Insurance for DIY

seangoesbonk · 14th July 2002, 07:38 PM

I have built a few amps which would sell for a lot more than they cost me to make.

My question is: Who should be appraising them for insurance purposes?

How do you people determine worth? Fair market value? Parts and Labour? How much do you figure your labour is worth?

I have one amp which is a great amp, but looks looks so bad the average person probably wouldn't pay more than $10. Therefore, I think it would be necessary for someone who knows about audio electronics to determine it's worth.

Anyways, I'm sure you guys can offer up some ideas...

swede · 14th July 2002, 07:58 PM

The problem with homebuilt stuff is that there has to be a market to be able to determine a price for a goods.

I believe you can only get a maximum of what your parts cost in case of a fire or something. You can compare it to just any artist piling up a stock of drawings/paintings, which (if they were sold) could be worth millions.

If someone had bought an amp from you, it would have been different. Then, all by a sudden, the piece has a market value.

What you do as a hobby is usually valued $0 per hour.

Advice... Sell one of your amps to a friend and buy it back. Make sure you get a reciept. That might do, depending on the laws concerning fraud in your country.

Best regards,
//magnus

14th July 2002, 07:38 PM	#1
seangoesbonk diyAudio Member Join Date: Jan 2002 Location: Vancouver, BC, Canada	Insurance for DIY I have built a few amps which would sell for a lot more than they cost me to make. My question is: Who should be appraising them for insurance purposes? How do you people determine worth? Fair market value? Parts and Labour? How much do you figure your labour is worth? I have one amp which is a great amp, but looks looks so bad the average person probably wouldn't pay more than $10. Therefore, I think it would be necessary for someone who knows about audio electronics to determine it's worth. Anyways, I'm sure you guys can offer up some ideas... __________________ My girlfriend's sub is bigger than mine...

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14th July 2002, 07:58 PM	#2
swede diyAudio Member Join Date: Sep 2001 Location: Geneva, Switzerland	The problem with homebuilt stuff is that there has to be a market to be able to determine a price for a goods. I believe you can only get a maximum of what your parts cost in case of a fire or something. You can compare it to just any artist piling up a stock of drawings/paintings, which (if they were sold) could be worth millions. If someone had bought an amp from you, it would have been different. Then, all by a sudden, the piece has a market value. What you do as a hobby is usually valued $0 per hour. Advice... Sell one of your amps to a friend and buy it back. Make sure you get a reciept. That might do, depending on the laws concerning fraud in your country. Best regards, //magnus

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