Heritage Music Insurance: Some Commonly Asked Questions

Do you own a classic car or a piece of vintage jewellery received from your greatest grandmother? Probably, you know how to keep your prized possessions safe and secure. And, therefore, you have got the right amount of insurance coverage for your car or jewelry. Right? The same thought process is applicable if you own a heritage or vintage musical instrument.

Any person, who is passionate and dedicated to music, be he or she is a pro or a beginner, will perhaps understand the exact value of musical instruments, both monetary and emotion-wise. And if that gear is a vintage or a heritage instrument, then words and figures are likely to fall short when describing the value of the musical instrument.

Some instruments and accessories, besides having a personal or emotional value, also worth considerably huge in terms of monetary value. So, if you have one, then get standalone Heritage Music Insurance right away. It will ensure that, at least, your finances are safe in unfortunate events like theft, loss, or damage. When your finances are safe, you can always get new gear or a replacement.

What if you have listed your heritage instrument under your home insurance?

Although both renters and home insurance do insure musical instruments, you might not be satisfied with the extent of coverage (because it is limited). Also, there are many other limitations that do not make a home or renters insurance policy the right choice for your musical instruments, especially if it is a vintage one.

What limitations make home/renters insurance not suitable for your musical instruments?

If damage or loss to your musical instruments happens outside your insured property, i.e., your home, your home insurance plan is least likely to provide you with the expected coverage. So, location matters. However, if you have a dedicated cover for your musical instruments, your gears are safe both inside and outside of your home.

What should be the approximate cost of a musical instrument insurance plan?

Some insurance providers offer a maximum sum insured per musical instrument. It is likely to limit your extent of coverage. Moreover, specialized or professional musical instrument insurance plans are likely to offer many different ways of valuing your gears. It may depend on some critical factors. It includes:

●    If you would like to get compensated for a claim depending on the value of your musical instrument at the time of damage or loss
●    If you want to get paid based on the agreed-upon value fixed at the time of policy purchases, or
●    If you wish to get reimbursed as per the replacement value of your musical instrument plan at the time of damage, theft, or loss

A home or renter’s insurance plan or policy add-on might work in the same way as an instrument-specific insurance plan. It may lead to inadequate coverage. Therefore, a dedicated Heritage Music Insurance is always the most preferred option for people having musical instruments, including both vintage and non-vintage ones.

What is all about claim adjustment?

Many insurance policies, including your home and renter’s insurance plan, are least likely to cover vintage, highly-prized, or precious musical instruments. Therefore, it is wise to select an insurance provider who understands various physical and psychological aspects associated with musical instruments. So, in case, you file a claim, it would be easy for the claim adjuster to understand your gear well and provide you with the right claim settlement amount.

So, these are some of the useful things about the musical instrument insurance policy that every musical gear owner should consider and implement in real life to avoid getting into a financial and emotional mess.

Understanding Musical Instrument Coverage and Related Aspects

The bond between a piece of musical instrument and a musician is eternal. And, people who are submerged in the world of music are the only ones to understand and feel it. As a musician or even a musical instrument owner, you can understand the same very well.

Also, you have shelled out a lot of time and hard-earned resources into finding the most suitable instrument. And since then, it has been an indispensable part of your life. Isn't it? Whether you are a noted musician or you play an instrument just because you love to, make sure not to ignore musical Instrument Coverage at all.

If you hardly have any idea about insurance, especially that covers musical instruments, don't worry! This guide will help you decide if buying a musical instrument insurance plan is worth your time and money.

Should you buy a dedicated insurance plan for your gears?

Well, to answer this question, you need to prioritize your needs in the first place. If music and your musical instruments make a significant part of your life as well as living, you should give no second thought and buy a musical instrument insurance plan for your gears right away. Here are some of the crucial reasons:

●    In case your musical instrument is damaged or stolen, you would surely want to get it repaired, get a replacement, or get a new one as soon as possible. Or else, you are most likely to suffer from loss of income. Right?

●    Whether you want to rent an instrument, for the time being, repair your damaged gear, or buy new gear, musical instrument insurance has you covered.

●    Are you a touring musician? If so, then you happen to travel with your gear or the entire paraphernalia quite often. Right? In this case, a standalone musical instrument plan is imperative. It will protect you worldwide.

●    Suppose you injured a guest or someone from the audience during your concert, it can lead you to trouble. Although you did not do anything intentionally, in most cases, you will be regarded as responsible. And, needless to mention, but this responsibility would be a financial and a hefty one involving paying for medical bills and lawsuit settlements. Having proper Instrument coverage will mark you safe.

So, aren’t these advantages sufficient to help you decide if or not you should buy an insurance plan for your gears? One of the most important things to remember here is - even if you own the best of the best home or renter’s insurance policy, you are least likely to get complete coverage for your gears.

Some words of caution!

Understand your policy well

Finally, if you have decided to purchase an instrument-specific insurance policy, spend some time understanding different insurance policies before buying just anything from the available lot.
Do the calculations right

Another vital aspect to note here is - make sure to spend some time doing the calculations when it comes to the value of your gear. Otherwise, you might miss out on getting complete coverage.

Be a responsible musical instrument owner

Also, after buying your musical instrument plan, please do not act careless and indifferent towards your gears. Just because you have the protection of a music instrument plan does not mean you can now keep your instrument unattended and keep it poorly.

Always remember one thing, even an all-risk cover insurance plan would not cover some scenarios. Damage or loss to your gear due to your negligence, improper storage, and regular wear and tear are the top among them. Besides, if your musical instrument has been seized by any government authority, then also you will not get coverage benefits.

Hopefully, this article will help you understand the need to have instrument-specific coverage for your gears.

