Musical instruments can cost thousands of dollars, and whether you’re part of a high school marching band or a professional symphony orchestra, purchasing musical instrument insurance is a great investment. Instrument insurance pays to repair or replace your instruments if they get damaged, lost, or stolen. Most insurance companies cover a wide variety of instruments from guitars and harps to cables and audio equipment.
If you’re considering musical instrument insurance, it’s important to choose the right insurance carrier for your needs. We evaluated 10 musical instrument insurance providers based on important criteria like price, policy options, specialty coverages, and accessibility. We landed on six companies that offer the best policies.
Best Overall : Anderson
Why We Chose It: Anderson insures nearly every type of instrument with affordable rates, robust coverage, and flexible deductibles.
Almost every instrument and musician qualifies for coverage
Premiums start at $165 per year
Professional use is covered for free
Wide variety of policies available
Can’t get an instant rate quote online
Some instruments have a minimum annual premium
Anderson insures almost any type of instrument, and any type of musician can qualify for coverage, including professionals, hobbyists, and students. Anderson’s musical instrument coverage is among the most comprehensive on the market, and the price is affordable.
Anderson sells several different policies, including piano insurance, acoustic guitar insurance, harp insurance, clarinet insurance, cello insurance, and many more. Anderson’s policies protect your instruments on an all risk, agreed value basis, anywhere in the world. Policies cover common losses like fire, theft, and faulty workmanship, and include coverage for flood and earthquake damage for free.
Additionally, every policy from Anderson comes with professional use coverage, diminished value coverage, performance interruption coverage, shipping coverage, and rental reimbursement coverage, most of which are subject to maximum policy limits.
In addition to comprehensive coverage, Anderson’s policies are affordable. Instrument insurance coverage starts at $0.575 for every $100 in coverage, with a minimum premium of $165 per year. If your instrument is valued at $50,000 or more, you can get a discounted premium by enrolling in the Preferred Rate High-Value program.
However, we should note that some types of instruments have a minimum premium. Harps and string basses, for example, have a minimum premium of $200 and $250, respectively. If you need coverage for electronic equipment, you’ll need to pay extra to add it to your policy.
Best for Students : Traverse
Why We Chose It: Traverse offers low-cost, flexible musical instrument coverage, which is ideal for students who transport their instruments to lessons and school, play multiple instruments, or are just getting started with a new instrument.
No long-term commitment required
Offers $0 deductible policies
Includes bodily injury liability and property damage liability coverage
Easy claims process with fast direct deposits
Only available in Texas and New York
Low coverage limits
Traverse, which is owned by Travelers Insurance, provides flexible coverage with the option to adjust your coverage limits, or cancel your policy altogether whenever you need to. Plus, you can purchase coverage and file an insurance claim right from the Traverse app, which is perfect for students on the go.
In addition to affordable policies, Traverse also offers no deductible policies, which can be hard to find. If you choose a $0 deductible and your instrument is damaged by a covered peril, Traverse will reimburse you via direct deposit, PayPal, or even Venmo. Just keep in mind that choosing a $0 deductible policy will result in a higher monthly premium.
One of the most unique features of Traverse musical instrument insurance is that every policy includes personal liability coverage. So if a classmate trips over your music stand in the classroom, or your equipment causes damage to someone else’s property and they sue you, your legal fees are automatically covered.
Most musical instruments are covered under a policy from Traverse, however, the maximum amount of coverage available is $5,000. If you own an instrument that is more expensive to replace, we recommend checking out a different insurance company.
One of the biggest downsides of Traverse is that the coverage area is very limited. Currently, Traverse is only selling musical instrument coverage in New York and Texas.
Best for Collectors : Heritage
Why We Chose It: Heritage offers worldwide coverage for musical instrument collections, including vintage pieces.
Affordable coverage starting at $200 per year
No deductible and low deductible options available
Instruments can be covered under agreed value, actual cash value, or replacement cost value
Policies cover repair costs and devaluation of your instrument
No online quotes available
Must work with an agent to file a claim
Heritage covers new, used, and vintage instruments in almost every category, whether they are used or displayed. The company has been in business since 1991 and has more than 10,000 customers around the world.
