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?

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.

Thank you for reminding me of that! I need more info so I'm checking around!

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?

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.

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 

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 !!!

Mine are 'named items' under my home contents insurance. Of course, I don't gig anymore so it's pretty straightforward.

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

Groovy cool and far out way to start my day! It's a  Mara Day :)