Insurance Valuations

[john_the_bass]

Now then, I need to insure my gear - basses, bass rig, pedalboards plus guitars and amps. I've got a couple of insurance companies to look at, but the items will be insured at market value. I've had the conversation along the lines of who determines market value and one insurance company has said they would want receipts or a valuation.

As I bought most of my stuff secondhand, through here, ebay or other classifieds, I've not got much in the way of receipts - can anybody recommend a place to get valuations done? I'm guessing some music shops would be able to help, but to be honest, I know more than all 4 of my local shops put together, and that's not saying much.

I've seen places like Music Ground offer a valuation service but they want £45 and to be honest, I don't see what use emailing them a load of details would be - surely the best way to establish the value of an instrument is to look at it properly, check the condition, take it apart if necessary and take into account mods, case and stuff like that?

[E_MaN]

Go to musicians insurance services. They're most likely to give you a reasonable amount and also their advice is free.

[url="http://www.musiciansinsurance.co.uk/"]Linky Link[/url]

Edited June 19, 2008 by E_MaN

[burno70]

Hi John,

as much as I would love to be a full time rock star my main job is in insurance (although not music insurance!) but the same principals should apply so I may be able to help.

Some company's should accept screen prints from the likes of Ebay or Loot as indications of the worth of certain items. I work in motor insurance and if there is a dispute in valuation we always ask the customer to provide proof of their own valutation and using clippings from auto trader would do.

Although, to be honest, you should only have to prove their market value in the event of a claim anyway? It's unusual for an insurer to request proof of the insured items value before they offer the policy?

I'm insured with Music Guard, I've advised them of the value of the items I want covered and have the premium paid by direct debit. They have not asked for valuations and I have peace of mind knowing that they are covered. They are Net based and their site is easy enough to navigate, I'd recommend taking a look at them.

Hope that helps

Ste

[warwickhunt]

My instruments are insured on my household contents as named individual items. I was asked to provide valuations when I first took out the policy and the manager at SC Newcastle kindly typed up a 'cost to replace' letter. I'm only insured for one bass away from home at any given time but TBH that suits me fine. The total cost for £60,000 worth of contents insurance (which includes amp cab pedals etc) and 7 basses valued at a separate £14,000, is an annual premium of approx £150... I don't think that's too bad!

[john_the_bass]

Cheers all.
E_Man I will check that out
Ste - it's not that they've asked me, but the difference between insuring say 10 grand's worth of kit (based on my valuation) and say £7.5k of kit is nearly 70 quid a year - not a lot, but it would keep me in strings for 6 months! I want to make sure that if I spend the extra money based on what I think is an appropriate value for a guitar, they will pay that out - otherwise, I'll put a lower value on it and pay less premium - if that makes sense.
WH - I will check out my home policy, but I want to be able to take 2 guitars out gigging and would want them both covered, plus a lot of the music policies cover instruments in transit too.

[ianrunci]

I have always used these. I gig a lot so I need Liability insurance and it comes with their policy so its handy. Plus no reciepts are needed just a quick estimate and a list of all the items you want insured

[url="http://www.musicguard.co.uk/home.asp"]http://www.musicguard.co.uk/home.asp[/url]

[Jono Bolton]

I use MusicGuard as well, I think it's about £7.60 a month for my (roughly) £1500's worth of bass gear, but that'll be reduced in a couple of days when I remove my P Bass from the list. At a price like that I reckon it's pretty much a no-brainer, and it's covered if it gets nicked or damaged, and I'm covered if someone gets hurt at a gig as a result of my gear.

[john_the_bass]

I've just had a conversation with Endsleigh who took a note of all of my kit, the replacement value I placed on them and gave me a price which was half what e and l, musicguard and the like had quoted me. Plus Endsleigh seem to operate on a new for old replacement basis so if my kit does get nicked or damaged BER, they will replace it for new stuff - hence the values I placed on everything was what I would expect to pay for a brand new Stingray/Martin/Les Paul

Seems like a good deal unless anybody has had any bad experiences. The only downside that I can see is that you have to pay the full whack up front for the year.

[BassBunny]

Have you considered joining Musicians Union? I am sure Instrument cover up to £2,000 is included and can be topped up if necessary at reasonable rates. Cover is theft, accidental damage and loss and includes unattended vehicle cover. Also you get £10M Public Liability Insurance. Worth the membership just for that.