Musical Instruments can range in price from a few hundred pounds to hundreds of thousands of pounds. If you rely on your instrument for your living and it got stolen or damaged, could you afford to repair it?
What are the options?
1. Don’t bother insuring it at all and take the risk. Nothing is safe these days, especially if you are taking your instrument out and about and you need it to earn a living, how would you manage if it got stolen?
2. Try and insure it under your home insurance policy. This is certainly possible, under the personal possessions section, although if you are using it to earn a living such as playing in an orchestra, they may not want to cover you. There is also the question of how much it is insured for and it can work out to be very expensive.
3. The third option is to find a specialist musical instrument insurer and take out music insurance. There are a few out there, for example musicguard and insure4music.co.uk, but I am going to take a look at allianzmusicalinsurance.co.uk
Firstly who are Allianz? Well they are a very large International Insurance Company and have been a leading specialist music insurer since the 1960’s. Over that time they have insured over 100,000 musicians from all walks of life.
However they don’t just provide cover for violins and trumpets etc. Cover is available to retailers, music teachers, DJ’s Studio producers and Buskers.
There policy offers the highest protection. They cover professional use, accidental damage, loss or theft. Cover is provided whilst in an unattended vehicle and there is no excess to pay in the event of a claim.
You can choose from UK or worldwide, or premise only cover and the settlement is new for old with depreciation covered as the result of a repair.
They offer one month’s free cover if you apply online together with interest free instalments.
Cover starts from only a couple of pounds per month.
If your instrument is your life, you should definitely get a quote from them. If you are not sure about insurance, perhaps the best place to start is thatsinsurance. They will also be able to point you in the right direction.