Insurance Appraisals

Discussion in 'Guitars in General' started by gdcx, Apr 17, 2008.

  1. gdcx

    gdcx Silver Supporting Member

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    It is time for me to update the appraised values of some (about 5) of my instruments.

    My insurance company requires the appraisal to come from a dealer or store. Does anyone know of a dealer/store that will issue an "appraisal for insurance" without me having to drag a whole bunch of guitars around?
    (i.e. someone who will do it with pics and description)

    willing to pay a reasonable fee.

    Thanks,

    Greg
     
  2. tkozal

    tkozal Supporting Member

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    For their own liability reasons, they will probably want to see them. I would.

    If you are doing a fraud, they could get hauled in. Now I'm sure you're not, but the potential is there.

    (I'm in the insurance biz)

    I don't know if Matt at 30th st or Rudy on 48th does this stuff
     
  3. MartinPiana

    MartinPiana Supporting Member

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    George Gruhn does them by email for $50 a guitar. http://www.gruhn.com/
    Send photos and a description and he'll send you a signed appraisal within a couple days.

    Mandolin Bros does the same thing, same price. http://www.mandoweb.com/worth.htm ... They're in Staten Island, so you could take the trip and get it done first hand if you change your mind and want to do that. In any event, Heritage insurance works with Gruhn and usually accept his email appraisals, in case you use Heritage.
     
  4. turtlesoup

    turtlesoup Member

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    I'm confused, I'm insured by heritage and none of my stuff required an appraisal.
     
  5. MartinPiana

    MartinPiana Supporting Member

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    Yes, Heritage never actually required an appraisal from me. They took my word on the initial value of a vintage Strat, which I'd had appraised locally. I took it upon myself to update the appraisal through Gruhn and they accepted it without question. Given the value of the instrument, $50 for a respected name like Gruhn was a nominal amount.

    Heritage has two ways of insuring. One is "agreed-on value," where if your instrument is lost or stolen, they pay that amount without debate (or so they say). The other, the amount is worked out afterward. I prefer the "agreed-on value" approach.

    When I started my insurance with Heritage, I asked about the value of a nice archtop, since I had received it as a gift and wasn't sure of the street price. They said they'd check with Gruhn, and then told me that they insure it for the maker's list retail price.

    Fortunately, I haven't had need to test Heritage on the recovery end of the insurance. Hope to keep it that way. But want to make sure my ducks are lined up should the unexpected occur.

    Hope this helps any confusion.
     
  6. gdcx

    gdcx Silver Supporting Member

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    Thanks for the info, Folks.

    Guess I was looking for the easy answer. I forgot about Gruhn...might give that a whirl for the vintage stuff and drag the rest around.

    Greg
     

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