Insurance on drums, anyone done it?

One1

Well-known member
I’m filling out my insurance policy renewal and adding any new purchases I’ve made. One of those is my current drum set. They want 2 prices from me:

(1) what it all costs to replace it new.
(2) what it‘s currently worth.

The first one is easy, $1890.00 without any tax or shipping charges. Add $174.82 tax and you get $2,064.82.

The second one I’m not sure what to put. Are drums in very good condition worth about half of new? It seems hard if not impossible to get $1000 out of a pair of Yamaha Stage Custom used, even if in great shape. I’ve got a lot of upgrades which will help, but I’m still not convinced I’d get anywhere near that If they were ever sold. I want to put a higher number obviously since it’s for replacement value if damaged/stolen, but they will compare to market sales. My issue in that is that I haven’t seen anyone selling a set decked out with what upgrades I have which is all pretty good stuff, So i have nothing to compare it to.

I’ll put the details below if anyone would be kind enough to tell me what it’s value is so I can fill out the rest of this policy and get it submitted tomorrow. Since it’s for insurance purposes I have to get really detailed all the way down to the moongel.

————————————————

Yamaha 700 hardware kit $300

https://www.steveweissmusic.com/product/yamaha-hardware-pack-700/drum-set-hardware-pack

Yamaha DA840U Throne $140

https://www.steveweissmusic.com/product/1126061/drum-thrones

Yamaha Stage Custom $680

https://www.steveweissmusic.com/product/yamaha-stage-custom-birch-drum-set-hardware/drum-sets

Sabian Cymbal pack $315

https://www.guitarcenter.com/Sabian/B8-Performance-Cymbal-Pack-with-Free-18-Crash-1273887994496.gc

13” Yamaha stage custom tom $129

https://www.guitarcenter.com/Yamaha/Stage-Custom-Birch-Tom-J07118.gc

Stand for 13” $65

https://www.musiciansfriend.com/accessories/gibraltar-flat-base-snare-stand/h99721000000000

Evans Tom Heads $68 (10 g2, 12 g2, 13 hydraulic, 16 g2)

https://www.guitarcenter.com/Evans/G2-Coated-Drumhead-Pack.gc

https://www.guitarcenter.com/Evans/Hydraulic-Glass-Drumhead.gc

Evans Bass heads (EMAD2 & EQ3 resonant) $80

https://www.guitarcenter.com/Evans/EQ3-Black-Resonant-Bass-Drumhead-22-in-1274034478989.gc?rNtt=Evans g3 resonant 22&index=2

https://www.guitarcenter.com/Evans/EMAD-2-Clear-Batter-Bass-Drumhead.gc


Evans Snare heads (power center reverse dot & 300 hazy) $18/$15

https://www.guitarcenter.com/Evans/Power-Center-Reverse-Dot-Head-14-in-1274034478973.gc

https://www.guitarcenter.com/Evans/300-Snare-Side-Drum-Head.gc

Vic Firth marching double bag $25

https://www.steveweissmusic.com/product/vic-firth-marching-stick-bag-msbag2/marching-stick-bags

Pro•mark sticks (x3) $27

https://www.guitarcenter.com/Promark/Tim-Fairbanks-FireGrain-Marching-Snare-Stick-Wood-1500000235456.gc?rNtt=Promark firegrain&index=5

Remo rings $20

https://www.guitarcenter.com/Remo/RemOs-Tone-Control-Rings-1274034491597.gc?rNtt=Remo rings&index=7

Moongel $8

https://www.guitarcenter.com/RTOM/Moongel-Percussion-Dampening-Gels-1274115039839.gc?rNtt=Moongel&index=1

$1890 total
 

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GruntersDad

Administrator - Mayor
Staff member
Drums in good condition could be worth half or even more. How old are they, what is the current market for your brand and model, maybe an average of what you see on Ebay, are they rare, probably not if there is a new model available. I would say without knowing anything else at this point that half may bee the minimum.
 

