Home Insurance > Contents Insurance > Musical Instrument Insurance

If you’re reading this, we hope it’s because you own a musical instrument! Now, music is all about passion, whereas insurance is, well, boring. And, as a result of this, musical instruments and insurance may not seem like the most natural of bedfellows.

But this is where many of your guitar-strumming, drum-bashing, triangle-dinking brethren have gone wrong. Because a shocking 25% of musicians have had a musical instrument either lost or stolen. Meanwhile, the average cost of replacing a lost instrument is £650. These are not stats that you want lurking in the back of your head as you’re attempting – in the words of the immortal Eminem – to lose yourself in the music.

And this is where musical instrument insurance comes in. Get this sorted out – and you only have to do it once a year – and you can enjoy that essential ingredient to a good jamming session: peace of mind.

Musical instruments: what kind of cover do I need?

The first question you need to ask yourself is … are you covered already? If you’re a homeowner, it’s likely you already have home insurance, which protects the building you live in as well as the things you keep inside. If you’re a renter, you may well have contents insurance (protecting the things inside your rented property).

In either case, there’s a good chance that your musical instruments are covered by your existing policy, although it never hurts to make absolutely sure of this. Home and contents insurance policies typically come with single-item limits, which caps the amount you can claim on any single item in the event of a loss. A typical single-claim limit could be around £1000. Now, when you consider that the highest price ever paid for a violin at an auction was £9.81 million, you can see why single-claim limits can become problematic. Imagine discovering you could only recover £1000 out of £9,810,000!

We suspect your instrument is worth less than the auctioned violin. It’s not unheard of for a Fender guitar to top four figures, while a bells-and-whistles drum kit will easily set you back several thousand pounds. If this is the case, you’ll need to list these items separately on your insurance policy. This may result in you paying a slightly higher premium but it saves you any nasty surprises when it’s time to claim.

If you’re a renter and haven’t got contents insurance, then now might be a good time to get some. Many people don’t mind the idea of losing their mugs and plates, or losing their old clothes – but ask yourself how you’d feel if you came home from work and found your instrument(s) gone. For more info, read our brief guide to contents insurance here.

Getting the most out of your contents insurance

Maybe you already had contents insurance. Or perhaps you’ve just taken some out fresh. Either way, you’re feeling pretty pleased with yourself and looking forward to getting back to some worry-free choon-making. However, there are a couple of final things to consider.

Add on out-of-home protection

Standard home and/or contents policies only cover things when they’re inside your property. Which is fine if your instrument never moves from its dusty stand at the top of the stairs – but less good if you’re going to be carrying your instrument to a music lesson or if you’re part of a band and need to take it over to a friend’s house every now and again.

But fear not! Insurance quants beavering away in their towers have come up with the perfect solution: out-of-home cover. For a small additional fee, you can protect your things when you’re taking them out and about. Note however that, generally speaking, this will only apply within the UK – if you’re going to be taking your instrument abroad with you, you’ll need to include it under your travel cover.

Consider accidental-damage cover

Your standard home and/or contents policy will protect your instrument against theft and household perils (things like flooding and fire). But there are many other ways in which you could find yourself an instrument down – in fact, instruments are among the most fragile, easily damaged items that we own.

Accidental damage protects your things from just that: accidental damage. So, if you ever worry about snapping the head off your violin, this is the insurance product for you – available for a small additional fee on top of your standard premium. Obviously, as the name suggests, deliberate damage is not covered and would constitute insurance fraud – so don’t be tempted to use your accidental damage cover as a cash-for-instruments service, that would be fraud!

Making commercial use out of your instruments?

Most of us have a clear dividing line between our commercial activity (in the office) and our home life. However, musical instruments are one type of item that commonly straddles both categories. If you’re in a band for instance, there’s a good chance that, at some point, you may end up taking your instrument to a paid gig – in which case, in the eyes of insurers, you are making commercial use out of it.

Home and contents policies cover items for personal use only, not for commercial use. So, if you’re using your instrument in a commercial context, you will need to take out separate commercial insurance for it. The key question to ask is: am I making money out of it? If it’s an open mic night, then you’re fine and your out-of-home cover will apply as normal.

Insuring your instruments with buzzvault

We recognised that insurance doesn’t always work as it should, which is why we built buzzvault: hyper-personalised home and contents insurance based on a digital inventory of what you own and its value. So what does this mean for you, the customer?

  1. Our insurance is based on an up-to-date record of what you own and its value, so you always have the right level of cover in place.
  2. You can add new items to your policy as and when you acquire them, so your cover stays up to date.
  3. If an item is listed in your buzzvault, then it’s covered. End of story. Simply open our app and claim back at the touch of a button.

If you want to learn more about what we offer, then head over to https://gobuzzvault.com. Or jump straight in and get a super-rapid personalised quote now.