The Steel Guitar Forum

I need to UP the Inland Marine insured value on my Pro II and can't find anywhere the Insurance Co would trust with an appraisal that knows what they're talking about
WC

Most music stores could give you a written appraisal, especially a store that deals in vintage instruments.

Gruhn Guitars in Nashville does in store and on-line appraisals. George is an expert on vintage guitars and perhaps someone on staff knows pedal steels.

Why not a steel guitar shop?

Tried a music store and they said $2k -$3k
You sure couldn't buy one on here for that in excellent condition
LOL

Indeed that's in the low ball category.

W. C. Edgar wrote:I need to UP the Inland Marine insured value on my Pro II and can't find anywhere the Insurance Co would trust with an appraisal that knows what they're talking about
WC

Sounds like you have a double conundrum.

You need to find someone the insurance company would trust.

You need to find someone who knows what they are talking about.

Good luck!

I'm a licensed real property appraiser in Georgia who plays/collects steel guitars. I would think that most reputable music stores could do an appraisal for your insurance. I've always gotten the local guitar shop to type up a value for my instruments and never had a problem with my insurance company. Luckily, there is a guy who works at the store that also plays pedal steel and he usually values mine... But I can definitely see where it might be difficult to find somebody locally who is knowledgeable about a pedal steel.

The process of valuing instruments is similar to real estate because you are basically looking at recent sales, condition, age, etc. Of course, one of a kind instruments can be tricky but there are still ways to determine the fair market value.

If your insurance company gives you a hard time about the appraisal not being legit feel free to reach out and I can try to help. My advice would be to reach out to Ricky Davis who is a Sho-Bud expert. I would think that his opinion of value would definitely be good enough for the insurance company.

I taught guitar at a local music store for 40 years, and during that time I appraised several pedal steels for the store. The store would write up the appraisal on their letterhead and give it to the customer, who would then give it to his insurance company. Never had a problem.

Whenever I watch Antiques Roadshow, I see the appraisers give a value for what the collectible will sell for and an insurance value for what it would cost to replace the item. Often times that insurance value is 50% higher.

FWIW, I buy my instrument insurance through MusicPro. When you apply for the coverage 'you' (the owner) provide the coverage amount. There's usually a very short period of time while they 'approve' your policy request, so maybe they do some sort of sanity check on their side? I've never had a problem, even with 'vintage' gear that is obviously more expensive if you try to replace it. I like the idea that I can use my 'experience' and daily visibility into used guitar prices to come to my own conclusion about how much value it has, and what I'd need to replace it.

I realize the OP has an insurance company already engaged, but I wonder if MusicPro is the only insurer that operates that way? BTW, the coverage cost is based on insured value, so the more you say a piece of gear is worth, the more it costs to insure it. I'm fine with that, the rates are reasonable for the peace of mind it provides.

Call Jim Palenscar at Steel Guitars of North County in Oceanside CA, tell him what you have and get an appraisal cost (I don't know the current rates) - then you'll need to email him some specific pictures and a detailed description, and he'll send you a qualified appraisal.

He runs a full service steel guitar store who stocks several brands, does repairs, parts fabrication etc.

I've worked for vintage guitar stores & brokers and was the only one who could do appraisals on steels - most "vintage guitar brokers" don't know squat about steels, and the ones that know a little bit tend to overcharge for steel appraisals IMO.