Musical Instrument Insurance

Discussion in 'THE Gretsch Discussion Forum' started by mbkri, Dec 1, 2019.

  1. mbkri

    mbkri Country Gent

    Sep 22, 2012
    Chicago
    Who’s got it?
    My home and my studio insurance policies have the ability to add some musical instrument stuff on, but those policies have high deductibles and limits to the amount i can cover..... so im taking out a separate policy. $100 deductible and no limit to what i can itemise.
    Im really concerned about theft, not because theft is a particular problem, (i have an alarm system and im on a busy street,) but because it would sicken me for the equipment that i have specifically researched, painstakenly cared for and lovingly played could be taken and turned into a quick buck by someone in an instant. Its just stuff. But if it all got nicked Id want the money back so i could replace some of it.
    Using Music Pro Insurance its coming out at about $350 per year or a dollar a day for just under $30,000 of itemised coverage.
    Does that seem reasonable?
     
    benjwri, Merc, Groutsch and 1 other person like this.
  2. Lizardkinged

    Lizardkinged Friend of Fred

    Age:
    33
    Oct 5, 2009
    Michigan

    Yeah. I mean I think about what else I pay a dollar or two for per day that I would live without before I'd just give up 'everything' I own. I mean my other tools are important, but in most cases my gear would go first if someone was going to rob me.
     
    Zeek and mbkri like this.
  3. mbkri

    mbkri Country Gent

    Sep 22, 2012
    Chicago
    Right. If someone broke into my studio they wouldn’t be able to carry everything, but they would know that guitars are easier to sell for more money than my paintings or my tools or my brushes. Most of my stuff would be worthless to a burglar, but a shiney guitar is going to get $100 on the street no problem.
     
    Zeek likes this.
  4. Zeek

    Zeek Synchromatic

    548
    May 29, 2016
    Illinos USA
    I posted this before in another thread

    State Farm is the insurance company and the policy is a personal articles policy.

    I have mine insured though my agent who covers my cars and house. Just like you would expensive jewelry or any personal property. It covers all my stuff down to pedals and patch cables with full replacement.

    Every gigging musician should look into that. I am not.

    Dog runs through house and knocks guitar off stand break neck, covered, Wall hanger gives out your covered. If you drop it at a gig when groupies grab at ya, your covered. Stolen from a locked car your covered, you name it its covered. No deductible.

    If you Pete Townsend it .... not covered.

    I just added a J 45 and a Electromatic so it went up $5.00 and expect a NGD today so it might go up $2.00 more.


    They checked every thing out on Reverb and gave me more value then I though on some things.


    Worth every dime, just for the piece of mind.
     
    thunder58 and mbkri like this.
  5. mbkri

    mbkri Country Gent

    Sep 22, 2012
    Chicago
    So, in a nutshell, does it run at something close to $1 per $100 per year? My policy is coming in at $1.30 per $100. Similar coverage but maybe more expensive
     
  6. Zeek

    Zeek Synchromatic

    548
    May 29, 2016
    Illinos USA
    I have added gear so it has went up $14+ more a year ...... Worth every cent.
     
    thunder58 likes this.
  7. Zeek

    Zeek Synchromatic

    548
    May 29, 2016
    Illinos USA
    That sounds about right.
    Like I said covers it all, stuff household content ins. may not.

    Except self destruction.
     
  8. Henry

    Henry Gretschified

    Apr 9, 2014
    Petaluma
    I need to get insurance too. $100 deductible is pretty low, I don't need insurance for that low an amount. A deductible of $1M or $5M might be appropriate and be much less expensive.
     
  9. speedicut

    speedicut Friend of Fred

    Jun 5, 2012
    Alabama
    My homeowners insurance covers my stuff at no extra charge... not sure if they cover if they are not in the house though...

