dogbiscuit Posted April 15, 2008 Share Posted April 15, 2008 Hi guys, Nice to come aboard! Last week I became the proud new owner of of my first Les Paul (see below). With a bit of haggling I got it at a knock down price. I'd like to get it insured but don't know exactly what value to state as it has unusual features. It's wine red, 2001, and seems quite unique for a standard in that it has gold hardware and grover tuners. I think this is a feature of 2001 standards. All other modern wine red Standards seem to have silver hardware and of course the traditional tuners. It's in very good condition and plays really well. What do you folks reckon it's value is? Do these features affect the value at all? Are they specific to 2001 models or could it even be a plus model or something? The guy I bought it off wondered this also. Link to comment Share on other sites More sharing options...
Aaresz Posted April 15, 2008 Share Posted April 15, 2008 I cannot speak as to the insured value, but I would use want a replacement cost would be of a new, like model. Link to comment Share on other sites More sharing options...
phil_104 Posted April 15, 2008 Share Posted April 15, 2008 My advice would be to check the gibson website and write down the list price. Link to comment Share on other sites More sharing options...
Space Pup Posted April 15, 2008 Share Posted April 15, 2008 I believe that grovers were used on the LP Standard at that time. The "green key" tuners were used on the LP Calssics. If memory serves, the LP Classics at that time all had gold hardware but I'm not sure about the LP Standards. Either way... It's a sweet looking LP. Link to comment Share on other sites More sharing options...
ChanMan Posted April 15, 2008 Share Posted April 15, 2008 I'd insure it for a bazillion dollars... that is a GORGEOUS guitar and can't be replaced. You should have enough money to retire to some warm tropical location and mourn her loss..... Er... I mean.... I am sure we could give you a much better idea if... you'd.. uh... post some more pics.... yeah... that's it... Link to comment Share on other sites More sharing options...
Spot Posted April 15, 2008 Share Posted April 15, 2008 £1,000 to £ 1,500.... Link to comment Share on other sites More sharing options...
dogbiscuit Posted April 17, 2008 Author Share Posted April 17, 2008 Thanks for your replies guys. I've been on the gibson site but can't find a price specific to my guitar. Should I just insure it for the RRP (if I can find out what that is)? Can you do that? And thanks to Space Pup and ChanMan for your compliments : ) I fell in love with this guitar as soon as I saw it! And since you asked so nicely ChanMan .. here's another pic.. I don't take much persuasion! Who needs women when there are Les Pauls! Link to comment Share on other sites More sharing options...
Geetar_Axl Posted April 17, 2008 Share Posted April 17, 2008 So you can insure stuff for more then its worth? Do you have to pay extra? And how much would it be to insure a LP/ Oh, btw, insure it for way more then its worth! Link to comment Share on other sites More sharing options...
LPDEN Posted April 17, 2008 Share Posted April 17, 2008 Pic isn't there any longer, but I'll offer you this bit of info on values of used/nearly new guitars, and buying new guitars. When buying new I always work with a select group of Gibson dealers who routinely sell at -40% off of list. Sometimes just a little bit more off if there is shop wear, which is not too often because most take gret care of their inventory. If your question is for insured value (not resale), I would insure it for replacement value (what you paid) and update the repacement value once per year with your insurance company. Gibson's pricing usually goes up after Summer NAMM, sometimes even twice per year. If you're asking what your guitar is worth for resale after you bought it, a general rule of thumb is to knock -10% to -15% off (from that -40% off list) as soon as you walk out the door (with a new condition instrument), and any play wear or condition issues may take it down futher. So the answer there is A late model used guitar in new condition could expect to sell at -50% to -55% of new list. eBay is a fairly accurate barometer of what people are willing to spend for a used instrument. If it's a limited edition, hard to find or say an LP with a highly figured top, you may even make money on resale later on. But my suggestion is play the guitar and be happy. Values tend to be what they are based on many factors and the market dictates what you'll actually see in value. Link to comment Share on other sites More sharing options...
LT ED Posted April 17, 2008 Share Posted April 17, 2008 Very nice wine red lp, one of my fave colours but just put that lamp shade straight . just kidding nice guitar, very Donnie Vee. I think his is a classic I better have a look. Link to comment Share on other sites More sharing options...
weeladdie Posted April 17, 2008 Share Posted April 17, 2008 Nice looking guitar... Mine is a 98, came with gold hardware, Grovers, one piece back. It now has new tuners, with tulip keys, and gold top hat knobs, and I'm waiting for delivery of an RS kit. Link to comment Share on other sites More sharing options...
LPDEN Posted April 17, 2008 Share Posted April 17, 2008 There it is, very nice! Enjoy it! Link to comment Share on other sites More sharing options...
dogbiscuit Posted April 18, 2008 Author Share Posted April 18, 2008 Thanks for your advice LPDEN. What does NAMM mean? I paid £1200 for it, though the guy was asking more. I don't know if you would class it as a limited edition but these with the gold hardware and grovers seem hard to come by. In fact I thought it was only 2001 models that featured this but weeladdie, you have just proved otherwise! Nice to meet someone with the same guitar. Good taste! And a fellow Scot by the sound of it? How much did you pay for yours, and when? Link to comment Share on other sites More sharing options...
LPDEN Posted April 18, 2008 Share Posted April 18, 2008 Thanks for your advice LPDEN. What does NAMM mean? National Association of Music Merchants. Link to comment Share on other sites More sharing options...
MikeRom Posted April 18, 2008 Share Posted April 18, 2008 Nice ax! My insurance company wanted proof that what I said it was worth is what it is really worth so be prepared to provide proof. Link to comment Share on other sites More sharing options...
Gibson CS Posted April 18, 2008 Share Posted April 18, 2008 Doesnt home & contents insurance cover your instruments? Mine does. Link to comment Share on other sites More sharing options...
Tim Plains Posted April 18, 2008 Share Posted April 18, 2008 Exactly what deepblue said. You don't need to spend extra cash to insure your guitars if you have good home insurance. I know an insurance adjuster. She told me to...and everybody here should do this...photograph EVERYTHING and keep the pictures in a safe place in case the house gets destroyed. So I took pictures of everything, including receipts, and emailed them to myself...this way I have them safely stored away in cyber-space. Knock on wood... Lets say you have a $5,000 R9. If your house burns down and everything is torched, an insurance company may only offer you $1,000 for the guitar. Why?...because you have no proof that that guitar was a R9. Where's the receipt? "Well, it was lost in the fire..." So, all you have is a charred body of a Les Paul. Well, a brand new Les Paul can be purchased for $1,000...Les Paul Studio obviously...and that's what you'll be compensated for. When it comes to disasters, such as this, insurance companies will try and pay you as little as possible. When I said photograph everything, I meant everything...not just your guitars, but everything in your house. Link to comment Share on other sites More sharing options...
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