Insuring your gear?

MartinBush

This is a really useful thread and is something I have often wondered about.

For the purposes of insurance how would I go about securing a value for my one and only item worth covering? It's an early 90s LP Standard, repaired headstock break with the usual use-related wear?

While I definitely own it, all I now have is the guitar and case (ie no warranty or receipt) and I have no idea of the value. Second hand I guess on here someone might give me £500/600, but to replace I have no idea what it would cost.

How do people work with this sort of situation?

andy1839

MartinBush said:

This is a really useful thread and is something I have often wondered about.

For the purposes of insurance how would I go about securing a value for my one and only item worth covering? It's an early 90s LP Standard, repaired headstock break with the usual use-related wear?

While I definitely own it, all I now have is the guitar and case (ie no warranty or receipt) and I have no idea of the value. Second hand I guess on here someone might give me £500/600, but to replace I have no idea what it would cost.

How do people work with this sort of situation?

New Moon ask for a value to replace for a brand new version. So you'd insure it for whatever a new LP Standard would cost. 

skunkwerx

MartinBush said:

This is a really useful thread and is something I have often wondered about.

For the purposes of insurance how would I go about securing a value for my one and only item worth covering? It's an early 90s LP Standard, repaired headstock break with the usual use-related wear?

While I definitely own it, all I now have is the guitar and case (ie no warranty or receipt) and I have no idea of the value. Second hand I guess on here someone might give me £500/600, but to replace I have no idea what it would cost.

How do people work with this sort of situation?

Easiest way. 

Take several photo’s of it including the serial number. Email them to yourself (this shows you had photos of it/in your possession on a given date, ie before any loss occurred). 

Post some pictures here for us all to see! If you’re playing it, even better. More proofs. 
Just be wary if you ever delete the photos from the source they might disappear here too. 

You could get a valuation from a luthier. Just ask for a form, letter or something signed dated and with their address or on headed paper. 

Whilst we can value stuff pretty good here amongst us, and are an enthusiast forum, an insurer might not take any figure we give as its not ‘official’ as such. 

 Those two aspects ‘should’ be sufficient. But, I dont work in claims, and dont take this post as ‘advice’ as I’m not able to give it. 

it really depends on your policy, any endorsements, covers etc. 

What I would do is contact the given insurer and ask them. Preferably by email so you have record. 

Remember if you ever take it outside the home you’ll probably need personal possessions cover to cover that use. 

Some endorsements require you to have valuations and proofs no older than 2 years. Usually for valuables, specified items etc. 

Again check with the insurer. 

skunkwerx

andy1839 said:

MartinBush said:

This is a really useful thread and is something I have often wondered about.

For the purposes of insurance how would I go about securing a value for my one and only item worth covering? It's an early 90s LP Standard, repaired headstock break with the usual use-related wear?

While I definitely own it, all I now have is the guitar and case (ie no warranty or receipt) and I have no idea of the value. Second hand I guess on here someone might give me £500/600, but to replace I have no idea what it would cost.

How do people work with this sort of situation?

New Moon ask for a value to replace for a brand new version. So you'd insure it for whatever a new LP Standard would cost. 

+ yeah this. Whats the current equivalent value.

ryanverbena

andy1839 said:

MartinBush said:

This is a really useful thread and is something I have often wondered about.

For the purposes of insurance how would I go about securing a value for my one and only item worth covering? It's an early 90s LP Standard, repaired headstock break with the usual use-related wear?

While I definitely own it, all I now have is the guitar and case (ie no warranty or receipt) and I have no idea of the value. Second hand I guess on here someone might give me £500/600, but to replace I have no idea what it would cost.

How do people work with this sort of situation?

New Moon ask for a value to replace for a brand new version. So you'd insure it for whatever a new LP Standard would cost. 

This just saved me, cheers. I bought a second hand R9 MTM for just over £4k on the forum - I just assumed this would be the value I"d cover it for. 

Obviously they are worth a lot more brand new so I'll have to do a bit of research. Cheers again!