Replacement Value

markoism

markoism

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I'm getting insurance for all my gear and I was wondering how do I find out what replacement value for my Warwick basses? I can look up online to see what the selling price is but is that the same as replacement value?
 
replacement value is buying the bass of that age of the same condition, similar to cars. However some insurance may insure it against the price as new.
 
markoism said:
I'm getting insurance for all my gear and I was wondering how do I find out what replacement value for my Warwick basses? I can look up online to see what the selling price is but is that the same as replacement value?
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Best way might be to ask your insurance company about what documents for the evaluation they expect you to supply them with...
 
They have a form I fill out. That's all they gave me. For example I own a original Tobias bass before they got bought by Gibson. I paid $400 Canadian for it but really its rare and no longer in production so its definitively worth more than $400. I don't want to tell them I got this 1989 model that's is out of production for only $400 because they might say you get what you paid for type of thing yet the bass is obviously worth more.
 
They say they don't need any documentation of what value unless I list one item at/over $10,000 CAD. I guess I can bring the bass to get them appraised or to the deal I bought them from.
 
I have no clue about insurances, but they probably won't mind you placing higher values on your estimates, as this will increase the money you will be paying.
 
Yeah I just don't really know what the actual prices for my basses as I bought them all used. So I got no clue how much a brand new one would be.
 
jester said:
I have no clue about insurances, but they probably won't mind you placing higher values on your estimates, as this will increase the money you will be paying.
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This is not necessarily COMPLETELY true. The insurance company will indeed take your money at the higher value. BUT, when you have a claim, they will do an investigation to determine what you paid (they will ask you for your original receipt, etc). If you don't have any of that, they will nit-pick the entire claim. Their remedy? They can REFUND your premium payments if there is a dispute. And then their liability ceases, and YOU are left without insurance. Basically: claiming an item is worth a particular amount without proof is in the realm of insurance fraud. They unilaterally cancel the contract and refund your money. And you're left with nothing.
 
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