With an insurance policy from Heritage, your musical instrument collection is protected from common perils including fire, theft, breakage, changes in temperature and humidity, earthquakes, shipping damage, faulty workmanship, and entrustment and consignment. And if something happens to your instrument, Heritage will cover the cost of repairs plus the instrument's devaluation.
When you purchase a policy, you have the option to choose between three valuation methods—agreed value, actual cash value, or replacement cost value. Regardless of the valuation method you choose, you’ll probably need to have your collection appraised before you can purchase a policy.
Heritage’s musical instrument insurance policies are affordable. Premiums start at $200 per year with a standard $250 deductible, but you also have the option to choose a $0 deductible. Policies from Heritage can be paid for on a monthly or annual basis using any major credit card.
Heritage operates as a small insurance marketplace, partnering with Travelers Insurance, The Hartford, AXA XL Specialty Insurance, and Great American Insurance to underwrite policies. When you get a quote, one of these four companies will provide coverage for your instruments based on your location.
Best for Travel Protection : Huntington T. Block
Why We Chose It: Huntington T. Block offers tailored coverage for musical instruments in transit.
Most types of instruments are covered, including rare models
Includes coverage for loaned and borrowed instruments
Standard policies have inflation guard protection
Must work with an agent to get a quote
Website doesn’t have any information about pricing
Huntington T. Block (HTB) offers standard musical instrument insurance policies that include in-transit protection, which covers instruments that get damaged during shipment or travel. Plus, your instruments are covered anywhere in the world, which is ideal if you travel internationally with your instruments.
We recommend HTB for travel protection, but the company also stands out for its comprehensive coverage. HTB policies include inflation guard protection for instruments that are less than two years old. There’s also coverage for loaned and borrowed instruments. If you borrow someone else’s instrument, your policy provides 30 days of free coverage automatically.
HTB insures your instruments on an agreed value basis. When you purchase a policy, you’ll need to provide the bill of sale to verify the item’s original price. And if your instrument is stolen, damaged, or destroyed, the company will reimburse you up to the agreed value or more in the case of inflation.
One of the downsides of HTB is that the company doesn't include any information online about its pricing structure or deductible options. To get a quote, you’ll need to contact an agent via phone and fill out the musical instrument insurance application. Keep in mind that you will need to submit a recent appraisal form when you apply for a policy.
HTB is one of the oldest musical instrument insurance providers in the country. It insures the instruments of more than 40 symphony orchestras and professional music associations and covers more than 5,000 individual musicians.
Best Budget Option : American Federation of Musicians
Why We Chose It: American Federation of Musicians (AFM) musical instrument insurance policies have affordable premiums and low deductibles, but you still get access to a wide variety of coverages.
Policies start at $75 per year
Low deductible options
Variety of specialty coverage options available
Coverage is only available to AFM members
Quotes, claims, and customer support are only available by phone
AFM will cover almost any instrument or piece of equipment that is involved in performance or music production, including audio equipment, cases, sheet music, stands, and cables. Its policies are priced at $2.20 per $100 for the first $1,500 of replacement value and $1 per $100 for additional replacement value. The lowest annual premium is just $75, and the deductible is only $100 per claim.
In addition to cheap rates, AFM also offers excellent coverage. Insured instruments are covered based on their replacement cost value, and if a newly purchased instrument gets damaged, you will receive an additional 10% in coverage above the scheduled amount.
Every policy from AFM includes worldwide coverage, depreciation coverage, automatic coverage for newly purchased instruments (up to 45 days), rented and borrowed instrument coverage, travel coverage, and up to $10,000 in extra expenses coverage if your computer equipment is lost or damaged.
Unfortunately, AFM’s musical instrument insurance policies are only available to AFM members. To become an AFM member, you must be a professional musician so we wouldn’t recommend AFM insurance to students or music hobbyists.
Best for Electronic Gear : MusicPro
Why We Chose It: Musicians who work with expensive electronic gear, like sound systems, recording equipment, and turntables, can get reliable coverage.
Most types of instruments and electronic equipment are eligible for coverage
Policies are affordable
Coverage is available for individuals and groups
Easy to get an instant rate quote online
Doesn’t cover your instruments when they are loaned
Must pay the annual premium in full
MusicPro offers policies for everyone from a DJ with a large collection of turntables and sequencers to a solo act with a few stage lights and recording equipment.
