We’ve all heard horror stories of people’s gear getting stolen out of the tour van. It’s almost every month now that I see a Facebook post from an unlucky musician who has fallen victim to instrument theft.
Do I Need Instrument Insurance?
Instrument insurance isn’t a requirement for every musician. It’s more suited for people who perform music on a professional level and on a consistent basis. It can be a great help for covering the costs involved with hiring replacements, repairs and buying new instruments and gear.
Instrument and musical gear insurance is best suited for:
- Professionals who earn a living from performing music;
- If you travel and perform on a regular basis;
- If you have a collection of valuable or rare guitars;
- If you’re not able to cover the costs of replacing your instrument.
Preventing Theft & Damage
Players are known to form a bond with their beloved instruments. Replacing a stolen instrument with an identical one in some cases just won’t be the same. Here are some preliminary tips to prevent your gear from getting stolen in the first place. Applying these tips can also go a long way in assisting an insurance claim when you actually need to make one.
- Commit to locking your vehicle doors when loading equipment in and out;
- Keep your equipment out of sight when stored in a vehicle;
- If your gear is stationed at the performance venue, make sure it’s stored in a locked or guarded room;
- Maintain and transport your instrument effectively;
- Store your instrument in a quality hard case.
Choosing an Insurance Plan
Keep in mind that homeowners / renters insurance will only provide about $1000 in terms of instrument cover. Professional musicians are NOT covered by homeowners insurance. This means that if you play music in exchange for money, you are considered a professional and will need to source a policy for professionals.
The good news is that there are many companies today that provide some very affordable deals. At best you want to use a company that specializes in instrument insurance. You may also want to look into insuring smaller accessories such as guitar pedals, tuners, cables, capos etc. Although the cost of each item is relatively insignificant, individual costs can quickly add up.
Here are some things to keep in mind when deciding on a plan:
- There are different plans suited for different instruments – like electric guitars, acoustic guitars or orchestral instruments;
- If you have a variety of gear, you’re probably going to need to look at a tailored package;
- Some plans only cover your home country. If you plan on touring internationally, be sure to make use of an international coverage plan;
- Get to know the terms and conditions and the various stipulations of the plan as best as possible;
- The following is rarely covered: damage from damp or poor storage, wear and tear and confiscation by government agents.
Protecting Your Gear
You can have your gear valued at any reputable musical retailer such as Tom Lee Music or Long & McQuade. This will ensure that you’re not under-insured. It’s a good idea to have this done once every 3 years.
- Take pictures or record a video of all your instruments and gear;
- Keep a copy of all your receipts and appraisals;
- Make sure you have appraisals for any vintage gear you may own;
- You will need an up-to-date appraisal for gear older than 5 years;
- Make an inventory list for all your gear that includes serial numbers, make, model and year.
Insurance Links & Quotes
https://www.musicproinsurance.com/
http://www.anderson-group.com/electric-guitar-insurance.html
