When you think of insurance, it’s mostly to protect the house, car or your health. Most people easily ignore insuring some of the prized processions simply because they do not think it necessary. The realization only comes when it’s too late and when disaster strikes. Surely that’s not the right way to go about protecting your things. If you are a musician, your instrument would naturally be very important to you. If your musical instrument’s current value is about $5000, you should seriously think about audio equipment instrument. Most of the insurance companies offering musical-instrument policies offer similar services but with slight variations. Thus it is important that you know what to expect from an insurance company. In this write-up, we will highlight a few important things you need to keep in mind.
Know Where To Start
Your first prerogative should be to research and find out about the various companies offering such insurances. For example, if you are looking for viola insurance, you should find a company who offers a suitable insurance for your precious stringed instrument. You can search online and find the best companies that meet your requirements.
Know Where To Start
Your first prerogative should be to research and find out about the various companies offering such insurances. For example, if you are looking for viola insurance, you should find a company who offers a suitable insurance for your precious stringed instrument. You can search online and find the best companies that meet your requirements.
Understand Premiums
Once you are satisfied with the insurance company, next you have to understand the premium policies. Find information on minimum premiums and amount of deductibles offered by different companies. Remember that you might not find one-insurance-that-fits-all needs. Some may offer you premiums as low as $250 with no deductibles while some have other company may offer a different premium rate. Premiums are directly related to high-risk items. Usually bows which have fragile heads are considered high-risk items.
Find What Gets Covered
Insurance coverage for audio equipment varies from other types of insurances. In this case, coverage usually includes various circumstances which can be encountered by musicians. Since musicians are more likely to travel, the coverage is termed ‘worldwide’. You should also find out whether your music-related gear gets covered in the insurance or not.Some companies are willing to insure electrical and recording accessories, amplifiers and equipment but not laptops and iPods. Apart from insurance coverage for your travels, you should also get covered for typical threats such as flood, fire, theft and damage.
Assessing The Value of Your Instrument
The condition of your musical instrument will ultimately be the deciding factor on the insurance. Your instrument is likely to be devalued even if there is a slight crack at the back of the instrument. For example, a bow which has a broken head can devalue your instrument by 70 to 80 per cent.
Conditions Necessary for Filing a Claim
If your search for the insurance company is satisfactory, do not rest unless you are sure of a few other things. It is important for you to find out how do you the insurance in the event of loss, theft or damage. Understand the formalities well before you get the insurance cover so that later you do not regret your decision. Talk openly with the insurance representative so that you can get a quick settlement when required.
Once you are satisfied with the insurance company, next you have to understand the premium policies. Find information on minimum premiums and amount of deductibles offered by different companies. Remember that you might not find one-insurance-that-fits-all needs. Some may offer you premiums as low as $250 with no deductibles while some have other company may offer a different premium rate. Premiums are directly related to high-risk items. Usually bows which have fragile heads are considered high-risk items.
Find What Gets Covered
Insurance coverage for audio equipment varies from other types of insurances. In this case, coverage usually includes various circumstances which can be encountered by musicians. Since musicians are more likely to travel, the coverage is termed ‘worldwide’. You should also find out whether your music-related gear gets covered in the insurance or not.Some companies are willing to insure electrical and recording accessories, amplifiers and equipment but not laptops and iPods. Apart from insurance coverage for your travels, you should also get covered for typical threats such as flood, fire, theft and damage.
Assessing The Value of Your Instrument
The condition of your musical instrument will ultimately be the deciding factor on the insurance. Your instrument is likely to be devalued even if there is a slight crack at the back of the instrument. For example, a bow which has a broken head can devalue your instrument by 70 to 80 per cent.
Conditions Necessary for Filing a Claim
If your search for the insurance company is satisfactory, do not rest unless you are sure of a few other things. It is important for you to find out how do you the insurance in the event of loss, theft or damage. Understand the formalities well before you get the insurance cover so that later you do not regret your decision. Talk openly with the insurance representative so that you can get a quick settlement when required.
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