[Rick31797]

I was just going over my insurance and a few things i see are a bit alarming.... such as if i have my gear in my car...and it gets stolen, i get a max. of 1500.00

This one confuses me, maybe you can help me understand it..

It is warranted that you will not play any musical instrument for a fee unless we have given our written permission...

please explain to me why they need this information..

I will need to go and have a talk with them...i have a feeling if you are collecting something , then there is a limit of payment..looks like they will not pay more then 500.00

 

[bw66]

...

This one confuses me, maybe you can help me understand it..

It is warranted that you will not play any musical instrument for a fee unless we have given our written permission...

please explain to me why they need this information..
...

Basically they want to make sure that you aren't a pro or semi-pro musician who plays out regularly, because then you would be a higher risk to lose your gear. If you're playing out once or twice a year, they probably don't care so much.

 

[Guncho]

I kind of thought stuff in your car would be covered by your house insurance.

 

[Budda]

I have music gear insurance for my equipment. Cant afford to replace any of it and Im not going to take the risk of having it uninsured.

 

[Granny Gremlin]

I kind of thought stuff in your car would be covered by your house insurance.

Generally yes, but check your policy for large/expensive/special items limitations.

Also there are people without home insurance (which is why it's so whack that if something is in your car it is not covered by car insurance, like not even an option if you pay more); renter's insurance is not as fully featured from what I recall.

I have music gear insurance for my equipment. Cant afford to replace any of it and Im not going to take the risk of having it uninsured.

I have found that specific music gear insurance is actually MORE expensive (for me - joint gear value of me and my studio partner is considerably large; both been collecting this stuff since we were 16 so....) than non-specialised insurance policies (which offer the same coverage) AND I don't have to keep a meticulous inventory, as all music specific policies I checked out require (though I did photographically document it all). It does not include things like transport insurance, which is fine by me (not pro so home ins will cover it mostly). Like even SOCAN member policies were significantly more (way to rip off the artists you allegedly support). If you are looking for a policy for your jam space or studio (assuming not in your home, and not pro, like the space doesn't generate revenue), find an insurance broker and see what they can dig up for you (no real added cost; they get a commission, but it's still cheaper). It will be hard to find an applicable policy because it isn't your home and it's not a biz, but they can put out an RFP on the market and someone will bite like they did in my case. If you're pro, then just get biz insurance; more competition so not any more expensive. I have had both standard biz (when I was a biz) and non biz; both were 1K a year. The non biz was actually a little more (like 150).

If your space is in your home (and not pro), it's even easier; you can add it to your home policy for not much more per year (you probably already have; they ask you if you have any special or valuable items when you sign up)r. Diff underwriters will have different details (a schedule of all equipment may be required). Again; shop around/get a broker.

For a touring musician like @Budda here; specific musician insurance is the only option unfortunately.

 

[Rick31797]

This is my home insurance....1500.00 limit on anything taken from my car..

BW66--- yes your right about more of a risk when playing out....but they are saying they want me to get written permission if i am getting paid...

So what happens if i play out and get no fee...the risk is still there.... i do not understand what being paid has to do with it...

 

[Rick31797]

IN my home insurance they also talk about COLLECTION..

We will not pay more than 500.00 for any single article of your collection...So i am thinking if you have a collection of guitars..the most you will get for each one is 500.00 because it happens to be in a category of collecting..

it looks like i will need to insure my gear separately.

 

[bw66]

I'm not sure of the difference either, but their math geeks may have calculated that if you're not getting paid you keep a closer eye on your gear. Usually it all comes down to statistics.

I suspect that they are probably just trying to make sure that you are not a pro posing as an amateur.

 

[bolero]

IN my home insurance they also talk about COLLECTION..

We will not pay more than 500.00 for any single article of your collection...So i am thinking if you have a collection of guitars..the most you will get for each one is 500.00 because it happens to be in a category of collecting..

it looks like i will need to insure my gear separately.

this is interesting to me: so if more than 1 item gets stolen, they classify it as a collection, and limit to $500?

I would look at other insurance companies & see if they are the same

 

[Granny Gremlin]

IN my home insurance they also talk about COLLECTION..

We will not pay more than 500.00 for any single article of your collection...So i am thinking if you have a collection of guitars..the most you will get for each one is 500.00 because it happens to be in a category of collecting..

it looks like i will need to insure my gear separately.

