How much should I insure my instrument for?

Posted on: 25 November 2019

Understanding your sum insured is key

How much should I insure my instrument for? Understanding your sum insured.

We know it can be hard to figure out how much you should insure your instrument for. Don’t panic! We’ve pulled together some key points when figuring out your sum insured.

Where do I start?

How much? You should insure your instrument for the amount it would cost to replace it with an instrument of similar condition and value.

Written valuation: If you're not sure how much your instrument is worth, it's a good idea to have it valued by a professional. We recommend doing this regularly to make sure you're not under insured or overpaying for your policy. 

Where from? You'll probably be able to get a written valuation easily from your local musical instrument retailer or repairer.                   

Maximum sum insured: Unlimited - we can cover almost any type of musical instrument, regardless of how valuable it is.

We cover almost any type of musical instrument

What is the maximum sum insured value that you can offer for any single instrument?

Our website is limited to £15,000 for any one instrument. We ask that evidence of value is no more than 3 years old for items valued over this. If your musical instrument is worth more than £15,000, or your collection of instruments/equipment is worth more than £25,000, just give us a call on 0330 100 9903.

What happens if I make a claim?

In the event of a total loss claim we’ll pay the market value up to the sum insured on your policy. This is where we’ll ask you to obtain written evidence of the value, proof of ownership or legal responsibility for all insured items. We’ll need this information to make sure we can settle your claim correctly.

What happens if I under-insure? If at the time of a claim it is discovered that you have under-stated the sum insured on your policy then the most we will pay is the sum insured. That’s why it’s really important to regularly have your instruments valued.

What is not covered? You won’t be covered for any amount over the sum insured for the insured items on your policy.

What if my sum insured is extremely high value?

If your policy has a combined sum insured of over £50,000, you’ll be asked to complete a security questionnaire to ensure your instruments/equipment are kept in a secure place. We may require additional security measures to be put in place.

It's important to have your instruments valued regularly

 

 

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