Insurance replacement values

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Insurance replacement values

Post by westcoaster on Tue Jan 31, 2012 1:04 pm

I'm looking at insuring my p250 and soon to arrive p150 and was wondering whether anyone had experience of this. Obviously they would be quite difficult to replace on a like for like basis so should I use the value of a comparable currently available guitar and if so what model would you use for comparison. Any advice would be gratefully accepted.

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Re: Insurance replacement values

Post by Westbone on Tue Jan 31, 2012 1:21 pm

Get an individual appraisal from an insurance company. Might cost you a bit extra.

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Re: Insurance replacement values

Post by Neil Smith on Tue Jan 31, 2012 3:16 pm

Actually, that's a good question, and Westbone is right. You want to get an agreed valuation. The problem is that it is difficult to get an insurance company to agree to a valuation based on what you paid for it.

Two thoughts come to mind. First of all, from my experience with classic car insurance, I see that some insurance companies accept a value based on price history from websites such as eBay, or members associations/clubs. And secondly, some insurers give discount to people who are members of an Owners Club...

I wonder if the same principle might work with a musical instrument?

Official Westone Owners Club anyone? I'm claiming dibs on the idea! Very Happy

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Re: Insurance replacement values

Post by The Chad on Tue Jan 31, 2012 3:36 pm

Neil Smith wrote:Official Westone Owners Club anyone? I'm claiming dibs on the idea! Very Happy

king Now there ya go, genious at work.

I'll make us membership cards.

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Re: Insurance replacement values

Post by westcoaster on Tue Jan 31, 2012 5:07 pm

Thanks for the replies guys, of course, if one was stolen it would probably be chapter to track down the perp and hire a hitman. I will look into this and let you know how I get on (the insurance - not the hitman).

Damn good idea about the owners club though. Wonder if it would be possible to get bulk deals from companies through such a scheme.

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Re: Insurance replacement values

Post by corsair on Tue Jan 31, 2012 9:08 pm

Where would such an owners club be based? I know... Australia!

My guitars are all insured separately, and were all assessed by an outside contractor who was knowledgable about guitars: this last point is important as you don't want a vehicle assessor valuing your pride and joy, really! The cost is more than just blanket coverage with household stuff, but I sleep a lot better at night!

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Re: Insurance replacement values

Post by norfolkngood on Wed Feb 01, 2012 3:46 am

I haven't got round to insuring my guitars except as part of the "contents" policy but advice from a friend in the police was to take plenty of pics in case they ever get stolen. Keep a record of serial numbers and detailed photos of anything from which you would be able to recognise "your" guitar.

It'll be tracking chips in the pick-up cavity next... clown


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