I had asked our StateFarm agent about add on coverage for keepsake jewelry,  guitars and vintage firearms in which she suggested we get a personal articles policy that went above and beyond our homeowners policy.  The policy is not very expensive and as I understood a formal appraisal or receipt was not required because some items were inherited but as mentioned values need to be assigned to each article. The amount of coverage is automatically adjusted annually based on the Consumer Product Inflation index.  She did mention that it is wise to have rare valuable items professionally appraised periodically just to make sure the item's coverage amount doesn't need to be adjusted either way.

I'll talk to her a little more in length in the upcoming weeks but at this point seeing the info posted by sparquelito and what this guitar has sold on places like Reverb, etc. a good value should be in the $1200.00 - $1750.00 range.

Thanks again everyone, play loud and proud.

 

[sparquelito]

6 hours ago, Rudedawg said:

....a good value should be in the $1200.00 - $1750.00 range.

 

I agree. 

And by the way, that's a really cool guitar. 

A rare and wonderful item indeed!

🙂

[Rabs]

8 hours ago, Rudedawg said:

Thank you all for the responses. The reason for my question was I had asked our StateFarm agent about add on coverage for keepsake jewelry,  guitars and vintage firearms in which she suggested we get a personal articles policy that went above and beyond our homeowners policy.  The policy is not very expensive and as I understood a formal appraisal or receipt was not required because some items were inherited but as mentioned values need to be assigned to each article. The amount of coverage is automatically adjusted annually based on the Consumer Product Inflation index.  She did mention that it is wise to have rare valuable items professionally appraised periodically just to make sure the item's coverage amount doesn't need to be adjusted either way.

I'll talk to her a little more in length in the upcoming weeks but at this point seeing the info posted by sparquelito and what this guitar has sold on places like Reverb, etc. a good value should be in the $1200.00 - $1750.00 range.

Thanks again everyone, play loud and proud.

 

Yes.. Guitars can be odd like that.. The model like the DC aren't usual standard production models in terms of shape.... They make them every so often..  A lot of people love Double Cuts (as I do)... So yes I would say between 1200-1300 is a good range.. But that depends on who you talk too.. Some people dont like them any more than any other model but yet as they are not as mass produced as such on a consistent level, if you want one you have to either buy one second hand or wait and see if or when Gibson will ever make any more.

So yes they are rarer but then less people like them or have even heard of them than say a Les Paul or and SG... So really not worth much more just cos theres less of them BUT Gibsons do hold their value probably better than most others out there.