    Some may remember I was burglarized in 2014 and they got my 6128TCG and 6120DSV along with $15K worth of other stuff.
    I got about $2500 each for the guitars and bought an FSR Duo Jet and a 6120 DSW. Put the remainder of the money in my pocket.
    However, I still lost a lot of money overall because most of what was stolen was my gun collection and thousands of rounds of ammo ( plus gun 'accessories').
    Those needed a special rider like jewelry and coin collections..and I didn't have one! :(
     
    thunder58 likes this.
  10. thunder58

    thunder58 Super Moderator Staff Member

    Age:
    61
    Dec 23, 2010
    tappan ny
    Admin Post
    Think about what your car insurance is ? ( just sayin' ) Yea , I'm in NY so my car insurance is about $600 per year , that's $2 a day .
    Thanks for starting this thread as it's reminded my to go to Allstate and inquire . They hold the insurance on my house , just may be easier
     
    Henry and mbkri like this.
  11. Henry

    Henry Gretschified

    Apr 9, 2014
    Petaluma
    Car insurance is a bit different as it is focused on damage to 3rd parties by your vehicle, rather than damage to the vehicle. In California, I would bet a large minority or even a majority dont insure damage to their own car because it is optional and costs a lot more. Not sure about other states. $600/year seems really low to me, I do wonder if damage to your car is covered.
     
  12. mbkri

    mbkri Country Gent

    Sep 22, 2012
    Chicago
    Mine is about $1100 per year in Chicago. It was $2400 a year for a while. And my cars aren’t worth as much as my music equipment.
    I’m waiting for a call from my State Farm agent in the morning and then I’m pulling the trigger on a policy with them or with MusicProInsurance.
     
  13. tartanphantom

    tartanphantom Country Gent

    Age:
    56
    Jul 30, 2008
    Murfreesboro, TN
    The rates will vary from state to state, just like any other type of insurance. However, your pricing is in the general ballpark average. I have my gear insurance through Clarion Musical Instrument Insurance, and for me the rate is $0.95 per $100. I've got around $33,000 in coverage, and my annual premium is about what yours is.

    As a working musician, it's worth every cent to me.

    A word of caution for those of you insuring under a homeowner's rider policy-- depending on the insurer, you may not be properly covered if you do any performances or playing for pay. At that point, most underwriters will consider you as "semi-pro" at the very least. However, if you are strictly a couch player and your gear never leave the house, you should be just fine.
     
    speedicut, Zeek and mbkri like this.
  14. mbkri

    mbkri Country Gent

    Sep 22, 2012
    Chicago
    Great info. I just don’t want to be in a different ballpark to everyone else.....IM JUST NOT GOOD AT SPORTS METAPHORS. :)
     
    tartanphantom likes this.
  15. nickurso

    nickurso Gretschified

    Age:
    53
    Dec 24, 2012
    New Orleans la.
    Heartford insurance is the instrument underwriter. You should be able to get an annual policy for $250 or less
     
    mbkri likes this.
  16. thunder58

    thunder58 Super Moderator Staff Member

    Age:
    61
    Dec 23, 2010
    tappan ny
    Admin Post
    @Henry , @mbkri ... you guys made me look at my car insurance policy . What was I thinking , it's $ 1338.80 PER YEAR . So that's about 600 and change every 6 months.... Thanks a lot
    No NGD for either one of you for 6 months :p
     
    Henry likes this.
  17. Zeek

    Zeek Synchromatic

    548
    May 29, 2016
    Illinos USA
    I like that it is covered if it falls over and gets a neck brake or stuff like that its covered.I dont think my homeowners does that, just theft , fire and the such.
     
  18. mbkri

    mbkri Country Gent

    Sep 22, 2012
    Chicago
    The great thing about this is that its covered at gigs, rehearsal studios, travelling and its not tied to the building. Plus a $100 deductible per claim means if everything went south id only be an effects pedal short of full reimbursement.
    This is from the musicproinsurance website.... NO AFFILIATION.


    Everything on your itemized list is covered wherever it is located, anywhere in the world, for losses such as:

    • Fire
    • Vandalism
    • Theft
    • Accidental breakage
    • Water / flood damage
    • Earthquake damage
    Program automatically provides:
    No exclusions or limitations for theft from a vehicle
    Newly acquired property up to $25,000 for up to 30 days
    Borrowed or rented property up to $25,000 for up to 30 days
    Low deductible (only $100 per loss, not per item)
     
    Zeek likes this.
  19. Henry

    Henry Gretschified

    Apr 9, 2014
    Petaluma
    Yeah I pay $600+ or so every 6 months so that seemed really low, but then California drivers so who knows.:rolleyes:
     
    thunder58 likes this.
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