Do you insure your gear?
- Thread starter aleclee
- Start date
Luke Duke
PRSlustologist
Re: Do you insure your gear?
Well they charge what they do because eventually you have a a levee break and your profits for the last 10 years is gone.
I think Scott said he paid 22 dollars a month for a homeowner's rider, that's not exactly breaking the bank for peace of mind.
Luke
Xeromus said:
Well they charge what they do because eventually you have a a levee break and your profits for the last 10 years is gone.
I think Scott said he paid 22 dollars a month for a homeowner's rider, that's not exactly breaking the bank for peace of mind.
Luke
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Xeromus
Tone Ninja
Re: Do you insure your gear?
Most companies to insure my gear, basic renter's insurance with musical instrument coverage costs more monthly than my car insurance. In excess of $100 a month. I can't afford that. If it was more like 15-20 a month or so then I would.
Luke Duke said:
Most companies to insure my gear, basic renter's insurance with musical instrument coverage costs more monthly than my car insurance. In excess of $100 a month. I can't afford that. If it was more like 15-20 a month or so then I would.
Nite_Maresz_25
on Elm Streetologist
Re: Do you insure your gear?
No, but soon I'm gonna talk to my mom about it.
No, but soon I'm gonna talk to my mom about it.
aleclee
Major General GAS
Re: Do you insure your gear?
Can't help with car insurance but why not get a separate policy for your music gear? My home/auto insurance company (USAA) wanted about $400/year for a musical equipment policy that cost me about $110 through a company that specialized in covering musicians.Xeromus said:
Zerberus
Baron Von Shred
Re: Do you insure your gear?
In my case, my instruments are also covered by Homeowners as long as they´re in my apartment.... But if someone lights a fire in this building and it burns down, tht insurance is gnna save everything....
From what I gather, MusicPro seems to be the way to go stateside... 20$ a month is NOTHING compared to the loss of a guitar.... Using my arsenal for compariseon, if an axe gets stolen once in 3 years it was worth it.... and that´s not sooooo unlikely, unfortunately....
I´d put the "divider" at about a months salary: If I can replace it within 4 months by putting 25% of my salary off to the side, I can consider doing without... but if I CAN`T, then IMO it´s better to be overinsured than not insured
TheBozz said:
In my case, my instruments are also covered by Homeowners as long as they´re in my apartment.... But if someone lights a fire in this building and it burns down, tht insurance is gnna save everything....
From what I gather, MusicPro seems to be the way to go stateside... 20$ a month is NOTHING compared to the loss of a guitar.... Using my arsenal for compariseon, if an axe gets stolen once in 3 years it was worth it.... and that´s not sooooo unlikely, unfortunately....
I´d put the "divider" at about a months salary: If I can replace it within 4 months by putting 25% of my salary off to the side, I can consider doing without... but if I CAN`T, then IMO it´s better to be overinsured than not insured
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Robert S.
Super Moderator
Re: Do you insure your gear?
I have my homeowners through Nationwide and they do cover property removed from the house but my limits are currently too low for a complete loss on all my gear. Nationwide told me to ad a "marine policy" (rider for raising coverage on areas of the policy - I don't get the name) would only be $250/yr for coverage up to $30k. I'm an ascap member, I'll have to compare rates with a new Nationwide quote.
Insurance is a scam but a nessessary one. Many companies will tell you that they rate by area and claim coverage and rates can vary widely. This last Jan when my homeowners policy was due for renewal AAA wanted $1600 a year. I did a google search on insurance rates and found a "Progressive" type search engine. State Farm and a few others wanted closer to $900/yr, Nationwide wanted $580/yr for a better policy and coverage.
Thats over a $1000 a year difference. You have to shop for insurance or you'll most likely pay too much.
Also many but not all insurance companies use your credit score to determine rates. Find one that doesn't. A great credit score won't nessessarily get you dirt cheap prices but a bad credit score can bury you with the wrong company.
I have my homeowners through Nationwide and they do cover property removed from the house but my limits are currently too low for a complete loss on all my gear. Nationwide told me to ad a "marine policy" (rider for raising coverage on areas of the policy - I don't get the name) would only be $250/yr for coverage up to $30k. I'm an ascap member, I'll have to compare rates with a new Nationwide quote.
Insurance is a scam but a nessessary one. Many companies will tell you that they rate by area and claim coverage and rates can vary widely. This last Jan when my homeowners policy was due for renewal AAA wanted $1600 a year. I did a google search on insurance rates and found a "Progressive" type search engine. State Farm and a few others wanted closer to $900/yr, Nationwide wanted $580/yr for a better policy and coverage.
Thats over a $1000 a year difference. You have to shop for insurance or you'll most likely pay too much.
Also many but not all insurance companies use your credit score to determine rates. Find one that doesn't. A great credit score won't nessessarily get you dirt cheap prices but a bad credit score can bury you with the wrong company.
That90'sGuy
DyzaBoyzologist
Re: Do you insure your gear?
Thanks for bringing this up. I was just thinking about this the other day. I really want to get insurance for all my gear now, especially since I may be gigging regularly in the next couple of months and that's when I'll really need it.
aleclee said:
Thanks for bringing this up. I was just thinking about this the other day. I really want to get insurance for all my gear now, especially since I may be gigging regularly in the next couple of months and that's when I'll really need it.
Gearjoneser
Gear Ho
Re: Do you insure your gear?
At home, I've finally got a policy for 25K, which includes the guitars, amps, and main studio components. It was around $260 for the year, so I sold a couple old reverb units to pay it.
It's not covered when I'm out of the house with it, so then it's sometimes insured by a Colt Combat Commander!
At home, I've finally got a policy for 25K, which includes the guitars, amps, and main studio components. It was around $260 for the year, so I sold a couple old reverb units to pay it.
It's not covered when I'm out of the house with it, so then it's sometimes insured by a Colt Combat Commander!
M
martinsixstringcustoms
Guest
Re: Do you insure your gear?
Me too.
aleclee said:
Me too.
M
martinsixstringcustoms
Guest
Re: Do you insure your gear?
Very true indeed
Robert S. said:
Very true indeed
Xeromus
Tone Ninja
Re: Do you insure your gear?
Oh no that's not what I meant, I mean for instrument coverage. Allstate was pretty expensive. I asked them first because I'm already with them.
Here's the deal with all the places I contacted.
If your instruments leave the house FOR ANY REASON, they have to be insured against theft, damage, outside the home too. You can't just insure them for inside the home and not outside. It's all or nothing if they ever leave the house at all. And in the case of a claim, they ask neighbors and stuff if they've ever seen you take instruments out of your home, it's crazy.
I guess the idea behind it is if it's stolen or damaged outside the home the policy holder can take it back home and say it was damaged there. I don't know, it's retarded. So it's pretty much all or nothing with the policy.
aleclee said:
Oh no that's not what I meant, I mean for instrument coverage. Allstate was pretty expensive. I asked them first because I'm already with them.
Here's the deal with all the places I contacted.
If your instruments leave the house FOR ANY REASON, they have to be insured against theft, damage, outside the home too. You can't just insure them for inside the home and not outside. It's all or nothing if they ever leave the house at all. And in the case of a claim, they ask neighbors and stuff if they've ever seen you take instruments out of your home, it's crazy.
I guess the idea behind it is if it's stolen or damaged outside the home the policy holder can take it back home and say it was damaged there. I don't know, it's retarded. So it's pretty much all or nothing with the policy.
