Musical instrument insurance: cost and covers

A musical instrument is a precious asset which is so important to a musician. Underwriting a suitable insurance for the instrument is highly recommended in view of the damage that may be occasioned to it.

Atlas Magazine invites you to discover the different types of policies.

The different covers of musical instruments

violonFor professionals, a musical instrument is often expensive and need to be insured. The musical instrument insurance is particularly suitable for professional musicians and persons using an instrument as part of their activity: luthiers, music teachers, collectors, etc.

A musical instrument insurance includes different covers. The most common are related to damage, fire, theft, deterioration and water damage. A professional liability cover and a contract cancellation due to the work instrument damage may be included. Other covers may be extended to the contract based on the needs of the underwriter.The premium varies depending on the type of the musical instrument and its value. As part of his profession, a musician may sometimes uses several instruments during the same musical performance.

For this type of profile, insurers generally offer specific insurance that can cover up to five instruments. Comprehensive insurance is ultimately the optimum guarantee to protect yourself in a musical tour, a concert or a musical rehearsal.

For amateur musicians wishing to insure their instrument, a cover can be found in certain homeowner's insurance contracts. Indeed, in this particular case, the musical instrument is part of the transferable capital. It is thus covered in the event of theft, fire or water damage.

This contract does not cover losses taking place outside the residence site. Thus, the underwriting of a theft and breakage policy is highly recommended if the owner may be required to carry out trips.

Insurance cost of a musical instrument

The cost of an insurance cover for a musical instrument depends on its value. A purchase invoice is generally sufficient for the insurer to define the premium to be paid.

In the case of expensive professional equipment or a collector's piece, an expert estimates the value of the instrument and thus its insurable value. The premium generally varies between 1 and 2% of the insurable value.

The extreme rarity of a musical instrument can make it a masterpiece (refer to the article "Fine arts insurance" to understand the functioning of this type of insurance).

Insurers' coverage

Many commercial offers are now designed for owners of musical instruments. In England, for example, in addition to traditional insurers such as Allianz Musical Insurance and some specialists, new entrants are now proposing customizable online contracts.

This is the case of Insure4Music which offers its customers solutions adapted to the type of instrument and to the musician's profile. Covers can also be offered, free of charge, for members of musical organizations upon enrollment.

The insurable value of the most expensive musical instruments


The Vieuxtemps violin: It is the most expensive instrument in the world. Its market value is estimated at over 17 million USD. It was manufactured around 1741 by the Italian luthier Guiseppe Guarneri. It was made popular for being owned by the Belgian violinist Henri Vieuxtemps.

The Lady Blunt Stradivarius violin: This work was made in 1721 by the Italian luthier Antonio Stradivari (1644-1737). Its market price is estimated at 12.550 million USD.

The Fender Stratocaster Asia Guitar: This instrument, made famous for having been signed by several rock stars such as Mick Jagger, Keith Richards, Eric Clapton, Jimmy Page, Paul McCartney, Sting and Bryan Adams, was sold in 2005 for 2.7 million USD in favour of the victims of the tsunami that ravaged the Indian Ocean in 2004.

Heintzman's Crystal Piano: This piano, entirely made of crystal, was used on stage by the Chinese pianist Lang Lang at the opening ceremony of the Beijing Olympic Games in 2008. Its value is estimated at 2.83 million USD.

John Lennon's Steinway Model Z: This piano, formerly owned by John Lennon, was sold in 2000 for an amount of 2 million USD.

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