Insurance Value

[patfee]

Could someone please guestimate the applicable insurance value for my Charvel guitar bought in 1999 for approx. 1300euro's.

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Thanks a bunch

Patrick


<font color="red">**admin edit: please downsize your pictures or just link them in the future**</font>

[Stinkbug]

Re: Insurance Value

I think it depends on the insurance company on how to do this. Some may require an official appraisal some won't. Some will cover instruments under your normal policy and some require a rider. US and EU are probably different as well.

[MikeStrat]

Re: Insurance Value

Insurance value (depending on the policy) is basically replacement cost. What would it cost today to replace that guitar if lost, damaged or stolen. It doesn't appear that you could just pick that one up at you local guitar shop. You would probably have to custom order a new one if you chose to do so. If you are seriously trying to get a value for insurance, I would get a professional appraisal. I doubt very seriously your insurance company would ever pay a claim based on opinions gathered from the JCF. Although the people here are very knowledgeable, the insurance company wants professional documentation.

[Zerberus]

Re: Insurance Value

[ QUOTE ]
I doubt very seriously your insurance company would ever pay a claim based on opinions gathered from the JCF. Although the people here are very knowledgeable, the insurance company wants professional documentation.

[/ QUOTE ]

If you need an appraisal for insurance, take it to a knowledgable teck, preferably one with specific J/C experience, and have him do it.... Everything else is the half-assed way to do it and will get you a half-assed check at best... That´s if your Insurance doesn´t just flat out deny the claim based on the source of the appraisal [img]/images/graemlins/wink.gif[/img]

I noticed you mentioned Euros.... If you´re in Germany you can send it to me and I can appraise it for you, I´m a tech and luthier and can draw you up the according papers... but I charge real money for my work just like everyone else [img]/images/graemlins/wink.gif[/img]

Funnily enough, I´m good enough to appraise other people´s guitars but can´t appraise my own... Ok, conflict of Interest, but the final result is that the appraisal cost me almost 100€ per instrument thanks to shipping costs.... [img]/images/graemlins/eviltongue.gif[/img] [img]/images/graemlins/brow.gif[/img]

[Rupe]

Re: Insurance Value

You have to be careful what your policy covers as well, especially if your guitat is not easily replaced.
I was told by my company that if something were to happen to my Rhoads LTD #057, that it would be replaced with a new Rhoads, even though they don't make a comperable model.
I read a story in Vintage Guitar where a guy lost his '57 Les Paul Goldtop to a fire. The guitars most recent appraisal was $35K but the insurance company would only give him the amount of a new gold top which was around $2500.

[MikeStrat]

Re: Insurance Value

[ QUOTE ]
I read a story in Vintage Guitar where a guy lost his '57 Les Paul Goldtop to a fire. The guitars most recent appraisal was $35K but the insurance company would only give him the amount of a new gold top which was around $2500.

[/ QUOTE ]

This is why you need to ask the right questions. For a guitar like that, I would get a "stated value" policy. Don't assume that your agent or company is going to understand or appreciate the value of your gear. I own an insurance agency and this is the most frustrating thing. Most people are looking for the cheapest premium they can possibly pay. Understandable. I like a good deal as well. But then they turn around and expect full market value reimbursement on a $35K+ guitar with little or no up to date documentation. Not going to happen!

My advice: ask the right questions, make sure you know exactly what you are paying for and what to expect if there is a loss. You don't want to find out the limitations of your policy after the claim is filed.

[Rupe]

Re: Insurance Value

Well put...that was what i implied but never actually stated.