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Insurance on guitars


NeoConMan

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Who has their collection insured?

 

My policy is thru my home owners, a separate articles policy.

It's due for renewal next week, and I'm wondering if there's something better out there.

 

I know my insurance company will determine for themselves what my guitars are worth, replacement cost be damned.

Many are collector pieces in that new ones are not available at any price, but my insurance will surf Ebay and CL for values.

 

Any recommendations from the forum?

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Wow small world the insurance specialist just left the house about a hour ago after walking around taking pictures and shaking his head...

 

I do both, homeowners with a big rider/waiver for instruments and firearms and then I also carry specific instrument insurance that covers more valuable guitars and even covers them during travel or performances.

 

I don't want to hijack a thread but the insurance guy was a trip, too bad the wife was here he helped confirm her opinion that I'm not sane when it comes to guitars. He even said that he was afraid he'd run out of film, when i said yeah right that's a digital camera he just looked at me and said "I know".

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This thread may be worth while to keep up since we all have guitars here and some of us have more than 1 or 2 and some even have very valuable ones.

 

Right now mine are covered in my renters insurance for basically fire etc... I believe theft will be covered too. My biggest worry is that 2 guitars have a lot of sentimental value and you cannot put a price on that. Then, how would I prove that my SRV strat has brazillian rosewood and that makes it more valuable than one off the wall at guitar center?

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I had a guitar stolen from my car (I know it was the gardeners but cannot prove it). The insurance company (homeowners) said (a) prove the lose (police report), (:-({|= prove value (recent appraisal plus photos), (c ) subtract the deductible (e ) assure us you are not being paid to play (not higher risk than homeowner). I was peeved so I changed providers. I also looked into instrument-only insurance -- but THAT is very expensive. You can imagine, though, how a professional act traveling from city to city could have serious risk of both damage and theft. Homeowner losses are probably very low (even from cars)(plane travel is NOT covered).

 

Abuses: I learned from Fedex and UPS that many sellers (EBay type) will ship damaged guitars and then put in a claim for the value (undamaged). So now they make you prove it was not damaged from the outset (you bring it to Mail Boxes USA and they pack it). Apparently it was not a small thing and many claims were made to Fedex and UPS. Also the airlines have a policy about transporting instruments (disclaimers -- they are NOT insured)(Southwest is the best -- I checked)

 

HENCE - my Gibson only goes where I go. I would NEVER ship it and NEVER leave it in a car. I have a pad lock that can go through the case latch and a piece of cable (home depot) that can be put around a post and then fastened with the lock. So I can prevent a snatch and run event. Very important topic here (insurance) and very hard to a GUITAR for any reason.

 

Retrosurfer: sanity is not always a virtue. We old farts realize that being a Magoo has its advantages. (young women love you, hug you, tell you you are "cute") .. my guns too are risk. With them the biggest risk is the danged state!

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Yeah, I'm aware of the numerous companies.

I was looking for a real recommendation from experience.

 

I'm afraid my homeowner's insurance would force me to provide much of the proof like Gitfdl.

I know for a fact that the compensation for a loss depends on their claims adjuster and his research.

Not much faith there.

 

My old insurance agent told me that every musical instrument claim he ever did was fraudulent.

Basically, musicians tend to be real flakes.

 

Gee, thanks...

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Ok still not making much sense here but here goes the standard homeowners insurance policy at least mine covers guitars and other named items like watches, jewelry, firearms, antiques etc up to a 10k limit for all items without riders or extra cost. these limits are regulated for theft or damage fire or other loss would be covered at replacement value whatever that means

+ I had to add a rider for any amount from 10k to 50k for a single loss

+ a separate rider for any loss over 50k of the combined single items like instruments but not jewelry etc. .

+ I had to get a separate rider for any guitar or single item over 7k

+ Maintain a current list of all serial numbers and a table of values and purchase data.

+ I have to get a written 3rd party valuation for any single instrument or item in excess of 10k or that becomes the limit.

+ I have to have a separate rider and supporting documentation as well as a document showing all data of interest (insurance term) on any single item that because of age or rarity has a excessive value which they described as four times the value of a like or similar object that is not of a high collectable nature(makes no sense really but protects someone from saying a 59 burst was stolen and worth 300k) on excessive value items you pick the coverage amount and risk.

+ Also had to sign a notice that I am not a retail sales establishment. Doesn't prevent me from buying/selling or anything else irregardless of value just saying I'm not a store. This goes along with the stated medical coverage of a policy so if someone was injured I can't be a store open normal business hours to the public etc. (My wife loved this one, she cracked up saying he has at least one guitar from almost every year for the last 30 years, if he's a store he's not good at it.)

+ Items are covered for home and personal use not commercial use or performing and policy will not cover loss outside of what normal use is??? this one really threw me but he described it as I would be coverred if I took a guitar with me travelling on vacation or even just around town but they would not cover four guitars and two amps if I was gigging.

+ Accessories amps, pedals, recording equipment etc. are considered just that accessory to the instruments and covered for 50% of the stated value of my instruments.

 

I got discounts for items that had secure identification like Snagg or secured ID plates or engraving.

discounts for security and fire notification systems (Alarm system and fire sprinklers)

discounts for secure storage i.e. secure locked room and large locking safe etc.

 

I was surprised but studio equipment was no big deal something about a installed room improvements and no different than high end stereo equipment or a video/theater install.

 

 

sorry about the long post but a few people seemed interested.

 

this is kind of a strange thing to work through the insurance company guy was pretty good he said he'd seen some strange collections but guitars took up a lot of room. The strange thing is I really don't consider myself a collector, that might seem weird but I bought them to play and I don't have them sitting around to look at or as a investment. **** I play them, I gig them and I enjoy them

 

Just a few of the photos he took made me realize something though...

 

NO MORE DAMN GUITARS-

 

Well after the Nickel Silver - National Resophonic I have on order and the Gibson Traditional Pro in Vintage Sunburst that should ship in June

 

Acoustic's

IMG_2231.jpg

 

Amps

IMG_2229.jpg

 

industrial slideIMG_2243.jpg

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  • 1 year later...
Yeah' date=' I'm aware of the numerous companies.

I was looking for a real recommendation from experience.

 

I'm afraid my homeowner's insurance would force me to provide much of the proof like Gitfdl.

I know for a fact that the compensation for a loss depends on their claims adjuster and his research.

Not much faith there.

 

My old insurance agent told me that every musical instrument claim he ever did was fraudulent.

Basically, musicians tend to be real flakes.

 

Gee, thanks...[/quote']

 

With a gun.

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I am meeting with my agent tomorrow...every 3 years go over home/car. When I bought my house 6 yrs ago, my collection was 1/2 what it is now. All that stuff is part of my home owner's insurance. I am going to ask about adding all the gear I have purchased in the last 6 years. Or at least the ones that really matter. There's 3 guitars I really don't gve a sh!t about. I know that is a terrible thing to say but it's true.

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According to my agent my homeowners is suficient to cover all my music stuff at replacement value. As long as i dont use my equipment for a business I am also covered out of the house. He did say that gigging is ok as long as its not my job. He asked values and he then told me that if I started getting in the 5k-10k per piece then I would want to add a rider but with lower value guitars like I have 1k-3k to not worry that I will be covered.

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