If you truly care about your instrument, and want to protect your investment, guitar insurance may be a way to go.
Before you run out the door and go looking for a policy, there are a few things you should consider first, though.
Most home owners insurances will cover guitars of a certain value. Not only will they insure them against theft, but usually they will also insure them for accidents as well.
Now, this doesn’t mean that you can go throw your guitar down the stairs; that isn’t an accident. The thing that you can do is be covered for is if you have children, especially young ones, who have boundless curiosity.
One thing most people don’t realize is that you cannot simply take out a policy on your guitar, and for obvious reasons; unless your guitar is worth as much as a car or is of historical significance, the insurer has absolutely nothing to gain.
If you are serious about covering your guitar under your home owners insurance, you need to understand a few things. The first is that home owners insurance will only cover your guitar while it is in the house.
This means that a gigging guitarist isn’t assured when his guitar is stolen from a gig; it isn’t in the house. If you are a traveling musician, you may find it more a waste of time and a huge hassle than anything else to insure your guitar. You would need to prove that your accident occurred within your home, and that it was an accident. If you lie, you will find yourself in court.
Policies covering your guitar will vary in cost, but some insurance companies may offer a discount if you choose to insure your guitar for a full year at a time. While this is extremely beneficial for most, it may also require you to take something into consideration; sale.
If you are a gear hound, always selling your guitar and buying new gear, or trading off your guitar, you will find it a bit difficult to cancel your insurance on your guitar, and nearly impossible to transfer the policy over to the new instrument.
As much as you may love your guitar, as much as it may feel like a part of your family, you need to look at your habits and personality before taking a step this big. If you are an impulsive person, you may want to reevaluate your decision for insurance. If you are a retired or mature person, then guitar insurance can be a huge help.
Finally, everything comes down to payment. If your guitar is worth a thousand dollars, are you willing to pay a couple hundred a year to cover it? Likewise, if your guitar is only a few hundred dollars, are you willing to spend that same amount in a year or two of insurance payments?
Insurance is a big thing for an instrument, and you need to assess your instrument’s value and rarity along with your financial standing before you make a brash decision.
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