bassist_lewis Posted November 10, 2016 Share Posted November 10, 2016 The luthier of my bass very sadly died last month making said instrument now completely irreplaceable - I had hoped to have a second one built as a spare in the future. It is currently insured for £2100, the price it would have cost to buy a new one but with that now being impossible do I increase the amount it's insured for or just leave it? Thanks Quote Link to comment Share on other sites More sharing options...
chris_b Posted November 10, 2016 Share Posted November 10, 2016 If you want another just keep an eye on the Talkbass classifieds. Callowhill's occasionally come up. Quote Link to comment Share on other sites More sharing options...
M@23 Posted November 10, 2016 Share Posted November 10, 2016 What would you up its value to?! Quote Link to comment Share on other sites More sharing options...
Happy Jack Posted November 10, 2016 Share Posted November 10, 2016 Leave it. You're insured to replace a £2000 bass. In the event of a disaster, you'd have £2000 available to replace it. Quote Link to comment Share on other sites More sharing options...
Blink Posted November 10, 2016 Share Posted November 10, 2016 Most insurance companies will only pay out the market value regardless of the value you place on the instrument. If you over value your premiums will go up but the pay out will not. You may be able to get an upfront agreed value with the insurance company but that will require an independent third party issuing a valuation certificate in the absence of any other form of valuation evidence. Quote Link to comment Share on other sites More sharing options...
Burns-bass Posted November 10, 2016 Share Posted November 10, 2016 Yeah, unless its an agreed valuation policy the amount you insure it for is just a guide. That reminds me I need to phone up my company in a little while and add a couple of new basses and guitars I'd forgotten to add! Quote Link to comment Share on other sites More sharing options...
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