|
|
Post by ninworks on Apr 21, 2023 7:17:57 GMT -5
I have never had my gear insured and I have more now than ever. Has anyone here had their gear insured specifically? If so who did you use and what should I expect?
With the tornados and such we have here it would be a good idea to insure the stuff because it is probably my second biggest financial asset. My homeowner's insurance only covers $2k. I probably have that much or more invested in just cables.
|
|
|
|
Post by Leftee on Apr 21, 2023 7:19:52 GMT -5
I probably should.
|
|
|
|
Post by Lesterstrat on Apr 21, 2023 7:47:59 GMT -5
Yes. All you need to do is put a rider on your home owners same as you would do if you had a gun, coin, jewelry, etc… collection. It’s relatively cheap.
|
|
|
|
Post by Lesterstrat on Apr 21, 2023 8:42:26 GMT -5
I should like to add that's it actually good you brought this up. You'd be surprised at how easy it is to break the dollar threshold on such things. Generally, people know that their insurance won't pay for expensive jewelry, but have no idea the same applies to just about any collectible. They don't know these things because they don't read their policy. But, musical instruments, stamps, coins, baseball cards, etc... all fall under the same category as jewelry on most policies. The threshold could be as little as a $1000. It just depends on the policy you choose.
In contrast, you might be surprised at what you CAN put on your home owners. Example, my boat is under my home owners. I'm able to do that with the insurance company I'm with because of the value and size of the boat. I have 16' aluminum bass boat with a 40 hp. The value is under $25k. I can replace with a new one for under $25k. Thus, they just list it on my home owners as a rider, same as if I had $25K in guitars. No need for me to buy boat insurance which would cost me twice the amount as the rider.
|
|
|
|
Post by insanecooker on Apr 21, 2023 9:17:23 GMT -5
As per above, just added a rider to my homeowner's insurance.
I should add that they did ask for proof of value, which could be an invoice for things purchased recently but required an appraisal for older gear. A bit of a pain/one-time expense. YMMV.
|
|
|
|
Post by Auf Kiltre on Apr 21, 2023 9:26:07 GMT -5
As per above, just added a rider to my homeowner's insurance. I should add that they did ask for proof of value, which could be an invoice for things purchased recently but required an appraisal for older gear. A bit of a pain/one-time expense. YMMV. That could be even more of a pain when trying to assess an inventory of partscasters built and accumulated over decades. I certainly fall short on keeping receipts. |
|
|
|
Post by Lesterstrat on Apr 21, 2023 9:38:38 GMT -5
As per above, just added a rider to my homeowner's insurance. I should add that they did ask for proof of value, which could be an invoice for things purchased recently but required an appraisal for older gear. A bit of a pain/one-time expense. YMMV. That could be even more of a pain when trying to assess an inventory of partscasters built and accumulated over decades. I certainly fall short on keeping receipts. Just have the parts caster appraised in its built state. |
|
|
|
Post by Leftee on Apr 21, 2023 10:13:56 GMT -5
I keep my collection in Reverb. They automatically assign values based on items that have sales history. The rest I fill in. I’ll try that.
|
|
|
|
Post by Opie on Apr 21, 2023 15:00:59 GMT -5
I've used Anderson in the past, they specialize in instruments.
|
|
|
|
Post by LTB on Apr 22, 2023 7:07:47 GMT -5
I keep my collection in Reverb. They automatically assign values based on items that have sales history. The rest I fill in. I’ll try that. How do you go about doing that? And how does that protect your stuff? |
|
|
|
Post by Lesterstrat on Apr 22, 2023 8:46:53 GMT -5
I keep my collection in Reverb. They automatically assign values based on items that have sales history. The rest I fill in. I’ll try that. How do you go about doing that? And how does that protect your stuff? He’s referring to getting an appraisal for his gear from Reverb for insurance purposes. |
|
|
|
Post by Leftee on Apr 22, 2023 8:48:32 GMT -5
What Lester said. I wonder if that would pass muster.
