That’s why most people are extremely careful with it. Nevertheless, something can always happen: you slip on the stairs and the violin case with its valuable contents gets damaged. What now?
How to find the right instrument insurance
To be prepared for such accidents, there is an instrument insurance. It protects your instrument not only against transport damage and damage caused by dropping, but also against theft. Even if you have left your expensive belongings out of sheer forgetfulness and it gets lost, the musical instruments insurance (MIV) takes effect. This all-round protection is referred to in the jargon as all-risk cover.
In addition, additional benefits may be agreed depending on the insurance. For example, you may be entitled to a loan instrument while your instrument is under repair. You can also have not only the instrument, but also the respective accessories insured.
Whether professional musician, amateur musician, music student, or music student – an instrument insurance is worthwhile for all music people who have saved for their good piece long and are traveling a lot. If the instrument is damaged or disappears outside your own four walls, you will be left with no special policy to pay for repairs or for a new purchase.
Find a suitable insurance policy
That a musical instrument insurance can be useful, you know now. But how do you find the right insurance? Here an instrument insurance comparison helps. Get the best deals online from an insurance broker. The market for instrument insurance providers is manageable. Well-known insurers include Sinfonima, Zurich, BGV and Nürnberger Instrumentenversicherung.
The insurances differ in terms of their contribution rate and their benefits. Thus, some insurers offer only group insurance, which are recommended for orchestras, for example. The instruments of all members of the orchestra are then insured by the group contract. But other providers also have insurance policies for private individuals in their portfolio. The exact insurance conditions are individually agreed. Some offer special terms if you are a member of a specific association or organization.
The amount of the contribution depends among other things on the value of the instrument. Also, pay attention to special claims such as worldwide insurance coverage or electronics to be covered by insurance to find the right musical instrument insurance for you.
Formulate advance performance expectations
It’s best to make a list of all the points your insurance should include. In principle, every insurer offers an all-risk cover. If, in addition, extra benefits are desired, it depends on the individual insurance and its range of services.
Not every damage is insured
The all-risk coverage of musical instrument insurance offers all-round protection. But beware: in some cases, the policy does not apply. Which exclusions apply will be stated in the contract. According to Stiftung Warentest, this includes matters of course such as wear or intent. Other exclusions apply at the following points:
- Weather and Temperature : Leave your instrument in a hot car and the paint will peel off, so you usually have to be responsible for the damage yourself.
- Night clause : The insurance cover is often omitted if you leave your instrument in the car from 22 to 6 o’clock in the open air or an unguarded parking garage. Therefore always empty your car, even if it is very late and you could wake your neighbors. The exact time may vary depending on the policy.
During the day you may leave your instrument in the car. However, make sure that it is not visible from the outside, so you can not be accused of gross negligence. In the case of a car accident, the insurance also attacks.
- Sample room : Often the insurance cover also applies in the rehearsal room. But beware: Not all insurance companies are liable if the rehearsal room is located in an uninhabited house – as is often the case.
How the disclaimers are designed in concrete can vary from provider to provider. Ask the respective insurer. Also, consider the scope of the policy. This is particularly important for musicians who travel a lot with their instrument, because some contracts are only valid in Germany.
Household insurance as an alternative for musical instrument insurance?
An alternative to the musical instrument insurance is the household insurance. For households with such insurance, musical instruments are co-insured. Although this will save you an insurance, the household insurance offers only limited protection. It attacks in your home and most of the time on trips, should they last no longer than three months. However, insurance cover only exists if the instrument is located in a closed building, such as a hotel room.
The household insurance is not liable for all damages. It only jumps in burglary, fire, explosion, vandalism, lightning and damage caused by tap water, hail or storm. But even here there are restrictions: If your window stood, for example, on tip, burglars had easier access to the house and the insurance may no longer be liable. Also, your instrument is not insured against fecundity as with the instrument insurance: If you accidentally drop it, the household insurance does not apply.
