Musical Instrument Insurance: Cost and Covers

Any musical instrument is considered as a prized possession to a musician. Suitable insurance for an instrument is highly advisable in case of any damage. If you are a musician and haven’t considered buying insurance for your musical instrument, then it is time to think about it. People lost their instrument due to various factors like damage or mishap during travel, theft, mishandling at the airport, overexposure to any other calamity like flood and fire.

Thus, Musical Instrument Insurance is for those owning expensive musical instrument and the cost of the insurance depends on the worth of the instrument. The factors which can affect the evaluation of the instrument are the condition, age, and quality. The foremost benefit of getting insurance for the instrument is that if anytime it gets damaged or stole, the insurance provider will give the full amount for replacing the instrument. 

Various musical instrument covers

1.    For the professionals

Musical instruments are expensive and must be insured. The Musical Instrument Insurance is especially suitable for the professionals and for persons using an instrument which is part of their activity like music teachers, collectors, luthiers, etc.

Insurance for musical instruments includes various covers. The most common covers are related to theft, fire, water damage and deterioration.  The premium of the insurance varies based on the musical instrument type and its worth.  As it is part of the profession of a musician, he or she might sometimes use various instruments while performing in a concert. Thus, for this profile, the insurance provider offers particular insurance which can give coverage up to 5 instruments. All-inclusive insurance is what the insurer looks for and gives the best possible guarantee to protect the instrument in a concert, musical tour or in a rehearsal.

2.    For amateur

Musicians who are amateur wishes to insure the instrument and this type of cover is found in some homeowner’s insurance contract. The contract does not cover those losses which take place outside the residence. Therefore, the guarantee of a breakage and theft policy is highly advisable.

Insurance cost

The cost of insurance for musical instruments depends on the value. A purchase bill is enough for the insurer to define premium that is to be paid. When it comes to expensive musical instruments or an exclusive piece, an experienced person assesses the value of the instrument and therefore the insurable value. The premium of the insurance varies between 1-2% of the value insured.

Ask for a quote

There are many insurance providers willing to offer insurance to the musicians. Whether you are a pro or an amateur, make sure that you do comprehensive research to find the best insurance provider. The provider must be so chosen that it offers the best insurance for the insurer. An in-depth search will enable you to choose the appropriate insurance for your precious instrument. When you begin your hunt for the best insurance provider for musical instruments, you will come across various companies, compare the cost that each one is offering and go for the one which suits your need.

There are many insurance companies which offer a free quote, feel free to ask the service provider before you proceed to associate with them. once the insurance of your instrument is done, you can have complete peace of mind and relax.

Summing up

Now no more brooding over the matter as what to do with your precious instrument; grab the instrument and move from one place to another for musical program or concert with your instrument without having any tension in mind. To get started, you are only a click or call away.