Specifying guitars for insurance reasons

flatfourfan

I had a chat with my broker yesterday and found out that normal household insurance would only cover me partially in case (heaven forbid) some of my guits go missing. He said that under normal circumstances insurance companies would cover 1 maybe 2 guitars if they were stolen, for players who collect and play a few as well as pedals and amps, they would only fork out for what's known as non-collectable amounts.

So I decided to get some quotes on what I have and was a tad shocked to see that my meagre collection of gear would cost about R30 000 to replace and that's a conservative view. He reckons if my gear got knicked, I'd probably only get R5000-00 on my current cover. Upping my house hold insurance to cover this wouldn't be the better option. My only choice..........specifying each guitar.

It's adding about R50-R80 to my premium each month, but this way if anything goes missing, I get replacement value. I'm having my local guitar shop do me up a quote for everything and have also been advised to take loads of pictures and burn a CD to stash away and update this every 6 months. I'm even including my pedals and amp.

Anyone else speccify guitars and gear?

IceCreamMan

I do specify my strat .... nothing else at the moment ...
yip , i would take a bath if my stuff got stolen

dee

All my gear is specifically listed separately from my household insurance, along with their respective values. Same with any laptops, PC's, mountainbikes etc. It is also covered against theft should it be taken outside the house. It is a little bit more expensive, but not that much.

Jacquesg4j

I have had a terrible ordeal with insurance and guitar gear... But what your broker said is correct because guitar and related equipment does not classify under normal household goods. Neither do laptops by the way.

I specified all my guitars and amps and other gear when my broker also told me the same thing, but what he failed to tell me did cost me dearly...

I was sitting one night watching "How I met your mother" when I heard my car's alarm go off. The first thing I thought when I heard it was "IF I FIND YOU HOLDING MY GUITAR, YOU DIE"... I realized that my gear was still on the back seat of my car because I had a gig that morning and was supposed to have another practice at 1 that afternoon but it was canceled and I never went to remove my gear from my car and it was not standing in my garage as it usually does. So I grabbed a "kierie" and ran outside "kierie" blazing just to find my window broken and my guitar and (laptopbag) pedalboard gone. Heard some dogs barking near the main road next to my complex so I ran there and found my guitar case over the electric fencing and 2 guys running to a car and then speeded off. I got the make and number plate as well. I ran back into the house, grabbed car keys, cell phone, and some "roergoed"... called the police and I was looking for that car with the police but with no luck...

But luckily I insured my gear and had photos of me playing it and I still had the invoices and signed agreements on stuff I bought second hand so there would be no problems...

OR SO I THOUGHT!!

When I sent the claim to my insurance company, I already went out to my store to get a current quote on everything that was stolen because I was insured for "Retail value at time of loss". Retail value was close to 30k (so actually 20k 8)) ... Assessors came to my house just to tell me... Sorry sir, your equipment was insured for inside your house, not for transporting, but your car does have insurance for extras you have in it which allows a maximum of R5000...

Hard lesson to learn, but now I know how it works. Most of my gear I bought second hand now and also insured it for current retail and transporting goods and everything I need so that it would never happen to me again! And if my gear gets stolen now, my insurance is going to &%#@!!

SO REMEMBER... If you take your gear out of your house, tell your insurance so that they insure it the right way!!!!

Jacquesg4j

What dee said!!!!... Sorry did not see your post!

I thing my premium on guitar gear is about R100 a month. Have to update it though because some of my stuff is not on there!

And remember guys, if there is nobody from the insurance coming out to see and check your gear, you have to take photos of yourself holding every piece of equipment!!

flatfourfan

Jacquesg4j wrote I have had a terrible ordeal with insurance and guitar gear... But what your broker said is correct because guitar and related equipment does not classify under normal household goods. Neither do laptops by the way.

I specified all my guitars and amps and other gear when my broker also told me the same thing, but what he failed to tell me did cost me dearly...