Step by step to your instrument insurance
If you would like to get an overview of various instrument insurances, you can consult an insurance broker. For this you usually have to fill in a form with general information about yourself and, of course, the instrument. On the basis of your information, the broker determines which instrument insurances meet your requirements and draws up a comparison. This contains all important details such as the amount of the contributions or the range of services of the various providers.
But you can also contact a provider directly and ask for an offer or advice. In addition, you can collect on the website of the respective insurance first information about the provider and its services.
Make application: That’s how it works
Once you have decided on an offer, you must submit an application for the respective instrument insurance. The application can be made through the insurance broker. In the application you must give different information. The exact design differs depending on the insurer. Typical points are for example:
- Insured value: Here, a distinction is made between time value and new value. The fair value uses the current value of the insurance cover instrument. Depending on the instrument, it may lose or gain value over the years. For new value coverage, the price is used to procure an equivalent instrument.
Time value with expensive stringed instruments
Insure instruments that add value, such as costly string instruments based on time value. Those who lose in value, for example, wind instruments should insure you after the new value.
- Contribution : In order to determine the exact contribution, you must provide information on the name of the instrument as well as the manufacturer and, if applicable, the manufacturer number. List all parts individually, including the bow of a cello and the accessories that are usually insured as well. In addition, you must provide a certificate of authenticity for instruments valued above € 10,000.
- Risk Information : The insurer requires a statement of risk relationships. For example, was there a pre-insurance and previous damage in recent years? And how do you keep the instrument when you do not need it?
The insurance cover is valid from the date on which the application was confirmed by the insurer. The exact date is listed in the contract. How much time the confirmation of the application claims differs from provider to provider.
Calculation of the premium
The amount of the premium depends on several factors:
- The value of the instrument
- The type of instrument , such as a blowing, string, or plucked instrument
- The scope of the insurance
Reduce contribution reduction in household insurance
If you have household insurance, you can eliminate the value of the instrument from the sum insured of the home insurance, and thus possibly reduce the contribution. For the instrument then only the instrument insurance is liable.
The nature of the instrument, its value and the desired benefits to the insurance company are crucial to finding the right instrument insurance offering.
questions and answers
In which cases does an instrument insurance take effect?
The musical instrument insurance offers an all-risk cover. It covers transport damage, theft, loss and even damage caused by drops, fire and water. In spite of the comprehensive protection, there are exclusions, if the insured person acts grossly negligent. The insurance is not liable for wear or wanton destruction. The exact exceptions are specified in the contract. The basis for the instrument insurance is the application. Once confirmed by the insurer, the instrument is considered protected.
How is the premium for the instrument insurance calculated?
The premium for the instrument insurance depends on the type and value of the instrument and can therefore vary. For particularly valuable instruments usually a higher insurance contribution must be paid.
How long is the usual contract period for an instrument insurance?
The usual contract period for an instrument insurance is one year. If the contract is not terminated three months before expiry, it will usually be extended automatically for another year.
Which methods of payment are possible?
The method of payment is contractually regulated. Depending on the type of contract (is it a short-term contract or an annual contract?), The method of payment may differ. In the case of annual contracts, an annual contribution is often due, which is usually payable immediately after conclusion of the contract.
What must the device list look like?
The device list must contain all data necessary for determining the contribution. In order to be able to fully insure the instrument, each item must be listed – in the case of a violin, for example, the bow, but also the accessories should be listed separately. In addition, as a rule, information is required on the following items: manufacturer, manufacturer number, year of purchase and the amount of the respective sum insured.
What to do if I do not have any purchase invoices for my equipment?
In the absence of purchase invoices to verify the instrument’s purchase price, you can estimate the value of the instrument from a specialist dealer or instrument maker. Let’s give his rating in writing.
What to do if my instrument has been damaged or has disappeared?
In the event of damage or loss of the instrument, the insurer must be informed immediately. If you have taken out the insurance through an insurance broker, the damage report is made about this.
What happens to my instrument insurance when I sell all my equipment?
Should you sell your equipment, the insurance contract will be canceled. Overpaid contributions are usually refunded. If you create a new instrument, you can transfer the insurance coverage to this.