Newly purchased equipment and computers are covered at $25,000 for up to 30 days, as are borrowed and rented equipment. MusicPro’s policies cover your items on an all risk basis, which includes common losses like fire, worldwide theft, vandalism, water damage, and more. However, one thing to note is that MusicPro will not cover your musical instruments or electronic gear if you loan something to a friend or bandmate.
Musical instrument policies from MusicPro start at $175 per year, and there is a $100 deductible for each claim. Most instruments and types of equipment are covered, and it’s easy to see how much you’ll pay by getting a quote online.
MusicPro’s insurance policies are underwritten by The Hanover, and if you have to file a claim, you will work with them to get reimbursed. The company aims to reimburse policyholders within two days in the event of a covered claim. You can contact The Hanover via phone or email to start the claims process.
There are lots of options when it comes to musical instrument insurance. Some companies, like AFM and Traverse, are known for cheap rates and low deductibles, while others, like MusicPro and Heritage, stand out for their tailored coverage. But overall, the best musical instrument provider on the market is Anderson.
Anderson has affordable rates, comprehensive coverage, and unique protections, like performance interruption coverage, for nearly every type of instrument you can think of. Plus, Anderson sells coverage to all kinds of musicians, whether you’re a brand new player or a paid professional.
|Best Musical Instrument Insurance|
|Insurer||Wins For||Types of Policies||Policy Costs||Deductible|
|Anderson||Best Overall||Acoustic guitar, bass, cello, clarinet, double reed, electric guitar, flute, harp, percussion, piano, string bass, tuba euphonium, viola, violin, woodwind, orchestra, student insurance||Rates start at $165 per year||$100 per covered peril claim, but claims that occur during shipping are subject to a deductible of $250-$500|
|Traverse||Best for Students||Musical instrument insurance||Rates start at $0.15 per month||$0|
|Heritage||Best for Collectors||Players and collectors insurance, and dealers, makers, and repair shops insurance||Rates start at $200 per year||$250, but $0 deductible policy option is offered|
|Huntington T. Block||Best for Travel Protection||Musical instrument insurance, music dealer insurance, and orchestra and band insurance||Rates are by quote only||Not available online|
|American Federation of Musicians||Best Budget Option||Musical instrument insurance||Rates start at $75 per year||$100 per claim|
|MusicPro||Best for Electronic Gear||Standard instrument and equipment insurance, and classical instrument and equipment insurance||Rates start at $175 per year||$100 per claim|
What Does Musical Instrument Insurance Cover?
At a minimum, musical instrument insurance pays to repair your instruments and equipment if they get damaged by a covered peril, such as fire, water damage, earthquakes, vandalism, and theft. If your equipment gets destroyed, you will be reimbursed for the cost of a replacement. Some insurance companies also cover your instruments during shipping and transport and extend coverage to instruments that are borrowed, loaned, or rented.
How Much Does Musical Instrument Insurance Cost?
The cost of musical instrument insurance depends on a few things, like the type of instrument, the value of the instrument, the amount of coverage you need, and your chosen deductible. Plus, some insurance companies charge more than others. Based on our research, musical instrument insurance can cost anywhere from a few dollars per month to several hundred dollars per month.
Why Should I Insure My Musical Instrument?
Like any valuable item, musical instruments can easily get damaged or destroyed. Without insurance, you are responsible for repairing or replacing your musical instruments out-of-pocket in the event of a loss. Musical instrument insurance can provide peace of mind knowing that your instruments are covered under most circumstances, and if anything happens, you aren’t financially responsible.
Is Musical Instrument Insurance Worth It?
Music instrument insurance is worth it for some people. Ultimately, it depends on the item’s value, how you use your instruments, and the amount of risk you’re willing to take. For instance, if you’re a piano hobbyist who owns a $120 Casio digital keyboard, musical instrument insurance may not be necessary. But if you play with a traveling orchestra and frequently fly with your $3,000 Mezzo-Forte viola, a musical instrument insurance policy could be beneficial.
To find the best musical instrument insurance companies, we started by creating a list of 10 popular providers. Next, we closely evaluated each company based on factors like starting price, policy options, specialty coverages, and accessibility. Then, we gave each provider a category based on what type of musician it’s best for.
All of the carriers on our list offer coverage for a majority of instruments, and they each include all risk coverage for the most protection.