Musical Instrument Insurance - Who Should Get and Why Should They?

Musical Instrument Insurance, as the name suggests, it is a type of insurance plan that is designed especially for musical instruments. However, do you need a separate policy when you already have your home insurance cover?

It is one of the most frequently asked questions by buyers when they are doing their research about standalone policies and confused about whether or not they should buy one. Probably, you are also fighting this dilemma inside your head. No wonder you are here. And the answer is, yes. Even if you have paid an enormous amount of premium, additionally, on your home insurance policy to cover your musical instruments, that may fall short.

There are a host of reasons behind the same that we will discuss later in this blog. Right now, let's find out who should buy a separate insurance policy for their musical instruments.

Is music your profession?

If your livelihood depends on the music and musical instruments, an instrument-oriented insurance policy is indispensable. Standalone music instrument cover taken out from a reputed insurance company is likely to cover the cost of the replacement gear, if any, in case your instrument is stolen, damaged, or lost. Not only the core equipment but such policies also cover the associated paraphernalia and accessories. So, having a Musical Instrument Insurance by your side will not stop you from performing if your instrument is lost or damaged just before your concert. However, your home insurance is very less likely to do you this favor to you.

Do you collect musical instruments?

Are you a music instrument enthusiast who is fond of collecting high-value instruments? If yes, then instrument-specific insurance would be the right thing to do, even if you don’t play those instruments. After all, you have invested more of a fortune on buying those. So, an event of damage or theft can leave you bereft. The rider you have purchased with your home insurance is very less likely to cover the entire cost of replacing those priceless collectibles.

Are you a music instrument seller?

If you own a music instrument shop where you showcase a host of musical instruments, then also you need a standalone insurance plan. A shop houses many valuable musical instruments. Your policy will protect the belongings against any financial loss in case of an accident. Plus, you often ship the gears to the buyers. What if it goes missing the transit? What if it gets damaged while being transferred to another city? It is where a musical instrument cover comes to your rescue.

Get financially safe

Probably, now it is pretty much clear to you who should opt for dedicated music instrument insurance. Isn’t it? So before it's the time to break your bank owing to an accident that happened to damage your musical instrument, get an insurance cover.

Finding an insurance provider who deals with instrument-specific insurance policies is not a hard nut to crack. However, you need to be very careful while choosing one of them. The reason is pretty obvious. Although most of them will claim to be the best service provider, that might not be the case with all of them. So, you should go for an insurance company that you think would be able to meet your requirements and budget.

Some of the most crucial things you need to count on while choosing an insurance provider are -

●        The range of products they offer

●        The level of transparency they keep while discussing various plans and terms and conditions

●        If or not they are licensed and hold all the relevant credentials

●        If or not they offer what you are looking for

Considering the above-mentioned pointers will help you find a reliable service provider and customized insurance for your musical instruments.