FAQs While Picking Up the Best Guitar Insurance Policy

The moment you hold your guitar close to your body and move your fingers with pluck over the six strings, the feeling is one-of-its-kind. Isn't it? It shows how much you are in love with your strings gear.

Apart from the hefty fiscal value it has, it also shares an emotional attachment with you. So, have you ensured its protection from perils of all kinds by getting it a Guitar Insurance? Probably, you also know that when it comes to the complete safety and security of your musical instruments and related accessories, your home insurance might not be the correct choice.

In case you have decided to buy an instrument-specific insurance plan. However, if you have a series of questions in your mind, you have come to the right place. Here we have rounded up some of the most commonly asked questions about musical instrument insurance plans.

Regardless of which musical gear you own, play, teach, sell, or collect, these questions, along with their answers, will help you satiate your queries. So, what are you waiting for then? Let's begin with the Frequently Asked Questions!

How much can you expect from a dedicated musical instrument insurance plan?

Whether you own a bassoon or a guitar, a piano or a flute, or something else, your musical instrument-specific insurance plan covers almost all risks and compensates you for the same. For example - if your guitar is damaged in the event of a fire, flood, earthquake, water damage, theft, or robbery, and it needs a repair, you can depend on your insurance plan. Not only damage(s), but even if you lose your string or someone steals it, your insurance plan will also compensate either to get a replacement or a new one.

Will your musical instrument insurance plan cover damage/loss/theft that occurred during transportation?

If you purchase, say, Guitar Insurance from a leading insurance provider in your state, yes, you are most likely to get coverage for instruments damaged, lost, or stolen during transportation or shipping. Most musical instrument insurance providers make sure to cover your gears while they (gears) are on the go. However, it is always wise to learn all the terms and conditions before zeroing in on an insurance plan.

How much money do you need to shell out to buy a comprehensive insurance plan for your guitar?

As far as the cost of an insurance plan for your guitar or any other musical instrument is concerned, it depends on some related aspects. With most insurance providers, the list of factors includes the following:

●    What type of musical instrument do you have?
●    What is the value of your gear?
●    How much sum insured do you need?
●    How much deductible do you want?
●    What extent of cover do you intend to choose?

However, according to the industry standards, a musical gear insurance plan can cost you around a couple of dollars a month or hundreds of dollars a month. So, make sure to work with your insurance provider about all of these.

The all-risk cover is fine. However, will your insurance plan cover all-risk when it comes to a worldwide scenario?

This question is one question in a million. What if we say that the answer to this question is 'Yes'? Won't you believe it? Well, yes! A comprehensive and dedicated musical instrument insurance plan will cover all risks in and around your state, in fact, around the world.

These are some of the crucial and most frequently asked questions about musical gear insurance plans. Hopefully, now you have the answers to the questions perplexing your mind for a long time.

Why Do Musicians Need Specially-Crafted Insurance Coverage?

In a profession where things are always almost uncertain, it is crucial to buy adequate insurance to cover a wide range of eventualities. It might sound a little straightforward, but there are a whole lot of scenarios that deliberately call for the protection of an insurance plan.

Whether it is a case of public liability, an injury to a crew member, theft of a musical instrument, or a state or venue mandate to comply with, insurance protection always comes in handy. So, when it comes to Insurance for Musicians, two of the most prudent insurance covers you are likely to need mainly include musical instrument cover and public liability cover. Let us dive deeper to get a clear insight into it!

What do you mean by public liability insurance?

A public or third-party liability insurance safeguards musicians if any third person (public) files a claim against them. For example - unfortunately, if something goes wrong at an event, such as a podium fell down the stage, injuring someone from the audience, then your insurance plan would protect you against the claim made by the injured person.

Similarly, many scenarios could go wrong at a public event. However, with adequate insurance cover, you can deter these mishaps without having to trouble yourself.

Moreover, most gig spaces, auditoriums, and venues ask musicians whether or not they have their liability cover before allowing them to perform. In some cases, if you do not have this cover, you might not be allowed to even perform. Therefore, it is always wise to carry one.

Is musical instrument and equipment insurance that important?

No situation can be as gutting as recognizing that your prized possessions, your musical instruments have been damaged, lost, or stolen. And knowing that you do not have Insurance for Musicians can make you feel even worse.

In the year 2014, a $5 million string instrument was stolen in one of the states of the US. The string was among one of the finest creations of history. However, the gear was traced and finally found at a local art thief's attic.

It (the case mentioned above) was not the only case of musical instrument theft that happened in the past. There are many more cases that will run chills down your spine. So, being a musical instrument owner and a musician, you should make sure to get it insured. And, for this, you will not have to run extra miles. All you need to do is find a good musical instrument insurance provider and buy a suitable cover.

Are you wondering about your home insurance cover?

Dear reader, the main focus here is to get an insurance plan for a musician. So, aren't you wondering if or not your home insurance policy works here? Well, as far as your homeowner's insurance plan is concerned, it may provide cover to your musical instruments up to some extent. However, the cover it will offer is very less likely to meet your requirements. Plus, it will have its limitations. Therefore, it is not advisable to go that way where your home insurance fails to provide you with enough protection.

What are the limitations of your homeowner's insurance plan?

No doubt, you have got the best insurance coverage for your home. However, when it comes to protecting your musical instruments, here are some of the limitations of your home insurance:

●    It is less likely to offer an all-encompassing cover for your musical gears.
●    It is less likely to cover the accessories.
●    It is less likely to cover public liabilities and worldwide music tours.

The best thing to do here is - getting a dedicated musical instrument insurance plan intricately designed for musicians of all professional standing. So, find the best insurance provider in your state and protect your gears without making any delay.