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Paying the price of performing

Musicians suffer from losing costly instruments

21st January 2011

If you're the owner of a musical instrument, it's worth keeping a closer eye on it, with 25% of musicians* revealing that they have recently lost an instrument or had it stolen. The new research from Allianz Musical Insurance, the UK's largest musical insurer, also showed that musicians are paying out on average £650 to replace their instrument.

Despite this, over half (54%) of all musicians still do not have insurance for their instrument which has lead to nearly a quarter of musicians having to raid their savings or borrow money to replace an instrument that was lost or stolen.

The Cost of Forgetfulness

While nearly half of musicians regard their instrument as 'one of their most important possessions', of the musicians that have lost or had their instrument stolen, as many as 60% admitted that it was due to their own forgetfulness. The top reasons for missing instruments are:

1. Having the instrument stolen from a vehicle
2. Leaving it in a performance venue
3. Leaving the instrument on public transport
4. Leaving the instrument in a hotel
5. Having the instrument stolen from home

The survey also revealed that musicians have a track record of losing instruments with three quarters (75%) of musicians losing an instrument as a child. In fact nearly a quarter (23%) admitted to losing an instrument at school and a fifth (21%) losing an instrument at youth club.

Robin Stagg, Allianz Musical Insurance Claims Manager said, "Musicians are often leading busy lives attending performances and gigs, and as our research shows, there are occasions when instruments are lost or stolen. Whether you're a parent buying an instrument for your child, learning to play or a serious musician it is important that you consider the financial protection that you have in place for your instrument."

Robin Stagg continues: "Our research also showed that of those musicians who do have insurance cover for their instrument, 69% cited the 'reassurance of financial protection' as really important to them. Specialist musical instrument insurance can provide them with this peace of mind and protection for their instrument when they are outside of their home."

Taking out a policy with Allianz Musical insurance, will cover lost or stolen instruments including instruments that have been left in a vehicle, and they will even cover the cost of hiring a replacement instrument. To find out more about Allianz Musical Insurance visit www.allianzmusic.co.uk

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Notes to Editors

A survey of 3,000 UK respondents was carried out in November 2010 by 72 Point on behalf of Allianz Musical Insurance. The poll surveyed 931 musicians and 2069 non-musical instrument playing people.

About Allianz

Allianz Insurance Plc is one of the UK's leading general insurers and part of Allianz SE, one of the world's largest financial services providers with a presence in more than 70 countries.

Allianz Musical Insurance is the trading name of British Reserve Insurance Company Limited and part of the Allianz Group.

To obtain a quotation, call Allianz Musical Insurance on Tel: 0870 2400 303 or visit www.allianzmusic.co.uk

For further information contact:

Tolu Akisanya, PR Executive
Tel: 0208 580 8194
Email: tolu.akisanya@allianz.co.uk

Carl Stephens, Allianz Musical Insurance
Tel: 0208 580 8033
Email: carl.stephens@allianz.co.uk