Musicians failing to insure costly instruments25% lose instruments at an average cost of £650
21 February 2011
One in four musicians has had a musical instrument lost or stolen, according to a new report - but many don't have appropriate insurance in place.
The findings, from Allianz Musical Instruments, show that more than half of all musicians don't insure their musical instruments, resulting in some needing to draw on savings or borrow money to continue to work.
The average cost of replacing a lost or stolen instrument is £650, according to Allianz.
The high price of forgetting insurance
Three fifths of musicians who have lost an instrument, or had it stolen, admitted that this was down to their own forgetfulness.
The top six reasons for losing an instrument were:
- Theft of the instrument from a vehicle;
- Leaving it at a performance venue;
- Leaving it on public transport;
- Leaving it in a hotel;
- Having it stolen from home.
However, forgetting or neglecting to insure your instrument could be the most costly mistake of all. Having car insurance and home insurance that will cover a musical instrument you rely upon is a sensible provision - although specialist musical instrument insurance may also be an option worth considering, particularly if your instrument is worth a large sum of money.
Allianz Musical Insurance claims manager Robin Stagg 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, you're learning to play or are a serious musician, it is important that you consider the financial protection you have in place for your instrument.
'Our research also showed that of those musicians who do have insurance cover for their instrument, 69% cited the 'reassurance of financial protection' as really important to them. Specialist musical instrument insurance can provide them with this peace of mind, and protection for their instrument when they are outside of their home.'
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