You have to access Reverb from a computer. The “My Collection” feature isn’t available on the app.
|
|
|
|
Post by slacker 🐨 on Apr 24, 2023 12:29:05 GMT -5
I should like to add that's it actually good you brought this up. You'd be surprised at how easy it is to break the dollar threshold on such things. Generally, people know that their insurance won't pay for expensive jewelry, but have no idea the same applies to just about any collectible. They don't know these things because they don't read their policy. But, musical instruments, stamps, coins, baseball cards, etc... all fall under the same category as jewelry on most policies. The threshold could be as little as a $1000. It just depends on the policy you choose. In contrast, you might be surprised at what you CAN put on your home owners. Example, my boat is under my home owners. I'm able to do that with the insurance company I'm with because of the value and size of the boat. I have 16' aluminum bass boat with a 40 hp. The value is under $25k. I can replace with a new one for under $25k. Thus, they just list it on my home owners as a rider, same as if I had $25K in guitars. No need for me to buy boat insurance which would cost me twice the amount as the rider. RE homeowners insurance to cover your boat. Does that include liability insurance? |
|
|
|
Post by Lesterstrat on Apr 24, 2023 14:21:22 GMT -5
I should like to add that's it actually good you brought this up. You'd be surprised at how easy it is to break the dollar threshold on such things. Generally, people know that their insurance won't pay for expensive jewelry, but have no idea the same applies to just about any collectible. They don't know these things because they don't read their policy. But, musical instruments, stamps, coins, baseball cards, etc... all fall under the same category as jewelry on most policies. The threshold could be as little as a $1000. It just depends on the policy you choose. In contrast, you might be surprised at what you CAN put on your home owners. Example, my boat is under my home owners. I'm able to do that with the insurance company I'm with because of the value and size of the boat. I have 16' aluminum bass boat with a 40 hp. The value is under $25k. I can replace with a new one for under $25k. Thus, they just list it on my home owners as a rider, same as if I had $25K in guitars. No need for me to buy boat insurance which would cost me twice the amount as the rider. RE homeowners insurance to cover your boat. Does that include liability insurance? Yes. It’s the same as if I bought boat specific insurance. The company I’m with does that if the boat is under a certain size, or engine size (I don’t remember which).. My boat is a 16’ aluminum bass boat with a 40 horse. |
|
|
|
Post by slacker 🐨 on Apr 24, 2023 14:43:08 GMT -5
RE homeowners insurance to cover your boat. Does that include liability insurance? Yes. It’s the same as if I bought boat specific insurance. The company I’m with does that if the boat is under a certain size, or engine size (I don’t remember which).. My boat is a 16’ aluminum bass boat with a 40 horse. guessing my 25' with 350hp probably wouldn't apply. |
|
|
|
Post by Leftee on Apr 24, 2023 14:44:57 GMT -5
350’ 25hp - probably
|
|
|
|
Post by Lesterstrat on Apr 24, 2023 16:52:19 GMT -5
Yes. It’s the same as if I bought boat specific insurance. The company I’m with does that if the boat is under a certain size, or engine size (I don’t remember which).. My boat is a 16’ aluminum bass boat with a 40 horse. guessing my 25' with 350hp probably wouldn't apply. I don't recall the threshold, but I'm guessing you're probably right. |
|
|
|
Post by Lesterstrat on Apr 24, 2023 16:53:20 GMT -5
I hope that boat is made out of balsa wood, else I don't think it's getting out of port with a 25. lol |
|
|
|
Post by Ragtop on Apr 24, 2023 16:59:24 GMT -5
I use Heritage. They are easy to work with (via email) and seem to be on top of things.
One nice thing is that they insure while the guitar is being shipped, with me as the buyer or the seller. If I buy one, I send them the info and it is insured as soon as the seller drops it off at FedEx or UPS.
|
|
