Music Gear Insurance: A Checklist With Explanations For The Best Buy

By Author: micheljordan4
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When you get a musical instrument, the first and foremost thing you need to do is - buy the right insurance coverage to protect that gear. It is always a good idea to expect the best and plan for the worst. Isn't it? After all, your musical gear is also an investment for you. Are you looking for a suitable insurance plan for your musical instrument? Read on.

Thankfully! You will find a range of different music gear insurance policies in the market. However, you might find it confusing to choose the best option. Do not fret! We have designed a checklist for you. It will help you buy the most suitable insurance plan to meet your insurance needs. Let's check it out!

Here goes the checklist!

● Are you a regular or frequent traveler?
● What musical instrument(s) do you intend to protect?
● Do you know the current market value of your gear? What is it?
● Are you comfortable with deductibles?
● How much coverage do you need?
● Are you also looking forward to taking public liability coverage?

Here come the explanations!

Are ...
... you a regular or frequent traveler?

It is crucial to ensure that your music gear insurance policy extends coverage to your equipment or the entire musical paraphernalia while it is on the way and when you are flying or performing abroad. If you are flying, remember to buy a cover or case for your gear approved by the respective airline. Also, do not forget to mention the musical instruments as high value in your policy.

What musical instrument(s) do you intend to protect?

An all-encompassing musical instrument insurance plan taken out from a reliable source will cover all your gears. However, if you own a delicate one, for example, a double bass, you are likely to need additional coverage. So, if it is there in the cost of your gear insurance quotation, however, not covered by standards plan or add-on, do ensure to list these items too.

Do you know the current market value of your gear? What is it?

Although it might feel like an utterly obvious question, if you know the answer, it will help you compare different policies well and equip you to get comprehensive coverage in case of an unforeseen event like loss, damage, or theft. You are also likely to require an appraisal from a reputable dealer or an expert appraiser. An appraiser is mainly needed if your gear costs more than a particular value.

Are you comfortable with deductibles?

Although deductibles are likely to vary based on the right musical instrument policy for you, high deductibles mean lower premiums. You can easily select an insurance plan that covers theft, damage, or loss. However, if the deductible is on the higher end, you are likely to be able to file a claim for minor damages too. So, the choice is yours.

How much coverage do you need?

You are free to choose the extent of coverage according to your needs, depending on the type and value of your musical instrument. However, it is always wise to choose a plan that not only meets the insurance requirements, but is also light on your pocket. The latter part will help you keep on paying your premiums on time without taxing your finances.

Are you also looking forward to taking public liability coverage?

Are you a professional musical instrument player? If yes, then it is imperative to include public liability coverage in your musical instrument insurance plan. This coverage will shield you if someone or their property is injured or damaged (respectively) owing to your performance involving your musical gears. So, for all-around protection, public liability cover is important.

Key takeaways

Choosing a specific insurance policy from an ocean of options might feel troublesome if you are a first-time buyer. However, going through this checklist will help you with your queries and dilemma and help you find the right coverage option for your musical gears.