I was sitting one night watching "How I met your mother" when I heard my car's alarm go off. The first thing I thought when I heard it was "IF I FIND YOU HOLDING MY GUITAR, YOU DIE"... I realized that my gear was still on the back seat of my car because I had a gig that morning and was supposed to have another practice at 1 that afternoon but it was canceled and I never went to remove my gear from my car and it was not standing in my garage as it usually does. So I grabbed a "kierie" and ran outside "kierie" blazing just to find my window broken and my guitar and (laptopbag) pedalboard gone. Heard some dogs barking near the main road next to my complex so I ran there and found my guitar case over the electric fencing and 2 guys running to a car and then speeded off. I got the make and number plate as well. I ran back into the house, grabbed car keys, cell phone, and some "roergoed"... called the police and I was looking for that car with the police but with no luck...

But luckily I insured my gear and had photos of me playing it and I still had the invoices and signed agreements on stuff I bought second hand so there would be no problems...

OR SO I THOUGHT!!

When I sent the claim to my insurance company, I already went out to my store to get a current quote on everything that was stolen because I was insured for "Retail value at time of loss". Retail value was close to 30k (so actually 20k 8)) ... Assessors came to my house just to tell me... Sorry sir, your equipment was insured for inside your house, not for transporting, but your car does have insurance for extras you have in it which allows a maximum of R5000...

Hard lesson to learn, but now I know how it works. Most of my gear I bought second hand now and also insured it for current retail and transporting goods and everything I need so that it would never happen to me again! And if my gear gets stolen now, my insurance is going to &%#@!!

SO REMEMBER... If you take your gear out of your house, tell your insurance so that they insure it the right way!!!!

100% correct. I've taken what's known as world wide cover which covers the gear if it's taken from my/ a car, a friends house or a venue I'm covered for the full replacement value. I'd had to provide proof of ownership, photo's, serial numbers, receipts where possible. My cover's been upped and I'm paying R110 for the lot plus our wedding rings thrown in for good measure.

shaundtsl

Jacquesg4j wrote
SO REMEMBER... If you take your gear out of your house, tell your insurance so that they insure it the right way!!!!

Thats the most important. I have specified musical instruments to a certain value (R30 000 I think), but thats only with it staying in the house and its cheaper that way. If I join a band again or something I will have to change the insurance on the items.

I tend to clear all this up over the phone as they record the conversations. This is really handy as our car got stolen about two months ago >☹ and they tried to pull a few fast ones on us, the telephone recordings proved usefull to us.

BMU

Any gear that leaves the house, specify. Gear in the house is fine under household contents. With my provider at least. They paid me out full retail on 2 guits. I was sure they wouldnt since my Vai signature was bought for a lot less 2nd hand. But they paid, even after I told them this.

You do need adequate coverage though. Visible signs of entry. Guitars in the house. Stuff like that.

Ray

Tell me plse, where would I find out replacement values for kit? Do I just phone up a store and ask? Will I need certificates? And how do you have a hand made piece of equipment valued?

MikeM

Yea, I need some kinda valuation for one of my guits asap.

flatfourfan

Ray wrote Tell me plse, where would I find out replacement values for kit? Do I just phone up a store and ask? Will I need certificates? And how do you have a hand made piece of equipment valued?

I have a good relationship with my local-ish music store and they provided me with written quotes for all my gear. I had receipts for some of the stuff (amp, some pedals and cables) that I was able to include. I asked for a quote BEFORE discount for a few reasons, but the main one was that insurance companies are always trying to save some money and may try to cut back on some of the payments. Remember that if your insurance company cuts you a cheque, then you may be expected to buy your replacement stuff from the store that gave you the quote.

My local store gave me a quote for a similar based unit in the case of my warlock that I built which is inline with a BC Rich Platinum series.

BMU

I think people get a little too hung up about this valuation thing.

You don't need written certificates for retail gear. After it's stolen, if you can povide model details (and which guitarist can't) insurance will go get their own quotes. It's not a difficult thing to do. My insurer worked with Bothners, for instance.

Of course you first have to convince them you really owned the gear, but we covered that previously. Make sure you have photos showing the guitar in YOUR house, or you holding it, something like that. Write down serial numbers. Common sense stuff.

Custom made gear, maybe that's different. Then again, you have an invoice from when you bought it. (Right?) To my mind that's all you need.