People passionate about music often purchase various musical instruments. They play the instruments occasionally and use them for home décor. Musical instruments are costly, and you should check the products well before purchasing them. Besides checking the brand's authenticity, you must also protect your expensive instruments through insurance. Many reputed insurance companies offer insurance coverage for different types of musical instruments and accessories. For example, you can find fiddle insurance to cover the instrument from damage.
So, why do you need insurance coverage for musical instruments? What are the benefits of choosing such insurance policies? A detailed guide is available in the following section.
Do You Have to Travel Frequently with the Instruments?
Some people have to travel frequently with their musical instruments. For example, a professional performer has to travel to many places with his instruments. Since you travel frequently, the instruments become vulnerable to damage. Nevertheless, they can also go missing during transit. Therefore, you must invest in insurance policies for your musical instruments in such a case.
Investing in a musical instrument will give you peace of mind while traveling to attend a concert. You do not have to invest heavily in packaging the instruments when traveling. In case damages occur to an instrument, you can claim insurance cover to get it replaced.
Insurance for Different Types of Instruments
You can find multiple policies with insurance companies, so finding the right policy is time-consuming and confusing. Moreover, all instruments may not need insurance coverage. Since insurance policies come with an expense, you should invest in the policies for the expensive instruments. For example, you do not need insurance for a bamboo flute, as the instrument is not expensive.
The cost of insurance policies depends on multiple factors. The most important factor is the instrument and its market value. The insurance premium will be higher for expensive musical instruments. On the other hand, you do not have to pay a high premium for a moderately expensive item.
Musical Instrument Insurance Deductibles
Investing in an insurance policy makes you eligible for certain deductibles, which vary based on the insurance policy you have purchased. Deductible also determines the insurance policy premium cost. For a high deductible, you have to pay lower premiums. But, the premium cost will increase with the lowering of deductibles. For example, you have purchased an insurance policy for the theft of your musical instrument. You cannot claim minor damage to the instrument if you have a deductible. So, you need to check the deductible limit before buying an insurance policy for your musical instrument.
Tips for Saving Money on Musical Instrument Insurance
Musicians can embrace a few tips to reduce the cost of musical instrument insurance premiums. Find those tips in the following section.
• Customize the Coverage: You can reduce the premium cost by customizing the coverage. For example, you only need damage protection for the instruments due to natural calamity. In such cases, the cost of the premium will be lower.
• Find Insurance Services: You can find various insurance companies that give policies for musical instrument insurance. You need to get quotes from different services and compare them to find the ideal policy.
• No Coverage for Non-expensive Items: You can reduce the premium cost by choosing no coverage for non-expensive musical instruments. Since they are not expensive, paying a premium for their damage coverage is futile.
• Age of the Instrument: An old instrument is always vulnerable to damage due to aging. Therefore, age is a factor in deciding the insurance premium cost. You will pay a lower premium for a newly purchased instrument.
How Can You Make a Claim?
If your musical instrument covered by the fiddle insurance is damaged, you can proceed to claim the damage coverage. Lodging the claim at the earliest is recommended for seamless claim management and acceptance. Moreover, insurance companies specify the claim period in their policy documents. Typically, you have to claim the damage coverage within 30 days of damage to your musical instrument.
So, these are some fundamental things that you must know about insurance for your musical instruments. You must invest in insurance coverage for the expensive instruments, as it gives you damage coverage for the instrument. You can handle the instruments with a peaceful mind and more confidence.
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