Musical Instrument Insurance May Be Very Worth While
Published: 23 February 2011 By MoneyHighStreet Staff Leave a Comment
If you are an owner of a musical instrument it is well worth while making sure you have appropriate insurance in place as some 25% of musicians in a recent survey revealed they have recently lost an instrument or had one stolen.
And according to Allianz Musical Insurance, despite the large number of musical instruments ‘lost’, some 54% of all musicians do not have musical insurance in place. Quie worrying when the average cost to replace a lost or stolen instrument is £650.
Top reasons for missing instruments include
- Having the instrument stolen from a vehicle
- Leaving it in a performance venue
- Leaving the instrument on public transport
- Leaving the instrument in a hotel
- Having the instrument stolen from home
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.”
Specialist musical instrument insurance, such as that provided by Allianz Musical Insurance, can provide peace of mind and protection for your instrument when outside the home.
MoneyHighStreet.com comment: It is worth checking with your home insurance provider to find out the position on cover for a musical instrument. If you have a high net worth insurance providing a more bespoke level of cover for your needs, see if you can get your instrument included in the policy.
You may like to talk to an insurance broker to get advice and make sure you do have appropriate insurance in place.
