Musical Instrument Insurance

Many musicians neglect to take out musical instrument insurance because they feel that they don’t need it or that it is nothing more than an non-essential expense. However, the facts are that millions of musical instructions are stolen, damaged and lost each and every year.

Why Should You Get Musical Instrument Insurance?

It is very easy for thieves to sell stolen musical instruments thanks in part to the widespread usage of the internet and because of auction-style websites like eBay. There is no central registration system in existence for stolen instruments so tracking down a stolen instrument is virtually impossible.

You most likely are very attached to your musical instruments. Over time, you form an emotional bond with an instrument you own and having it stolen, damaged or lost would be nothing short of heartbreaking. And, if you happen not to be able to afford to replace a stolen instrument, you are flat out of luck. Plus, if you own a very valuable instrument or several antique musical instruments, it only makes sense to take out some insurance. After all, you take out insurance on other valuable possessions you own don’t you?

Another solid argument as to why you should buy musical instrument insurance is because those electric guitars, keyboards, drums and horns you have probably cost you a good deal of money. Any damage done to the instruments you own can put a severe dent in your wallet. With musical instrument insurance covering your back, you will have very little to worry about as the insurance company will compensate you for the damage done either by giving you money or by replacing the instrument.

Musical Instrument Insurance Coverage

Just like with other types of insurance coverage, musical instrument insurance coverage varies, depending upon the type of insurance you purchase and the type of coverage you need.

Musical instrument insurance usually covers any type of instrument you own up to the replacement cost or an agreed upon value if the instrument is considered to be a higher value or an antique. This insurance also can be used to cover accessories such as cases, tuning equipment, strings, sheet music, etc. If you choose a broad, blanket insurance policy from you homeowner’s coverage, your premiums will be lower than what you would have to pay if you chose a limited policy that covers specific instruments. Musical instrument insurance coverage does not cover wear and tear or insect damage. It does cover fire, theft and damages done through acts not caused by you.

A comprehensive plan will typically provide coverage on rented/borrowed instruments for a specified period of time while your original instrument(s) are being repaired due to a covered loss. You also can expect the insurer to cover the difference in the instrument value before a loss compared with the value of the instrument after the loss, if there is a difference, up to the dollar amount the instrument is insured for.

What Types of Musical Instruments Can You Cover with Musical Instrument Insurance?

An insurance company that is devoted exclusively to insuring musical instruments insure almost all types of instruments including violins, basses, cellos, acoustic and electric guitars, mandolins, brass, woodwinds, harps, percussion instruments, pianos and everything in between. In short, if you can play it, it can be insured.

How Much Does Musical Instrument Insurance Cost?

The cost of musical instrument insurance varies depending upon the type of coverage you need but generally speaking, the minimum premium including policy fee is $150 per year which covers about $24,000 for most instruments and accessories.