Insuring 2nd hand/endorsement gear

[ThomBassmonkey]

All my gigging gear now is either 2nd hand or bought through endorsements, so I've not paid full whack for any of it.

I'm finally about to sort out insurance (way overdue) but was wondering, should I insure it for the price it'd cost to replace it new/full price or should I insure it for the price I paid for it? I guess it'd cost more to insure it for new prices but then if anything happened to it and I'd insured it for 2nd hand prices, it'd be harder to replace it (not quite the same for endorsement gear).

Thanks for any help!

Thom

[BottomE]

[quote name='ThomBassmonkey' post='1163397' date='Mar 15 2011, 05:34 PM']All my gigging gear now is either 2nd hand or bought through endorsements, so I've not paid full whack for any of it.

I'm finally about to sort out insurance (way overdue) but was wondering, should I insure it for the price it'd cost to replace it new/full price or should I insure it for the price I paid for it? I guess it'd cost more to insure it for new prices but then if anything happened to it and I'd insured it for 2nd hand prices, it'd be harder to replace it (not quite the same for endorsement gear).

Thanks for any help!

Thom[/quote]
I insure for the cost of replacing the item new. Yes, costs more but not a lot more. Secondhand prices ca n vary but you can always find a manufacturers recommended price. I use musicGuard.

[icastle]

You need to insure it at replacement cost or else you're going to struggle to replace anything that gets broken/lost if your endorsement deal dries up.

[bassfunk]

If your gear is second hand how do you prove that you've owned it if it gets stolen? I have stuff I've traded for/bought on ebay that I don't have invoices/receipts for.

[chaypup]

[quote name='bassfunk' post='1164343' date='Mar 16 2011, 01:01 PM']If your gear is second hand how do you prove that you've owned it if it gets stolen? I have stuff I've traded for/bought on ebay that I don't have invoices/receipts for.[/quote]

Take a photo of yourself with the gear and a photo of any serial numbers too. If you bought it off of ebay or online you should have paypal and email receipts/correspondence to prove you bought it, though I don't think it is too likely you will have to prove it - I never have.

[Slipperydick]

I'd insure it for the cost of new replacements.

If you replace it with second hand, and the replacement turns out to be unreliable, or knackered, the insurance co wont want to pay for repairs. nor will they take your time looking for replacements into account.

Antiques are usually insured for what it woukd cost to replace them, but I doubt if your insurance company would see it that way, to them a 10 year old amp is old, and probably worth next to nothing.

Edited March 16, 2011 by Slipperydick

[P-T-P]

My insurance co. ask for the (new) replacement cost, and based on list price instead of special offer or street prices.

I've only once had to claim, and that for a damaged mixer. They actually sent a new mixer through - presumably bought by them at a deal rate either from the manufacturer/distributer or a large retailer - rather than re-imbursing me.

Remember. the key word for insurance is indemnity - i.e. the insurers are supposed to put you in a position as close as possible to the one you were in before the loss.