Insurance Appraisals for Heritage Guitars

G

Genosinger

New member
I need advice/  I have several older Heritage guitars= H357 20th Ann H150, D170, Stat-  and my local "in the know" appraisals were very low to me; he literally looked up from Reverb and if he didn't see anything- took a guess. Who do ya'll recommend for a fair appraisal I can submit to the Insurance company realizing that any appraisal will be reevaluated later if I make a claim?

 
As far as street value goes, I can't think of anyone more qualified than our own Brentrocks.

 
Would likely have to be someone your insurance agent would recognize as being a valid appraiser.  That is the response I got when I asked my agent about guitar insurance

 
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Do you have a  reputable local music store?   They should be able to give you a valid appraisal.   I would be hesitant to use someplace like Guitar Center, or a pawn shop.  You might also contact a dealer who sells Heritage,  like Chicago Music Exchange or Daves.   They should have a better idea about special models like the 20th Anniv and the 357.  You don't want trade in value,  you want replacement value.    Some shops might look at unusual guitars and price them as standard instruments.   Pull out  a picture of a Knaggs, and he says  "looks like a Strat.... $1500" when replacing it might be 4 or 5 thousand.

Having a significant investment in guitars means it's prudent to have a rider, spelling out exactly what instruments you have,  including model serial numbers and pictures.    A standard homeowners policy probably will have a limit of a few thousand dollars.    Having a dozen guitars which are worth $2-3000 a pop means it could be a  significant loss.    With the way guitar prices have risen in the past 5 years,  that guitar you picked up for $1000 might take twice that to replace today.

 
Has anyone used a third party insurer?  As an example I once used a collectors car insurance company and they let me name a reasonable price/value.

 
TalismanRich said:
Do you have a  reputable local music store?   They should be able to give you a valid appraisal.   I would be hesitant to use someplace like Guitar Center, or a pawn shop.  You might also contact a dealer who sells Heritage,  like Chicago Music Exchange or Daves.   They should have a better idea about special models like the 20th Anniv and the 357.  You don't want trade in value,  you want replacement value.    Some shops might look at unusual guitars and price them as standard instruments.   Pull out  a picture of a Knaggs, and he says  "looks like a Strat.... $1500" when replacing it might be 4 or 5 thousand.

Having a significant investment in guitars means it's prudent to have a rider, spelling out exactly what instruments you have,  including model serial numbers and pictures.    A standard homeowners policy probably will have a limit of a few thousand dollars.    Having a dozen guitars which are worth $2-3000 a pop means it could be a  significant loss.    With the way guitar prices have risen in the past 5 years,  that guitar you picked up for $1000 might take twice that to replace today.
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This...!

 
TalismanRich…the reason I am asking is exactly what you stated.  I am willing to pay for a rider on my homeowners but they are going to want proof of current value for any guitar over two years old. I will indeed reach to Elderly and CME; just checking to see if anyone has gone through this already.  

 
kbp810 said:
If you happen to live anywhere near Lansing, MI; would highly recommend Elderly. 
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I was going to recommend Elderly Music as well.   They may be able to appraisals via the internet if you send them a bunch of high quality photos.

 
Ok. I called Heritage Insurance. They will insure up to $35k of my guitars for $250 per year. I name the value. No appraisals necessary. $250 per year is the minimum they charge.

 
I have had some instruments damaged and destroyed during shipping over the last few decades.  I put down the value before shipping and pay the insurance.  I also take a ton of pics.  The shipper (FedEx and UPS) has always paid the proper amount.  Once I needed to get a retrospective appraisal from Heritage and a couple of times from a professional luthier.

For homeowner insurance, I am told to document the guitar in pics, have a receipt, and discuss it with your agent.  If they are stolen from your home, I'm told they are covered.

 
I've had good luck with homeowners insurance covering stolen instruments.  as long as you have some decent documentation... 

 
Long ago I was advised to make a video record of the guitars that demonstrates you have them in your home.  Make sure you include the serial number and the case.  Save the receipt.

 
I use USAA’s valuable personal property policy- they don’t require a professional appraisal. I just list the value based on current market transactions.  

 
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