It’s something that we overlook too frequently; Musician Instrument Insurance. We have home insurance, car insurance, life insurance; but most musicians don’t think to get insurance on their equipment. If something happens to it, you are stuck out of pocket. Let’s be real, equipment isn’t cheap. Let’s discovered what is covered under this insurance, shall we?
It depends on your policy, but your busted guitar will be sent to a repair shop and the estimate sent back to insurance. Bonus: if the instrument suffered a loss in value as a result of the damage and its repair, this ‘diminished value’ would be reimbursed. You fill out a short application. According to value and risk, a quote is generated between $.525/$100 and $1/$100. Membership in professional organizations or high-value instruments can get you discounts. High-value and vintage instruments need appraisals, but often aren’t required with a serial number and photos.
Musical instrument insurance is actually very affordable and well worth it. For about $150 a year, you are covered for $24,000. We say that is a pretty fair trade off. Just think of how much your guitar cost you. If something happens to it, without insurance, you are laying out all of that money out of pocket. Where can you get a guitar for $150?
So, let’s say something actually happens to your favorite instrument. What do you do? After you submit theft or loss details, you may be asked to submit an appraisal (in the case of repair). Payment happens very quickly in the case of total loss or theft, or by the time your repair is performed.
This is really a no brainer, especially if music is your main career or you just want to play it smart. Anything can happen to your instruments especially if you play a lot of shows. Hell, your guitarist can trip of their own cord and crash into the drum set causing it to crash to the ground. Do you want to lay out the thousand dollars to replace that? (That’s if your drummer doesn’t kill you first!) Play it smart. Take the time to cover the things that are important to you.
[Reprinted From: http://makingmusicmag.com/category/more-topics/]