determining tool value for insurance.

[street131]

ok, so recently ive been recording down every single tool that i have, and the insurance company toldme that i have to determine a value of all my tools put together by writing down the full replacement value of every single tool. MY question to you guys is... there many tools that i have, that either the tool itself is not made any more or the brand doesnt exist....How do i determine the value?

 

[Outlawmws]

Find an equivalent tool from another maker for tools that exist.

Those that don't exist, what would you have to pay on Eprey?

 

[rlitman]

Have you used spreadsheet software? If you don't have, google docs has one online for free that will suit your purposes. Start a line for each tool, a column for the name, and a column for the replacement value, and it'll handle adding up the total for you as you go.

For insurance purposes, you don't need to be exact. It's probably overkill to work out an exact value for everything, but if you throw some numbers together quickly, that should be a good starting point.
Keep in mind, if you underestimate, you -may- limit how much you can be reimbursed in the event of a total loss, whereas if you overestimate, you end up paying too much in premiums.

Either way, you should talk to your agent about how you come up with values, since its mostly up to the adjuster to determine the size of your check when there's a loss.

 

[Grazz256]

When I got my house insurance they explained it as the amount it would cost to buy everything brand new. For example my couch may be 10 years old but the value is still $1000 because if they had to replace it they would buy a new one.

So as Outlaw said, find equivilents. If they don't exist maybe check ebay and see what they are going for.

 

[mtkst19]

When I got my house insurance they explained it as the amount it would cost to buy everything brand new. For example my couch may be 10 years old but the value is still $1000 because if they had to replace it they would buy a new one.

So as Outlaw said, find equivilents. If they don't exist maybe check ebay and see what they are going for.

this.

even if i paid 100 bucks for my socket set used, it would cost 229 to replace it off the truck. hence why my tools are insured for 100k. it adds up quickly.

 

[daveblank]

You need to find the tools comparable replacement & note it as such. You also need to make sure the policy will give you the current replacement price. If you estimate today & in 2 years have a loss, the price of the tools will have gone up & you'll be short.

 

[hickmlg09]

ok, so recently ive been recording down every single tool that i have, and the insurance company toldme that i have to determine a value of all my tools put together by writing down the full replacement value of every single tool. MY question to you guys is... there many tools that i have, that either the tool itself is not made any more or the brand doesnt exist....How do i determine the value?

I thought you already done this a while ago?? I thought you knew how to determine the vaule? Thats what you said a while ago? Didn't you say you had over thousands of dollars in tools?

Love You Boo!