Musical Instrument Insurance – Does it Apply to You?
Whilst we like to think our belongs are safe, it can be a bit of a worry when you’ve just spent a fortune on a well-loved musical instrument, especially if you plan to travel around or play a lot of gigs. I think we’ve all heard horror stories from people who have had their instruments stolen on public transport or from the back of a gig venue. Thankfully though, musical instrument insurance can be purchased relatively cheaply.
Despite musical instrument insurance being quite cost effective, many musicians don’t bother with it and instead prefer to take the risk. We decided to take a look through a number of different options to find out exactly how much you can expect to spend, and what type of cover is available. If you’re a teacher, gigging musician or simply a guitar fanatic – definitely have a think about whether or not musical instrument insurance is for you.
What Cover is Available?
Just like anything else, there are plenty of options available when looking to insure your instruments. At the lower end of the market you have some very affordable packages to cover you against theft only. If your main concern is theft whilst you’re out and about, this can be a really good option for you without breaking the bank.
At the higher end of the spectrum there are premiums to cover against accidental damage and all sorts of unfortunate situations. We found that shopping around for musical instrument insurance is very similar to looking for contents insurance. In much the same way, the amount you pay will often depend on the value of the instrument(s) you want to insure, and how much protection you require. For the professional musician, choosing features such as ‘old for new’ replacement might be a good yet slightly more expensive option.
Things to consider:
- Value of your instruments
- Where you’re likely to be travelling
- Extra features such as ‘old for new’
- Excess fees
- Storage locations
How Much Should I Pay for Musical Instrument Insurance?
This really is completely up to you. What we would suggest however is making sure you pick the right package for your situation. We found deals for as little as £5 per month but our honest opinion was that these might not be worth it. If you’re part of a band then it definitely works out much cheaper to get a collective package to cover all your gear, rather than insuring your instruments individually.