What @bolero said but talk to your policy rep first; additional coverage for more valuable items can usually be added. With home insurance (and it sounds like yours are more of the stickler type) you may need to document all these items (pics + a spreadsheet with make, model, year and s/n etc). A few companies will require you to get pro appraisals (not worth wile; switch insurance providers as many will accept ebay/reverb sold listings as representative of 'replacement cost' and not require this information until a claim is filed - it'll change anyway).

 

[mhammer]

It's been a while, and things could have changed since then, but I was able to include a "rider" on my apartment insurance back in the 80's, that specified the replacement value of specific musical equipment items. It added to my premiums, but the replacement value was as designated, not some generic ceiling amount. I naively undervalued the guitar that was eventually stolen, but I did get the full amount I had valued it at ($500 for a guitar I paid $50 for but learned its replacement cost was around $1500).

Again, that may have been unique to the insurance company or the era, but it did happen. Riders could be added for anything deemed crucial enough that you could justify the added premium cost to not have it lumped in with some maximum value of household or car contents. It could be music gear, but could just as easily be jewelry, high-end audio gear, art, or whatever.

 

[Granny Gremlin]

Yes, that's what I meant by 'schedule' above. I had that too on my renters insurance (once, the other apartment I had a diff provider and they did not require it - just generally asked what I had and total value; most expensive piece ). With the gear I had at the time, it upped the premium by about $1 per month (approx $20 10 years ago), which was a no brainer.

 

[Guncho]

What @bolero said but talk to your policy rep first; additional coverage for more valuable items can usually be added. With home insurance (and it sounds like yours are more of the stickler type) you may need to document all these items (pics + a spreadsheet with make, model, year and s/n etc). A few companies will require you to get pro appraisals (not worth wile; switch insurance providers as many will accept ebay/reverb sold listings as representative of 'replacement cost' and not require this information until a claim is filed - it'll change anyway).

Replacement cost means how much to buy a brand new one. Not how much your used item is worth.

Replacement cost vs. Actual Cash Value

 

[KapnKrunch]

I had an insurance agent with whom I once collected for a loss. I asked about an increase in my premium, and when I heard how much my payment was going up, I did some quick math in my head, and said:

"This isn't insurance, it's just the most expensive form of credit I can get."

She said: "That's right."

A few weeks later she died of cancer. So there is a bit of meet-your-Maker honesty for you. Let those who have ears, listen.

They are not there to protect you, they are there to collect money for other investments. Manage your own finances by saving, investing, etc. Replacing everything on a credit card might be cheaper than increased premiums.

I don't know if this true in all cases, just sayin...

 

[Granny Gremlin]

Replacement cost means how much to buy a brand new one. Not how much your used item is worth.

Replacement cost vs. Actual Cash Value

ONLY if the item (or reasonable equivalent) is available new (often not the case with guitars/amps). If not available new then market cost for a used one applies. Actual cash value is a depreciated value and not desirable (a 59 LP should be worth $0 under this valuation, especially if it has any wear on it). Market value is best, but has never been an option I have had to choose from.

I have discussed this with my broker to be sure (speaking about my 65 Gibson EB3 bass - he said rare stuff needs to be appraised ahead of time, BUT that if enough of them can be seen selling for X amount on ebay then that will be the value used). This may vary by underwriter and policy, so check with your broker or rep. For example, going back to a 59 LP - many re[placement cost policies will give you the value of a current model year LP, so you get screwed that way. You will have to arrange for 'specific value' clause for such pieces. In the case of my EB3 I was lucky because it is a discontinued model (even the Sg reissue bass is disco'd now so totally safe).

 

[Budda]

So no one else uses front row insurance? My coverage is pretty affordable and covers a bit.

 

[Guncho]

Makes sense. I don't own any vintage gear.

 

[Granny Gremlin]

So no one else uses front row insurance? My coverage is pretty affordable and covers a bit.

Not me - not sure if that's one of the ones I checked out or not - I'll take a look at them (hopefully they have an estimate calc) but I just renewed for the year.

 

[allthumbs56]

i do not understand what being paid has to do with it...

AFAIK - The minute you get paid you are a business and require business insurance for your gear.

​

 

[Rick31797]

So all along i thought, i have replacement cost of 286,000.00 on the property in my house....so if anything gets taken i am covered.
but really as soon as you buy more then...1 2 or 3...not sure what the number is...You become a collector...so now being a collector over-rides personal property and they will pay a max of 500.00 ...

I got to think insurance company are the biggest legal scammers out there... you pay them a premium, and that gives you a false sense of security.

Why did i not just put the money in the bank for the last 40 yrs..