Advantages of Insuring Musical Instruments
Advantages of Insuring Musical Instruments
Have you recently bought a beautiful piece of instrument, paying a significant amount, and are worried about the safety of your investment?
Many musicians insure their instruments as soon as they buy it; therefore, it is not surprising that you should insure your instrument too.
Moreover, it may be the only option to ensure the safety of your investment!
Insure your costly musical instruments like electric guitars, piano, saxophone, and drums to guard against accidents, theft, loss, and other unexpected events like fire and storm, breakage, void warranty, etc.
There are many insurance companies that specifically deal with just musical instruments.
Read on to learn about the advantages of insuring musical instruments.
What are the Advantages of Insuring Musical Instruments?
According to research, the global market for musical instrument insurance is estimated at $1,650.00 thousand in 2021 and is projected to reach $2,475.33 thousand by 2031.
The market for musical instruments is expanding as more people can access musical instruments than before.
The number will likely rise with the increasing number of musical concerts, performances, and classes.
And so will the need to insure your investment!
Let us check out the advantages of insuring musical instruments.
1. Guard Against Accidents
No matter how careful you are about preventing accidents, inadvertent damage could happen despite all the precautions you take.
Imagine carrying your guitar wherever you travel, and it happens to bump into something or fall on the floor.
You could end up paying a hefty bill to fix or replace the damage.
However, if you already have insurance on your guitar, you could be relaxed knowing that it will be fixed and paid for by the insurer.
Insurance keeps you safe from having to pay for a new replacement whenever your instrument is accidentally damaged.
Depending on your insurance company or coverage, it will cover the cost of repairing the damage or even replacing the old with the new.
2. Theft or Loss
If your uninsured musical instrument is stolen, you might have to buy a new one, which will cost you a lot of money.
You might have heard many musicians’ stories about the theft of an expensive instrument leading to significant financial and sentimental costs.
Musical instruments are targeted by thieves, especially if they are rare or limited-edition, like vintage or celebrity-signed guitars.
In addition, tracking specific instruments back to their original owners could be challenging, making it much easier for thieves to sell them on the black market.
Insurance can help protect you against financial loss and can also provide hire equipment if you suffer a loss at an inconvenient time.
3. Public Liability
There may be a chance you can accidentally damage or cause injury to third-party instruments while performing.
Imagine a situation where the violin’s string gets broken off while performing and hits a third party real hard.
That is likely to get you sued!
To help protect yourself from potentially costly claims, you will need a specialized musical instrument insurer who offers public liability cover.
This policy protects you against financial loss and crises.
4. Fire, Storm & Other Unexpected Events
Every day, unexpected accidents are likely to happen, which can cause enormous destruction and damage to your musical instruments.
The high cost of musical instruments, such as electric guitars, violin, piano, and others, may cost huge loss to you.
Therefore, insuring your musical instrument is the best alternative to safeguard the costly instrument that holds emotional value to you.
It protects your instruments against all damages caused by unexpected events, including fire, storm, scratches, etc.
Insurance will cover all the costs of repairing or replacing your musical equipment.
5. Protect Your Investment
As musical instruments are expensive, you need to protect your investment.
Even though renting a musical instrument can provide you access to better-quality equipment at a lower cost, you are still liable for the total cost of any repairs or replacements if the instrument is damaged.
Usually, most rental companies offer specific policies. However, if their terms are unfavorable, it is better to be safe and cover yourself rather than expose yourself to liability.
Therefore, whether you play in an orchestra or a band, or just for fun, your instrument is valuable to you and needs protection.
And having your instrument insurance can significantly help protect your investment in your valuable tool.
6. Peace of Mind
Perhaps the most apparent advantage of musical instrument insurance is peace of mind.
Musicians already have enough things to worry about, like setlists, sponsors, and getting more shows.
Insuring an instrument gives you peace of mind knowing that your musical equipment is protected wherever you are, whether at home or you leave it overnight in a car, van, or performance space.
Conclusion
Help yourself make the right decisions by insuring your musical instruments, so you should not have any problem getting them replaced if it is damaged or lost.
Moreover, getting your instrument insured should be a top priority if you depend on music to make a living.
On top of that, always read your insurance policy thoroughly to make sure you understand your insurance policy completely.
Should you have any queries about the musical instrument insurance coverage or if you would like to learn more, get in touch with Rick Perdian, a travel and music consultant in the USA.
