Insurance question

JEAPSON · #1 09-19-2003, 07:33 AM

How do you quys insure guitars you've bought to a private seller ? Insurance companies generally require no have a named invoice to insure the guitar

so what company offers the best possibility for this particular case? Thanks

Mark DY · #2 09-23-2003, 09:32 AM

Tough question - over here in the U.S., a typical homeowner's policy will cover (as contents coverage) the guitars for a limited set of perils - usually "broad perils" (fire, lightning, theft, etc.), and for actual cash value (where depreciation is added).

When it comes to getting an appraisal or having the reciept, that would be scheduled coverage which specifically lists the property covered and increases the perils it's covered for.

Over in France, I'm not sure what the deal is - you should contact your agent or the insurance company.

Jamie · #3 09-23-2003, 10:53 AM

Do you mean once they are in your possession? You simply call your insurance company, and put it on the policy as a "named item" - you name it, and name its value, and this incurs an extra premium which they name....

If your company doesn't do it, find one that does, quick. I use Liverpool Victoria, god knows who you'd use in Paris.

Its standard for things like classic cars where it might only be worth £5K but its worth £20K to you, cause if it got trashed, you'd need to replace it with something of equal value to you personally, not cash-wise.

Hope that helps.

JEAPSON · #4 09-23-2003, 05:26 PM

Many thanks to you for sharing your experience. The situation is not obvious in France as most of the insurance companies (if not all) request that you provide an invoice detailling your name and the guitar in concern. Only guitar shop issue invoice and the problem arises when you deal with a private seller. If anything happens to your baby you have no proof showing that you were legitimely and effectively owning it.

Jamie · #5 09-24-2003, 06:17 AM

I am sure you can find one that does do it; classic cars, guitars, old musical instruments, family heirlooms etc. are not exclusive to the UK!

Try a classic car owners' club perhaps, there must be somebody out there for you!

Mark DY · #6 09-24-2003, 01:26 PM

There again - I'm out of my league overseas as I'm not sure how the laws and regulations are over there...

In the states, it's fairly standard. The idea of "scheduling" (naming a specific item and proving it's value with a reciept or appraisal) generally affords more coverage and provides an "agreed" amount of insurance.

Otherwise, depreciation comes into play, unless you have replacement cost coverage.

Over here, if you have a "homeowners policy" which covers your home as well as your contents, yes your possessions (owned by the insured) are automatically covered - again for a total amount specified for all "possessions" and only for certain coverages.

Strict limitations apply for "business use", like when gigging and your gear is ripped - $500 off premises limitation for business property. Which is why I only use two specific guitars when playing out - I know they're limited by coverage, but I can afford to have something happen to them and absorb the loss.