bayoubill
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Insure My Guitars?
I went to State Farm yesterday to find out how much it would cost to insure all my guitars. They told me it would be $137 per year if I claimed them as unprofessional items and $173 as professional items. What do you guys do?
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yorolpal
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Re:Insure My Guitars?
2013/01/05 11:27:35
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Mine are all insured under an "inland marine" policy (whatever the heck that might be) by my business...even tho most of them are at my project studio in my home. That way...apparently...they are covered no matter where they are on planet Earth. Or so they tell me. Just let one go missing or get damaged and I'll bet you a dime to a donut there'll be some "fine print" that negates all coverage and liability. Remember...it's insurers who put the "lie" in liability.
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bayoubill
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Re:Insure My Guitars?
2013/01/05 11:43:58
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Thank you for reminding me of that! I need more info so I'm checking around!
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Moshkiae
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Re:Insure My Guitars?
2013/01/05 11:44:07
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☄ Helpful
Hi,
Not sure ... but I would talk to an Accountant real quick. It depends a lot on how you market yourself and how your group is represented. If you are free-wheeling, I would recommend having the equipment insured, but if it is so cheap that it is not worth the cost, then ... fine ... go to the store and get another crapper to fiddle on!
If you are registered as a business entity, and you probably SHOULD, then your equipment is an "asset" and can be depreciated and worked over and it will help your tax base. And if so, the insurance costs are also deductible!
It all depends on how smart you are, or want to be. If you have a guitar that cost 5K, yeah, I would ensure it. If it cost $100 bux and it is worth just $50, I probably would let go, and then pull a Jimi on stage once in a while with it, if you feel the need!
This is something that you want to spend a couple of bux studying first ... and I would talk to a music business accountant (not book-keeper), or a music business lawyer if you can affort the 200 or so for an hour to yap about this stuff so he can advise you.
A bit of legal advise, goes a long way ... it all depends on your level of acceptance and desire to handle it ... but putting away 3 or 4 dollars per week is not important to you ... what's the point of asking?
As a wise Guy once stated from his holy chapala ... none of the hits, none of the time ... prevents you from becoming just another turkey in the middle of all the other turkeys!
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Linear Phase
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Re:Insure My Guitars?
2013/01/05 12:03:14
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yorolpal
Mine are all insured under an "inland marine" policy (whatever the heck that might be) by my business...
+ 1.. Its definitely remnicant of inland marine... or Personal Article Floaters.. Don't ask me how I know that... Renters, or home owners insurance.. depending on the specific guidelines in your state... I would imagine that you can purchase riders on your home owners, or renters, and cover your musical equipment. You probably schedule each instrument individually, or get blanket coverage... But laws vary by state.. So.. do not take this post as any sort of advice, on any level whatsoever.
too many lasers...  Sonar = audio editing ninja of a music software!
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DW_Mike
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Re:Insure My Guitars?
2013/01/05 12:07:42
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Bill please let us know what you find out.
I guess that since my musicial equipment and instruments are for the most part usually left in my little studio.
I have video and/or pictures with date and time stamp of all my stuff if god forbid something goes bad like fire or theft.
I figure that homeowners insurance covers that.
But say I'm bringing my drums out somewhere and I get into a car accident or I'm playing somewhere and my stuff gets damaged or totaled.
Does my or the other parties auto insurance cover that?
What about damage at a bar or airline (as in the other thread). Does their insurance cover that?
Damn I hate insurance companies and their 'Welll, you see that's not covered because......' crap.
Mike
Sonar X3 ~ Scarlett 18i6 ~ Home Build DAW
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bayoubill
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Re:Insure My Guitars?
2013/01/05 12:44:26
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The dollar figures are based on "Blue Book" values of the instruments. I don't know if that is the correct way to determine the value.
Mike, I certainly will !!!
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jamesg1213
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Re:Insure My Guitars?
2013/01/05 12:48:04
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Mine are 'named items' under my home contents insurance. Of course, I don't gig anymore so it's pretty straightforward.
Jyemz Thrombold's Patented Brisk Weather Pantaloonettes with Inclementometer
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bapu
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Re:Insure My Guitars?
