Should I buy insurance for my 1962 Anniversary Sheraton?

[jddc_115]

Hi Everyone,

 

After years of saving, I spent my guitar fund yesturday on a 1962 Anniversary Sheraton with tremotone in cherry (pics to come in other thread), leaving the store the sales assistant gave me the option of purchasing an insurance plan after I left the store, but had until January to decide. About $85 gets me full 2 year coverage and $107 for 3 years. This apparently is full coverage including accidental damage. The rep said that they even at times replace the guitar, but since it's a limited edition that likely wouldn't be an option. I take really good care of my guitars and have yet to even put a significant dent into any of them. So my question is should I buy insurance?

 

Thanks,

J.

[deejaid]

I wouldn't pay for insurance from the dealer. A little ding in the guitar won't get you a new guitar and your homeowners or renters insurance will cover it from theft or fire.

[LSAR]

Insurance from the store that sold it is mostly just their way of trying to get as much out of you as they can.

 

Your new Sheraton is a quality intrument. If you respect her, she should give you many years cool sounds and fun playing.

[stein]

A new EPI already HAS an excellent warrenty, does it not?

 

So, what exactly would buying additional coverage get you? And of any of those scenarios, what is the likey repair cost if you didn't buy the coverage?

 

We would have to know that to have an opinion.

 

Personally, I was offered coverage for something at GC once and when I asked about it, the coverage cost more than what I was likely to need if I had to "repair". And another time, at a Best Buy, the extra "coverage" was nothing more than what coverage it already had. So I asked them, "if you wouldn't honor the coverage it already is supposed to have, what reason is there to think you would honor coverage I buy from you?"

[jddc_115]

A new EPI already HAS an excellent warrenty, does it not?

 

So, what exactly would buying additional coverage get you? And of any of those scenarios, what is the likey repair cost if you didn't buy the coverage?

 

We would have to know that to have an opinion.

 

 

 

Good point.

 

The additional coverage covers all issues with the guitar be it the electronics, tremotone, or even accidental damage to the guitar like putting a whole in the body or snapping the headstock off. Because I am carefull with my guitars I'm not so concerned about breaking the headstock off, but accidents do happen. Like I said earlier, what added to the difficulty of my decision is that because the model has such a small production run in circumstances where they would replace the guitar, they would be unable to. Just as I was writing this up I called Guitar Center to ask them what they would do if they couldn't replace the guitar and they said they would give give a store credit for the cash equivalent.

[milod]

As noted above, a homeowners' or renters' insurance policy may require that you add a purchase of over X dollars for specific payment, but check with the agent because it should cover about anything but flood, and even that if not actually at the home.

 

A rider for the guitar one way or another should be less expensive than the store's "accident to the guitar" policy and - did they tell you if the store credit (goody gumdrops) is for the original value, new replacement value or used value of the guitar?

 

m

[bonzoboy]

These in-store insurance policies are just another way for them to wring as much money as they can from a customer.Most of these policies give them so many "outs"in the fine print that if, by chance ,your guitar was stolen or damaged they could find a clause to exempt them from covering it.When I bought my John Lennon 1965 Casino I wasn't offered any insurance on it and I wouldn't have done it in the first place.I don't know what the laws are in your area but here in NL,Canada,if you don't use your gear professionally and only use it for your own entertainment at home you can take out a rider on your home owners policy but if you play professionally you pay a percentage of the total value of your gear as the premium.I believe that it's something like $10 on every $100 dollars worth of gear.If I was still playing professionally the cost of insurance on my gear would be absolutely prohibitive.

[L5Larry]

A word of caution to those of you that think your instruments are covered by your Homeowners Insurance. If you do, or have, played for pay, technically your instruments are classified "for professional use", and ARE NOT covered by your homeowners insurance.

 

There are a couple of companies that specialize in professional musical instrument insurance, and the cost is very reasonable at about 1% annually of "market value". These policies cover loss or damage from about everything EXCEPT nuclear war, government insurgence, and rodents (yeah, rodents, I don't get that exclusion either).

 

The peace of mind far outweighs the cost.

[Yogi_Sizzle]

Yeah I wouldn't bother purchasing the in-store insurance. Basically anything that is likely to go wrong with the guitar, besides a headstock break or damage that is solely your fault, is likely to happen with-in the usual 30 day return period you have with GC/Musicians Friend . The only issue I have had with new guitars is maybe a faulty pot, switch, or bad solder joint. All of which is so cheap to fix or replace it aint worth the money they are asking. just another way for them to make a profit.

[milod]

I'd listen to Larry...

 

Check with your insurance agent - not the store - to see what sort of a rider or separate policy would protect the guitar.

 

m

[Big Norm]

I wouldn't pay for insurance from the dealer. A little ding in the guitar won't get you a new guitar and your homeowners or renters insurance will cover it from theft or fire.

 

+1 --- That's what I think also...

[Mr. Semi]

Within my home owners insurance policy is a rider titled 'Scheduled Items', which is a list of all of my instruments. The annual cost is just $15.00 per $1000.00 of instrument value.

 

This covers personal use only, playing out is OK as long as it's not commercial or paying gigs. If an instrument was stolen then I simply report that in my claim and I'd receive a cheque for the amount of coverage on that instrument. These claims would not affect my insurance deductable because it is not covered under my main policy, but by the rider that I pay extra for. This is the kind of coverage that you should consider for your instruments.

[L5Larry]

annual cost is just $15.00 per $1000.00 of instrument value.

 

playing out is OK as long as it's not commercial or paying gigs.

