Insurance policies are somewhat the most overlooked aspect of most people's financial planning. However, these help in unexpected ways at unexpected times. Therefore, you should have all your insurance plan copies in place before you even need them. People buy insurance plans for their homes, health, vehicles, and some of their most valuable possessions. Probably, you too have all these documents handy. Right?
Do you have sufficient insurance coverage for musical instruments?
As you are here on a page that talks about Music Gear Insurance, we can assume that you are a musician or a musical instrument owner, or in a way related to music. However, somehow, musical instruments insurance was off your financial planning priorities due to various reasons so far. And, now you want to explore your options. If it is correct, then you are on the right track. Keep reading to know more about instrument-specific insurance plans and how these protect your musical gears.
It covers direct physical damage or loss to the covered gears!
Dedicated insurance designed for musical instruments and related accessories and equipment is likely to compensate for direct physical loss or damage to the covered property in the event of any covered cause of damage or loss. It may also cover other people's musical instruments and related accessories which are under your care.
It covers borrowed gears too!
If you have borrowed musical instruments (the types that are already covered under your insurance plan) during the policy term, and if something happens to it, your instrument provider is likely to cover it too. This type of all-inclusive coverage is hard to find with any home or renter insurance plan.
It offers an inflation guard!
If you happen to protect a manufactured musical instrument with an insurance provider and if the age of the instrument is less than 10-years at the time of purchase, your insurance provider is likely to compensate for the cost of its replacement. This cover is irrespective of the insurance limit. However, not all insurance companies operate alike. Therefore, make sure to confirm this before buying an insurance plan.
It covers you worldwide!
A typical home insurance plan, no matter how much you have invested in fetching it, is least likely to cover your instruments in the event of loss or damage if something happens to it outside the boundaries of your home (that is the covered property). However, if you buy an instrument-specific insurance plan, you are likely to enjoy the benefits of worldwide cover. This option will protect you even if it is far beyond the borders of your native place. So, no matter where in the world you are, if something unwanted happens to your gears, you can rest assured that your insurance provider is protecting you.
It covers you against public liabilities!
As far as the profession of a musician is concerned, it includes a lot of going out, participating in various musical events, and, at times, globetrotting with the band. What if you get to injure someone or damage someone's property involving your musical instruments? What if the third-party files a compensation claim or lawsuit against you? Such incidents are very much possible and can cost you heavens. However, if you have Music Gear Insurance, you are safe from the financial hassles associated with such cases of public liability.
Final words
These are the different ways a comprehensive musical instrument protection plan protects your musical gears. So, if you have not purchased an insurance plan yet, do not delay and get yourself covered. Remember, this investment can save you from huge financial ordeals and provide you with peace of mind.
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