Is anyone knowledgable about insurance policies?

Andrew O

Andrew O

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Ok, somewhat hypothetical situation. Let's say I have a Streamer Stage One, and thats the bass i take back and fourth to school. Now, i get an insane deal, and only pay $600. We all know to buy a new one, its worth MUCH more ($2500+). So, let's say some jackass decides to come in the band room, and steal it. In my situation, my instruments are insured. What I want to know is, when I get the insurance check, would I get a $2200 check (if i have a $300 deductible) or would i get a $300 check?
 
I'm no insurance expert, but I'd say when taking out any policy that I would ensure that it covered me for the replacement cost of a new item - not what I paid for the item in the first place.

In this case, the if replacement cost is $2500, and you have a $300 excess (deductible), you should get a cheque for $2200.

;)
 
ok. i would still feel bad if i got a bass and it got stolen, BUT, i would feel less bad if it got stollen, and insurance will cover it...
 
You need to discuss this with your insurer.There's alot of different policies.You're talking about a,"new for old" policy Andrew.
When making a claim,they're gonna want to see receipts,they might even ask for this before they sell you a policy.Generally,this will come under your parents home & contents insurance.
If you insure under new for old,the insurer is going to want to make sure,the instrument was bought new.They wont buy you a new bass,if your $600 used bass bass is stolen,They're not that stupid.
Also remeber,if at any time,they suspect you're not being 100% honest with them.They'll cancel the policy or refuse to pay it.
 
Greg nailed it on the spot. As with any insurance policy, you can get a line item added that allows you to collect the replacement cost for such and such an item NEW, but there tend to be a few stipulations:

1. The item being insured was bought new

2. YOu actually ask for that line item to be added to your policy.

3. Proof of what you paid for it. An insurance company worth their salt wont allow you tl insure something for more than it is worth. This also goes back to item number 1.

SO, if you bought it for 600, one woudl think that you could not insure it for more than 600. However, lets say you bought XYZ bass NEW for 2000. You then insured it for 2000, had that line item added in and 4 years down the road, the bass, now valued at 1000 is stolen, THEN you woudl get your check for 2000 minus any deductible.




If I were you i would talk to your insurance company. Make sure you have documentation about the what you paid for the bass, etc because they will ask for it. Dont bother trying to lie either for if you are caught, it can be construed as insurance fraud and that is a rather serious charge.
 
so i'm better off buying a cheap bass for school. i just wanted to make sure how this whole thing worked. I really want to get a streamer, and if it worked out how i wanted it to (getting a $2000 check for a $600 bass) then i would use it as school too, but now i won't, if i ever get it...
 
I'm a licensed insurance agent...

Couple things to be aware of:

1) Musical Instruments generally need to be added to a homeowner's or renter's policy with a 'musical instrument floater'. Here you'll itemize the instruments you want protected, less the deductible amount of your choosing. You'll need to validate the value as mentioned above, and the items will be assumed to be replaced with actual cash value - not full replacement value. You can opt for replacement (new) value, but it will cost much more and you'll need to prove the worth, etc. This is very similar to a 'jewelry floater' for wedding rings, high-end watches, etc.

2) An important note: Unlike the jewelry floater, if you remove the instrument from your residence (band practice facility, church band, any show, venue, etc) to play it, the floater will be suspended or canceled. That's great isn't it? Generally, unless you play at home in your bedroom - always - the musical instrument floater is worthless. It's great for people with kick-butt collections though.

Now, this is Ohio insurance law, and every state's insurance commission regulations will differ slightly. Yours might be different. With instruments, the best insurance is vigilance and keeping them locked and out of sight when not in use.
 
sjw1971 said:
I'm a licensed insurance agent...

Couple things to be aware of:

1) Musical Instruments generally need to be added to a homeowner's or renter's policy with a 'musical instrument floater'. Here you'll itemize the instruments you want protected, less the deductible amount of your choosing. You'll need to validate the value as mentioned above, and the items will be assumed to be replaced with actual cash value - not full replacement value. You can opt for replacement (new) value, but it will cost much more and you'll need to prove the worth, etc. This is very similar to a 'jewelry floater' for wedding rings, high-end watches, etc.

2) An important note: Unlike the jewelry floater, if you remove the instrument from your residence (band practice facility, church band, any show, venue, etc) to play it, the floater will be suspended or canceled. That's great isn't it? Generally, unless you play at home in your bedroom - always - the musical instrument floater is worthless. It's great for people with kick-butt collections though.

Now, this is Ohio insurance law, and every state's insurance commission regulations will differ slightly. Yours might be different. With instruments, the best insurance is vigilance and keeping them locked and out of sight when not in use.
Click to expand...

Cheap bass it is!
 
+1 on cheap bass.... or get a used Rockbass!!! :wink:

or take your Corvette Standard.. they are very low in price nowadays.
 
trujo777 said:
+1 on cheap bass.... or get a used Rockbass!!! :wink:

or take your Corvette Standard.. they are very low in price nowadays.
Click to expand...
I need a fretted, i've been taking my streamer standard lately. despite the low price, my corvette is my baby, so its not going anywhere!
 
You might be better getting dedicated musical instrument insurance if you're gigging your instruments... but beware of the small print. Personally, I'd also consider getting 3rd party liability included... if the band's lighting rig fell on someone's head you could be in big trouble. We had an "incident" with pyrotechnics once... but the woman didn't sue! Home made pyrotechnics... bloody stupid idea... probably get shot by the anti-terror squad nowadays... it was a gig on an air force base too!

I think Gman knows a thing or two about musical instrument insurance!
 
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