Vintage Old School

Gold Member
Put down a reasonable figure for what it would cost you to replace each major item. You don't need to lowball replacement value, just don't inflate the fair market value.
Document with photos and a detailed description of each item including serial numbers, distinguishing marks/details where applicable.
I don't insure expendables (heads, sticks, MoonGel, etc.) nor cheap accessories, but that's your call.
 

dboomer

Senior Member
You might wanna check with your agent ... but if you play professionally you need a special policy called an “inland marine floater” or your policy will not pay off in time of a loss.
 

One1

Well-known member
Put down a reasonable figure for what it would cost you to replace each major item. You don't need to lowball replacement value, just don't inflate the fair market value.
Document with photos and a detailed description of each item including serial numbers, distinguishing marks/details where applicable.
I don't insure expendables (heads, sticks, MoonGel, etc.) nor cheap accessories, but that's your call.
Like i say its not an average, theres Two values. Hopefully someone will know what this would be worth if it were on a sale site. I was told put everything down that is on the drum kit, which included moongel even though i laugh at making them insure consumables. While I’d think it would be maybe half, it also seems like I’d never sell it at half what it cost to build. Assuming no upgrades you would get a new set, throne, hardware, and cymbals for $1435 (without the extra tom) $1565 with the extra tom. Thats everything stock and new, but no upgrades. Do the upgrades count on resale? These are the things I don’t know to fill the price in.

Also, i see kits for sale with stock heads and cheapo hardware, using a workbench stool from harbor freight for a throne selling for $400 - $450. Am I going to have value in spending for the better items (i know my cymbals are entry level, but the rest is good stuff)? So would I realistically see a return on the upgrades and it be worth half, or would I be priced to the market and have to sell my kit for close to what a kit with the same name is selling for? The reason it matters is if the kit is stolen or damaged they will try and give me what they see the average for kits and most Stage Custom used don’t go for $1000. Many of you saw where I bought this kit from a good friend for $100 so i have no price reference on what it’s worth used. I just need to be able to replace it if something happens.
 
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One1

Well-known member
Drums in good condition could be worth half or even more. How old are they, what is the current market for your brand and model, maybe an average of what you see on Ebay, are they rare, probably not if there is a new model available. I would say without knowing anything else at this point that half may bee the minimum.
Rare? Yes. DESIREABLY rare? I’d say no. They are Fade Raven Black Advantage Nouveau, which were made in 2007. There’s nearly no hits on google when you search for them. They do exist out there in small numbers, I can’t say there’s a swath of people searching for them. I guess if you're a Yammy fanatic they’d have some clout.
 

Steve30907

Member
I myself wouldn't worry about insuring something like drums unless it was a rare historic piece or valued high enough that could be really questionable if claimed on regular homeowners policy.
 

Lee-Bro

Senior Member
In the U.S., most drum gear isn't covered under home-owner's insurance for loss, theft, or damage if it occurs outside the home. Even having an extra property rider doesn't always give protection on gigs, at the rehearsal studio, etc. Read the policy thoroughly, ask your insurance agent to verify coverage conditions, and make sure it's in writing in the policy. In the end, it's what's stated in the policy is all that matters if you ever have to make a claim.

Here's a good succinct article: https://www.sweetwater.com/insync/musicians-insurance-everything-need-know/

There are companies that insure your gear regardless of where it is. Here are some of them:




 

WallyY

Platinum Member
I had my equipment insured for a tour but I have no idea who the insurer was. I was only asked the replacement price of everything.
Luckily, when everything was stolen, it was only clothing and my camera with a month of pics.
Go to eBay and see what they've sold for in the recent past. Take three prior sales and average them. that's what they're worth.
Sticks, heads and moongel are not insurable.
 

rebonn

Senior Member
I would put the same replacement cost on both figures. If you play out and want them covered, inquire into an inland marine policy. I have mine scheduled on my Homeowners policy but they're not covered playing out. I'm mainly concerned of theft. Most Homeowners have limits of coverage if any on musical instruments if not scheduled like jewelry and firearms etc...
 
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