Why buy musical instrument insurance at all? Well, there are countless different types of musical instruments. Most of them are expensive to buy. While beginners can get a cheap guitar for 100 to 150 euros, many passionate musicians spend much more on their instrument, well over 500 euros. Even beginners have to reckon with around 500 euros for a handmade violin. There are no upper limits.
Music can be expensive. For some people, it’s more than just a hobby. It can be the cornerstone of your professional life or your long-held dream of a career in music Whether in a school band, music club, orchestra, or for professional reasons, most musicians are extremely careful with their instruments. However, something can always go wrong. You lose your guitar or violin case on the way to a concert.
For such accidents, you can take out a musical instrument insurance. This means that the instrument is insured against damage in transit, theft and loss, but usually also against damage caused by falling…
What for musical instrument insurance?
Instrument insurance is coverage for musical instruments. It doesn’t matter whether professional musicians, hobby musicians or students want to keep their valuable items safe. Anyone who has been saving up for an instrument for a long time or is dependent on it and does not want to pay for the expensive costs in the event of damage can take out instrument insurance.
All-round protection means that instrument insurance covers everything from theft to fire. Thus, the insurance offers protection not only if the musical equipment is stolen or lost through forgetting. But also if it is damaged during transport or simply through carelessness. Damage caused by the policyholder himself is also covered.
WHICH DAMAGES ARE COVERED BY INSURANCE IS DETERMINED BY THE RESPECTIVE TERMS OF CONTRACT. MOST COMPANIES OFFER INSURANCE AGAINST DAMAGE, THEFT, ROBBERY, VANDALISM AND TRANSPORT AS WELL AS LOSS OR THEFT. HOWEVER, THE EXACT TYPE OF DAMAGE COVERED BY THE INSURANCE MUST BE CHECKED INDIVIDUALLY, DEPENDING ON THE TARIFF.
Scratches, manufacturing defects, wear and tear, and signs of use are generally not covered. Damage caused by intentional acts (e.g. arson), strikes and riots, wars and similar events, seizures and nuclear energy are not included. In addition, theft protection clauses may apply depending on the provider and the type of insurance selected. For example, there is no coverage for an instrument left in a car at night. There are also companies that generally provide coverage for gross negligence as well. However, if there are benefit limitations, they may apply to these types of claims.
Musical instrument insurance benefits
The benefits of the musical instrument insurance depend on the terms of the contract. The following benefit modules can be included in the contract:
- Reimbursement of repair costs
- Reimbursement of the insured value (replacement value or current market value)
- Replacement of accessories
- Cost absorption for replacement instrument
- Reimbursement of loss in value
Amount of the sum insured
The amount of indemnity varies depending on the chosen tariff. Inputs Some companies offer a fixed insured value for their instruments, regardless of the age of their instruments.
You can also agree on a current value indemnity. The insurance company will reimburse the cost of purchasing a new identical instrument.
On the other hand, some providers pay only the current price. This information can be useful in describing the current price of an item.
How useful is instrument insurance?
Does musical instrument insurance make sense? There is no general answer to this question. If you own a used and inexpensive instrument and can afford to replace it in the event of damage, then you don’t necessarily need insurance.
Musical instrument insurance can make sense if you own an expensive instrument. Even if you don’t have enough money to replace or repair something, you should still try to fix it. Damage can lead to serious problems if the owner depends on their instrument. For example, because their parents want them to be able to play in an orchestra later. The income of professional musicians depends on the function of their instruments. Insurance can protect you from many eventualities and ensure your financial survival.
The cost of instrument insurance
The main factor determining the amount of your future premium payments is the individual sum insured that you set for your instrument, followed by the age of your instrument.
In individual cases, it may be better to insure the current value than the future value. For example, if a musical instrument is expected to increase in value over time, it is advisable to agree on the current market value when taking out the insurance and to adjust this at regular intervals.
You have the option of insuring either the current value or the new value of your instrument.
If you want to insure your musical instrument, you should always ask a dealer for the current value. If you lose your instrument, you will receive the exact sum insured and can use it to buy the instrument again.
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How do I know the value of my musical instrument?
The value of the instruments must be deposited when the contract is concluded. As a rule, the sales receipt can be used for this purpose. If this is no longer available, it is best to have it appraised. Instrument makers can do this. You must obtain an appraisal from the appraiser and submit it to the insurance company.