Insurance

iwearpumas · #1 12-23-2012, 07:35 PM

Does anybody have insurance on their instruments? I heard of some people that do. Is it worth it? How much do you pay?

belimad · #2 12-23-2012, 08:24 PM

I have all my "cheaper" basses included in my renter's insurance, and a specific policy for my Hilton. It's like 70 a year or so.

KevinMG · #3 12-23-2012, 09:36 PM

I cover my gear. Check your renters / homeowner policy to see what the single incident limit is for musical instruments. Most will be less than $5,000 or it'll be included with the total loss amount. Depending on your inventory it's likely that a good bass and a good amp /cab will push that limit in which case it is a good idea to have a rider. You'll need to document what you own and then each new purchase is as simple as faxing your agent the receipt. I maintain a spreadsheet of my full inventory with serial numbers, purchase dates and prices. I keep receipts for all major MI purchases. Between my high end drum kit and cymbal collection plus the basses, amps, cheaper guitars and all the accessories I wouldn't want to be caught off guard. Keep in mind that insurance will cover your gear in transit and out of the home too - in other words gig protection. I think I pay about a hundred or so per year to cover nearly $30k in gear. Just as you would (or should) cover jewelry or other expensive possessions, if you have valuable gear or a big inventory of gear you couldn't afford to replace, it'll give you peace of mind for a lot less than you think. Especially in light of recent events here in the northeast.

walldaja · #4 12-23-2012, 09:41 PM

I have a separate musical instrument policy--$12,000 for. $36 per year.

JimmyM · #5 12-23-2012, 10:19 PM

Insurance is legalized gambling. I'm betting on nothing happening to my gear. But $36 a year?? Hmmm...maybe I'd take that bet...

iwearpumas · #6 12-23-2012, 11:10 PM

I will definitely look into it.

tastybasslines · #7 12-24-2012, 12:06 AM

This its worth it too.

https://www.snagg.com/

Rfid chip into your instrument.

Exemonium · #8 01-23-2013, 08:45 AM

Any suggestions outside of Homeowners that people have had experience with? I'm looking for the same thing. I'm heading out to play a bunch of shows that are further away, staying in hotels etc, and want to be sure all of my gear is covered. Before this year I only had higher medium level gear, but this past year I put a lot of money into it and would like to protect it the best I can. So any specific company suggestions would be great. I've read some older threads MusicPro and Clarion seem to be the ones that pop up often.

**MostlyBass** · #9 01-23-2013, 08:47 AM

I have my instruments insured with Clarion Insurance. Great coverage at a great cost.

Peter Ferretti · #10 01-23-2013, 08:48 AM

Clarion Insurance.

http://www.clarionins.com/

Exemonium · #11 01-23-2013, 08:57 AM

Thank you so so much! I will surely look into it ASAP

Biggbass · #12 01-23-2013, 09:24 AM

Quote:

Originally Posted by MostlyBass

I have my instruments insured with Clarion Insurance. Great coverage at a great cost.

+1

worldwide coverage against loss for any reason.

Wally Malone · #13 01-23-2013, 03:33 PM

Quote:

Originally Posted by Biggbass

+1

worldwide coverage against loss for any reason.

A few years ago I looked at the Clarion policy and then it stated that if your vehicle is parked in your driveway and you are robbed it is not covered. It sounded like they expected you to unload at 3 am when getting home from the gig.

Wally

smcd · #14 01-23-2013, 04:07 PM

Quote:

Originally Posted by Wally Malone

A few years ago I looked at the Clarion policy and then it stated that if your vehicle is parked in your driveway and you are robbed it is not covered. It sounded like they expected you to unload at 3 am when getting home from the gig.

Wally

They should absolutely expect that. I wouldn't leave gear in the car overnight under any circumstances. I wouldn't lend gear to anyone whom I suspected might leave gear in a car overnight.

ShowLow · #15 01-23-2013, 04:37 PM

Personal articles floater on homeowners policy, now called "valuable personal property." About $50 a year to insure too many basses and two rigs. Would not work for a pro musician, has to be personal stuff not used for business.

Caca de Kick · #16 01-23-2013, 04:38 PM

Quote:

Originally Posted by smcd

They should absolutely expect that.

+1
Yeah they should! Even at 3am I never leave gear in my truck.

And yes, homeowners insurance doesn't cover working musicians.

Exemonium · #17 01-23-2013, 04:45 PM

Then I absolutely have to find one. I'd never leave my gear in my car overnight. I freak out leaving it backstage haha

Wally Malone · #18 01-23-2013, 04:49 PM

I don't leave mine in the car either but there are many musicians that do and just putting out the warning. One of the other concerns I see are those that don't realize their home owner's insurance doesn't cover professional use and don't find this out until they have a claim.

Wally

Kmonk · #19 01-23-2013, 04:53 PM

I have been playing for 35 years and have toured. I have never insured any gear. With the exception of my former drummer stealing one of my basses, I have never had a problem. Given the current economic conditions and rising crime rate, I am considering insuring my gear.

I had a long talk with my insurance agent yesterday about including instruments in my home owner's policy. She recommended not doing it. This is how she explained it:

Most homeowner's policies have a $1,000 deductible so if your bass is worth $1,200, you will still have to pay the deductible and the insurance company will pay the difference. Is it worth paying a $1,000 to get $200 back from the insurance company? No, because your rate will increase.

Every time you file a claim, your rates increase even if they insurance company doesn't pay. Just filing the claim is enough to increase your rate.

After the third claim, whether paid or not, almost every insurance company will drop you. This will also effect your "insurance score" which is what they use along with your credit report to determine your risk. You will then have to go to a company which specializes in high risk customers at a rate which can be two or three times what you would normally pay.

She suggested obtaining insurance from a company which specializes in instrument coverage but also said that many of these will not cover you unless you need at least $10,000 in coverage. These companies usually have high rates such as $250 to $750 per year for every $10,000.

bound'n'blocked · #20 01-23-2013, 05:25 PM

I've looked into it in the past but dont have any coverage. I wish I had looked a little further tho. Last February, I rolled my pickup truck with my Marshall guitar combo in the bed. It threw it out and pretty severly damaged it. Auto insurance (full coverage) did not cover it so I'm left to eat the price of repair, if even possible, or replacement.

FWIW

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