2013/01/06 11:20:40
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jamesg1213
Mine are 'named items' under my home contents insurance. Of course, I don't gig anymore so it's pretty straightforward.
However, you do compose some pretty nice stuff ala THIS
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bayoubill
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Re:Insure My Guitars?
2013/01/06 11:51:14
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Groovy cool and far out way to start my day! It's a Mara Day :)
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slartabartfast
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Re:Insure My Guitars?
2013/01/06 12:58:25
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The dollar figures are based on "Blue Book" values of the instruments. There is a guitar blue book? The issue of depreciation works both ways. It can give you a tax break, but insurer's often will reimburse only the "depreciated value" of the insured item. If they apply the standard depreciation for tools and equipment a fine vinatage guitar has gone to zero. Even if they use their own system you can get royally screwed. http://www.claimspages.com/tools/depreciation/ The best example of the problems with this kind of insurance is the guy who totals his classic fully restored model T, and finds it has no "blue book" value at all, or the one who puts 30 grand into hot rodding his car and finds the "blue book" value is $6000.00. You want a policy that insures them for full replacement value if they are still on the market, and a special policy that sets a specific appraised value as a collectors item if they are no longer available in general distribution.
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Guitarhacker
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Re:Insure My Guitars?
2013/01/06 15:17:12
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☄ Helpful
You will need pictures and serial numbers. Forget about collectors value.... if a claim is filed and a police report taken.... the insurance co will only pay the replacement value or some lesser portion of it. Lloyds of London will insure anything at any given price... for a fee. unless you expect to have a guitar stolen every year.... the cost to insure $140/year or $180/year can buy a new decent guitar every other 3rd year. In 40 years, I've had my guitar (SG) stolen 2x and got it back both times.... so simply banking the money yearly would be my best bet.
post edited by Guitarhacker - 2013/01/06 15:19:35
My website & music: www.herbhartley.com MC4/5/6/X1e.c, on a Custom DAW Focusrite Firewire Saffire Interface BMI/NSAI "Just as the blade chooses the warrior, so too, the song chooses the writer "
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craigb
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Re:Insure My Guitars?
2013/01/06 15:29:44
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When I had a full studio of gear (worth over $100k), it only cost me $146/year to insure it. But none of the items left my home except for a couple of special gigs and some bass lessons I took.
Time for all of you to head over to Beyond My DAW!
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Guitarhacker
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Re:Insure My Guitars?
2013/01/06 17:35:32
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If you run a studio as a business, I can see insuring the gear and the guitars. A theft or a fire/flood could put you out of business overnight. In that case, yeah I would insure too.
I have asked my insurance agent about this topic in the past and I was told..... DOCUMENTATION and PHOTOGRAPHS to prove that I owned the gear and it's original and replacement cost. And on my homeowners policy I would need a special rider to specifically cover the musical gear since it's not covered by the general homeowner's policy even with contents replacement.
They would give me a set amount for damage to the house and a set amount for contents..... which I could use however I wished but to get the musical gear replaced along with couches and clothes..... I'd likely need the rider to kick in that extra amount for the gear.
My website & music: www.herbhartley.com MC4/5/6/X1e.c, on a Custom DAW Focusrite Firewire Saffire Interface BMI/NSAI "Just as the blade chooses the warrior, so too, the song chooses the writer "
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craigb
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Re:Insure My Guitars?
2013/01/06 19:12:09
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I originally took a camcorder around the studio then put the tape into a fire-proof safe. Most of the documentation was on my computer and on backup discs.
Time for all of you to head over to Beyond My DAW!
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batsbrew
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Re:Insure My Guitars?
2013/01/07 10:43:07
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i had a flood a few years ago...
in the basement of the home i rented.
i had renters insurance, that covered the replacement costs and repairs of all my gear that was damaged.
anything can happen, at anytime.
if your gear is worth insuring, then insure it.
it's just that simple.
make sure your agent understands what you want.
not market value, but the value of replacement at the dollar figure you set.
you'll pay more for it that way.
but it's all a gamble, eh?
meteorites, and all that........
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