6 Reasons To Get Your Gear Insured
Playing music is a great way to express your creativity and connect with others. In order to play music though, investments usually have to be made. Even at the beginning and student level, many instruments are in the thousands of dollars. At the professional level, these instruments get even more expensive. And like any expensive item, musical instruments and the gear needed to play them can be damaged, lost, or stolen.
This is where dedicated musical instrument insurance comes in.
Let’s start with getting rid of a big myth - “My homeowners or renters insurance will cover my instruments!”. The simple fact is, this is generally a false statement. Most home owners and renters policies do not cover musical instruments in their entirety, they only cover them in very specific instances and places…AND potentially only the one specific instrument - not the case, accessories, or anything else. If you are brave enough to leave your instruments to a generic insurance policy, please do read all of the fine print. Many insurance providers are putting clauses in their policies to either A) not cover instruments at all B) not cover instruments if you use them to make money, or C) cap the amount of money they will pay on a claim…and generally this cap is well below any professional instrument. A homeowners policy provider will absolutely fight tooth and nail if asked to replace a Steinway grand piano or vintage guitar.
So with that, let’s look at the big reasons why music instrument insurance is great investment for players of all levels and skills…and why it doesn’t have to be expensive.
1) Protection Against Loss or Theft
One of the most significant benefits of musical instrument insurance is protection against loss or theft. If your instrument is lost or stolen, your music insurance policy will cover the cost of replacing or repairing it. This is especially important for musicians who travel frequently or perform in public places where their instrument is more vulnerable to theft. There are also many policies that cover instruments anywhere in the world. This can be a lifesaver for the touring musician who travels to other countries as your livelihood is protected in the taxi, on the plane, and anywhere else.
2) Coverage for Damage
Most instruments are delicate and can be easily damaged. Even minor damage can affect the sound quality and performance of an instrument. Musical instrument insurance can provide coverage for common damage like accidents, drops, and impacts. Most plans also cover damage caused by natural disasters, such as floods or fires. Many providers will also cover all of the above situations even if you loan or rent out your gear.
3) Peace of Mind
Knowing that your gear is protected by insurance can provide peace of mind when gigging and traveling. It allows you to focus on your music and enjoy the experience without worrying about the potential costs of damage or loss. If you’re a full-time player, this added security is extremely valuable. Knowing your covered against most anything and everything can make load-ins, load-outs, and travel much more relaxing. While I always do my best to travel with cases that are airport-proof, I never worry about my gear going under a plane due to my extensive music insurance policy. My hope is always that the cases keep everything safe - but if not, I know I’ll be fully covered by my policy. This makes fly dates a breeze. No more stressing when plans change and gear has to go under a bus, in a plane, or in a trailer.
4) Affordable Premiums
Musical instrument insurance is relatively inexpensive compared to other types of insurance. The premiums are based on the value of the gear and the level of coverage needed. In many cases, the cost of insurance is a small fraction of the value of the instrument. Many large coverage plans are under $1 a day. If you are only planning on insuring your specific gear that goes on the road, this is even cheaper. Most people will easily spend more on coffee this year than they will instrument insurance. Buying in multi-year terms can also reduce the cost significantly.
5) Customizable Coverage
Musical instrument insurance policies can be customized to fit your specific needs. This means that you can choose the level of coverage that you need, including coverage for damage, loss, theft, and liability. You can also add endorsements to your policy to cover specific events or situations. Do you rent your gear out all the time? Or run a recording studio? Or need electronics and computers and microphones covered? This can all be worked out with many providers.
6) Usually No Deductible
Many musical instrument insurance policies have zero deductible plans...or if they do have a deductible amount, it is generally very low. Well under the cost of replacing most all instruments. This means that if you need to make a claim, you will not have to cover a lot out of pocket. This can be a significant advantage for musicians who may not have the resources to cover the cost of repairs or replacements, but need their instruments for work.
I’m a firm believer musical instrument insurance is a valuable and very necessary investment for any musician. With affordable premiums and low deductibles, it is an easy way to protect your gear and your livelihood as a musician.
Next week I’ll be reviewing some of the best insurance companies out there and who to shop around with when finding a policy for your needs. Stay tuned!
Got questions? Let’s chat! Let me know in the comments.
