Guitar Insurance

[MB]

Do any of you guys insure your Taylor Guitars?

[Earl]

Yes.  I have an all-risk rider on my homeowner's policy that gives me replacement value for the specifically listed instruments.  It costs about $125 per year for roughly $35K in instruments (the wife has some pricey pro-grade flutes).  If you are using instruments commercially (being paid to play) the homeowner's option may be void and you might have to use one of the commercial insurers at higher rates.  The general homeowner's policy covers them at home, but with our normal deductible.

An interesting aside:  I asked my agent recently about shipping coverage, since I'm planning to sell some guitars in my signature.  He told me in an email that listed instruments are covered 100% right up until the addressee signs for delivery.  The "insurance" that UPS, Fedex, etc sells only raises their liability payout limit in case of package loss, but will not generally pay to repair damage or restore devaluation due to damage.  It is a lot like rental car "insurance" that way - almost always secondary to your own car policy.

[DupleMeter]

Yes, but I'm a professional musician/music director so I travel with my equipment a lot and needed to cover it for any possibilities (accidental breakage, theft, et al). I insure my equipment through MusicPro Insurance (https://www.musicproinsurance.com). For $25k worth of coverage it's $150/yr and there is a $100 deductible per claim (to per item, but for any single claim you make).

[DupleMeter]

oops - double posted somehow. That was fun 

[Strumming Fool]

My guitars are also insured through a rider on my homeowners insurance. By the way, I also insure guitars I ship with the carrier. In two instances of damage, UPS paid the entire insured value.

[TaylorMate]

I had my 3K guitars insured since 1996 for an equivalent of appr. $ 90/year. After 18 years I decided I payed enough premium. So now I am extra careful 

[DupleMeter]

Keep in mind that adding guitars to your Homeowners insurance comes with some caveats...such as (a) you're likely not covered for damages occurring outside the home (i.e. at a jam session) and (b) if you use your guitars as part of a profession (gigging, even volunteer at a church), they are not covered regardless because you need business insurance to cover items that participate in a business.

Ask your insurance agent for all the specifics.

[Strumming Fool]

Keep in mind that adding guitars to your Homeowners insurance comes with some caveats...such as (a) you're likely not covered for damages occurring outside the home (i.e. at a jam session) and (b) if you use your guitars as part of a profession (gigging, even volunteer at a church), they are not covered regardless because you need business insurance to cover items that participate in a business.

Ask your insurance agent for all the specifics.

I did - I'm covered. It depends upon who you choose as your carrier and how much you pay.

[Edward]

Keep in mind that adding guitars to your Homeowners insurance comes with some caveats...Ask your insurance agent for all the specifics.

^ This!

I asked mine and they would only insure each guitar specifically (as in by serial number).  But considering the deductible vs coverage, I opted against it.  My opinion Is these are production-line instruments of "modest" monetary value.  So unless yours is an uber-expensive or irreplaceable guitar, it just didn't make financial sen

Edward

[dcasey1]

Yes, for a relatively inexpensive premium, under $200 per year. We are alarmed, but you never know.

[tbeltrans]

Keep in mind that adding guitars to your Homeowners insurance comes with some caveats...such as (a) you're likely not covered for damages occurring outside the home (i.e. at a jam session) and (b) if you use your guitars as part of a profession (gigging, even volunteer at a church), they are not covered regardless because you need business insurance to cover items that participate in a business.

Ask your insurance agent for all the specifics.

Good points, and I also believe that when you use your homeowner's insurance, the company can raise your rates and even drop you when you have a few claims.  Insurance is in interesting product because it is something you buy, yet you are penalized for using that product.  Imagine buying a guitar and being penalized for using it, or even having it taken away if you use it more than three times.  Amazing how we accept the concept of "accident forgiveness" with auto insurance.  We bought the product (insurance coverage), yet we have to be "forgiven" for using a product that we bought and paid for.

Anyway, by keeping instrument insurance separate (i.e. different company/policy) from homeowner insurance, you would not be penalized against your homeowner insurance for making a claim on your instruments.

Tony