 

If you read my previous post (#8), you'll see that a specific separate policy for your instruments, is not only cheaper, but includes "professional" use.

 

I would hate to have to deal with a "Homeowners" claim if my guitar got smashed or stolen even at an Open Mic Night. It could be argued that any "public performance" is "commercial" or "professional", and also that if you have EVER been paid to play at any time... you are a "professional" (whether or not you are being paid at the time of loss or damage).

 

I don't like "gray" areas.

[stein]

If you read my previous post (#8), you'll see that a specific separate policy for your instruments, is not only cheaper, but includes "professional" use.

 

I would hate to have to deal with a "Homeowners" claim if my guitar got smashed or stolen even at an Open Mic Night. It could be argued that any "public performance" is "commercial" or "professional", and also that if you have EVER been paid to play at any time... you are a "professional" (whether or not you are being paid at the time of loss or damage).

 

I don't like "gray" areas.

I would hate to be in a position of explaining my axe was not being used for "pro" or paid if stolen from a place other than home...even if it was the truth.

 

Not that I have a dis-trust for insurance companies.

[kidblast]

A word of caution to those of you that think your instruments are covered by your Homeowners Insurance. If you do, or have, played for pay, technically your instruments are classified "for professional use", and ARE NOT covered by your homeowners insurance.

 

There are a couple of companies that specialize in professional musical instrument insurance, and the cost is very reasonable at about 1% annually of "market value". These policies cover loss or damage from about everything EXCEPT nuclear war, government insurgence, and rodents (yeah, rodents, I don't get that exclusion either).

 

The peace of mind far outweighs the cost.

 

I agree, these retail coverage policies are usually a waste of money, and yes it's a ploy to dig deeper into your wallet.... beware!!!

 

As for home owners insurance it varies on what they will offer as riders. some companies do.

 

Fro example, Met Life and Home offers "professional riders" on home owners policy, and it covers theft or total loss inside or outside the dwelling.

 

It applies to both instruments gear, and other things like photography gear. It's not all that expensive, I have almost everything covered (guitars, amps, pedal board, pedals) and it's full replacement value. I gotta complete the circle here and get it all on there..!!!

 

So in all cases, make no assumptions cuz Larry is correct in that some carriers may not provide this rider, (as Larry says it is NOT part of your standard coverage outside your dwelling) Ask your insurance carrier if they offer these riders for home owners policy, and make sure you ask for "replacement value coverage" and check on the terms of the deductible (if it applies, sometimes, as we see in a previous post, it doesn't).

 

but if it does, you may also want to reduce that if your deductible is 500 bucks, and your total lost from a stolen guitar is $700. changing from 500 to 250 should not be all that much more a year.

 

and do note, in this case.. this is only applicable to the conditions of total loss, theft, fire, etc.. Damage repair is NOT covered.

 

Depending on the value, you can just record make, model, and serial number, if you have your recipt a copy will do if not, some documentation on the current value. So if you want to cover a les paul standard but have no valid receipt, just include something from an online retailer, for met life anyway, that was good enough. if you're declaring something over 10k, (like a vintage strat for example) you need a formal appraisal.

[stein]

 

if you're declaring something over 10k, (like a vintage strat for example) you need a formal appraisal.

I can totally se PREGRESSIVE insurance replacing a '62 vitage Strat with a "'62 reissue Strat Made in Japan"

 

That's how they roll with auto repair anyway.

[kidblast]

I can totally se PREGRESSIVE insurance replacing a '62 vitage Strat with a "'62 reissue Strat Made in Japan"

 

That's how they roll with auto repair anyway.

 

sometimes I think Insurance companies are the biggest crooks operating legally in plain view of everyone, on the planet.

[stein]

sometimes I think Insurance companies are the biggest crooks operating legally in plain view of everyone, on the planet.

In many cases, for sure.

 

That's why I think L5LARRY is wise in his advice: It's one thing when an agent is nice and helpful when getting a policy, but it can be a whole different issue when having to USE the policy.

 

Personally, after having dealt with Progressive as a company, I think that may be why a lot of accidents have poeple fighting in the street. I can see where where if someone hit your car and they pulled out a progressive card, it would come to blows.

 

That's car insurance. But in homeowners insurance, a couple things bother me a LOT: One is, in an area where flood is the MOST likely thing to wipe you out, flood is excluded. Same with earthquake. So, if the most LIKELY thing to happen is not covered, what good is it? The crook part: why require it if technically you are at nearly the same risk as not having any at all?

 

Mortgage insurance: they charge the premium to you. You pay it. It is in case you can't make your payment. But when it comes time to USE it, you get NOTHING from it. The claim is paid to the one charging you the premium.

[kidblast]

^^ -- I know man -- it's enough to make you insane is it not?

 

On the other hand. -- we've had reasonably good luck with Metropolitan for home and car.

 

We had a Shepard that jumped up on a water bed in the second floor bedroom -- this resulted in a monsoon in my first floor living room about 20 minutes later, you would not believe the mess this made.

 

homeowners insurance covered everything included replacing the hardwood floors in the living and dining rooms on the first floor.

 

the funny part was when the inspector/adjustor came, I had my guitars in their cases, lined up in the room that was adjacent the room where the "flood" happened. He takes one look at those and says "oh oh,, not those too?" They were not involved in the incident..

[jddc_115]

Wow thanks allot to everyone that took the time to responded to my thread. I couldn't have hoped for more information or a better discussion. It's awesome to be able to get the opinions of people that know so much more then I do. Based on the response I will not be getting the accidental insurance offered by Guitar Center. Thanks for saving me some money guys!!!

 

J.