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 instrument insurance.August 4, 2006 at 6:07 AM After the recent mishaps with my beloved violin, and relizing how much a repair can run me I have decided (once the repair is complete in about a week) to get some instrument insurance. But I have become some what perplexed about insurance. Does anyone have any suggestions on who to get it from/what I should look out for? Thanks,-Richard *Violins Make the World go Round* From Pauline Lerner
I'm looking for good advice on this, also. Several years ago I got some personal article insurance for my instruments. My insurance agent at that time was a man who collected guitars, and he gave me good advice. Insurance companies treat musical instruments the same as household objects. They consider that an instrument depreciates in value as time goes by. I bought some kind of insurance policy that was not based on this assumption. The policy covers replacement or repairs for disasters which occur while the instrument is in your home, for example, flood damage. I think that my current insurance policy does not have these advantages, and my insurance agent has been replaced by someone much less knowledgeable. I need some good advice from other people.
Posted on August 4, 2006 at 7:23 AM From Sean Gillia
No expert mind you, but I do have insurance on my daughter's violin and bow (and my own considerably less expensive violin). The method that was recommended to me was to join Chamber Music America (they have a website) -- which has its own benefits -- and then contact Clarion and get their policy with the Chamber Music America discount. Works out somewhat better price wise, even with the modest membership fee. I can't remember all the details of the policy, but my loss, theft, damage policy seemed pretty good when I reviewed it -- and I think its summarized on the Clarion website. Is it the best out there? That I can't tell you, but it is designed for musical instruments.
Posted on August 4, 2006 at 8:22 PM From Elizabeth Smith
Richard, before you buy insurance remember that any insurance is basically a gambling game. The insurance company bets that your premium payments will exceed any payout they will have to make. (That's how they stay in business.)Posted on August 4, 2006 at 11:22 PM We have had about half a dozen string instruments and assorted bows, but never considered insurance until a few years ago when two of our daughters were lent expensive instruments and (of course) the condition of the loan was that we would cover insurance. Until that point, the small amount that we paid out of pocket for occasional repairs did not merit purchasing insurance. I looked into insurance and found that Clarion would not offer policies to us because the players were under 18 (Sean seems to have received a different answer from Clarion, but they were pretty clear with me when I inquired.) At the advice of two violin dealers, we purchased insurance through Heritage. (I believe we did have to join ASTA to get their best rate.) The policy covers all of our instruments, bow, and cases, with no deductible. We had to fax appraisals on each instrument, plus a list of what was being covered. The cost of the original policy was $600, but the premium decreased with we returned an expensive loaned instrument and added the less-expensive instrument that we purchased. About a month after we purchased my daughter's violin, it was dropped and the damages were $1400 plus shipping. Every sent, including shipping, was covered. We also made a claim for a minor ($125) bow repair. A note: instruments are covered under your (or your parents' homeowner's policy.) In our case, we have a very high deductible ($1000) on our homeowner's (again, playing the insurance game), so that policy would not have been much help. Another note: when you purchase instrument insurance, unlike homeowner's or auto insurance, your premium does not go up if you make a claim (at least, not with Heritage.) I found their office staff to be responsive and professional. Hope this helps.
From Elizabeth Smith
I can't figure out how to edit comments, but of course that should be "every cent" not "sent", above.
Posted on August 4, 2006 at 11:35 PM From Sean Gillia
Elizabeth, you're right about Clarion's policy on minors. The policy is actually in my name, and so I suppose my daughter's instrument and bow are technically mine; I was, however, fully up front in writing and speaking with my agent about who exactly would be doing all the playing of that instrument and bow.
Posted on August 5, 2006 at 3:44 AM From Elizabeth Smith
That's interesting... I had a similar conversation with Clarion but with different results, because I made it clear that although I own the instruments, my under-18 kids were playing and they refused our business. Or could be they've changed their policy since I inquired. The irony is that, although we'd never had an expensive repair when the instruments were uninsured, we did need one under Heritage and so far they've paid out more than they've collected from us. Of course, over time I expect Heritage will earn $ from our policy.
Posted on August 5, 2006 at 4:21 AM This entry has been archived and is no longer accepting comments. |
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