#16
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#17
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#18
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#19
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I have never sold a guitar privately or bought one privately so I'm just talking off the top of my head, but there seems to me a lot more factors involved than just repairing it. From a buyers stand point, if I buy a guitar that is represented as in great condition, or mint condition, or whatever condition other than been repaired condition, I don't want to take a repaired guitar. I want a guitar in the same condition as what I paid for. So as the seller, how do you deal with that? Do you tell them that in good faith you have a highly respected luthier who going to repair it and then give the buyer a partial refund for a damaged and repaired guitar? Because as soon as it is damaged and repaired value is significantly less. I don't care how respected the luthier is, he can't change the fact that it has been damaged and repaired. Or are you going to give the buyer a full refund, get it back and then try to sell a repaired guitar when you get it fixed? Again, you've lost some value there. And that is assuming it didn't get damaged beyond repair.
These are just the thoughts going through my head. How much do you save in premiums by under insuring it? Do you save enough to cover the loss in value if something happens to it? I think that I would want to wash my hands of it once it went out the door if I could.
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Please don't take me too seriously, I don't. Taylor GS Mini Mahogany. Guild D-20 Gretsch Streamliner Morgan Monroe MNB-1w https://www.minnesotabluegrass.org/ Last edited by rllink; 11-11-2021 at 09:53 AM. |
#20
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#21
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Well it appears then you've thought it through and made up your mind before you even asked the question. Go for it.
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Please don't take me too seriously, I don't. Taylor GS Mini Mahogany. Guild D-20 Gretsch Streamliner Morgan Monroe MNB-1w https://www.minnesotabluegrass.org/ |
#22
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I didn't at first, but the more I read the posts, the more I convinced myself.
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#23
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1950 Martin 00-18 RainSong Concert Hybrid Orchestra Model 12 Fret Eastman E20OOSS. Strandberg Boden Original 6 Eastman T185MX G&L ASAT Classic USA Butterscotch Blonde Rickenbacher Lap Steel Voyage-Air VAD-2 Martin SW00-DB Machiche 1968 Guild F-112 Taylor 322e 12 Fret V Class |
#24
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#25
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To the point, though, this is precisely why I have only sold guitars locally... b/c I don't think it matters much what value you insure, if the carrier is not going to stand behind the insurance. The only benefit I see is if the guitar is stolen or lost, in which case, I'd want a full replacement value. One of the reasons I added Heritage was to mitigate against that gap, as I can ship with their full protection.
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"It's only castles burning." - Neil Young |
#26
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In 1978, I had a guitar stolen from my house. It was a 1957 Martin D-18. I’m sure glad I had it insured for replacement value.
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-Raf |
#27
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edit - I misunderstood the question about this being short-term shipping insurance value but figured I'd leave this here anyway for people who have Heritage or are thinking about it.
So I sort of have experience with this. I bought a D18. So I went ahead and insured it for full replacement value which is 2499. The guitar got damaged in transit and Traveller's (Heritage) wanted the guitar appraised or assessed by repair guy to see what the diminished value was. My repair guy wasn't confident in judging diminished value so I had to send photos to Gruhn's. Gruhn's assessed the guitar's value pre-damage at $2000 and the damage caused the guitar to lose $500 and as a result it was only worth $1500 now. It made no difference that I had insured it for 2499, the insurance company was basing it completely off those appraised figures and NOT my replacement cost or agreed value, so I got a check for $500 not $1000. If I had decided to insure it in the first place at $1500 I would have gotten nothing. So there's definitely a fine line between increased premiums or being underinsured. I like to illustrate this point because most people haven't done this. You can shoot for the moon with values all you want but when the rubber meets the road at claim time, you're at the mercy of your repair person or appraisal person. If you'd used an "agreed value" of $5000 for a guitar but then when you go to file a claim the appraiser says it's really only worth $2500 in excellent condition, the insurance company isn't going to pay you that extra $2500 you think the guitar is worth, even if Heritage had agreed on that value when you insured it. Last edited by UncleJesse; 11-11-2021 at 02:29 PM. |
#28
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As long as you're willing to risk a total loss and eating the $3,500, do you want you want. You're going to have to pay the $4k back to the buyer and then have to fight the shipper to get them to pay off on their insurance.
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#29
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#30
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Firstly, just what is insurance? It is a system of risk spreading. If one partially insures something and there is a loss that is greater than the amount that it was insured for, then I guess that you are out of luck. The question to be answered is: How much risk is the person paying for the insurance willing to take?
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