Tool Insurance

[thewheel82]

Has anyone seen or used this:
http://www.mechanicsinsurance.com/

$250 Premium for $50,000 in coverage with a $500 Deductible

$50,000 Catastrophe limit
Insured is allowed up to $1,500 for any one (1) hand tool
Insured is allowed up to $15,000 for any one (1) empty tool storage system
Insured is allowed up to $5,000 for any one (1) piece of Diagnostic Equipment
Coverage also includes Scanning Tools, Laptop Computers, and Software
Unscheduled Equipment Coverage
*All Risk Coverage* including flood, earthquake, fire, theft, and transit type mishaps
Insured is allowed up to $5,000 Loss of Income for a 30 day period
Replacement Cost Coverage is like kind and quality without deduction for depreciation
Subject to a $500 Deductible

 

[Boiler]

ten bucks a week (after the introductory year) seems reasonable for the amount of coverage. What I don't like is the no name company. I'd rather try to get insurance from my home & auto insurance place, who I know pays out when needed.

 

[chadster1]

I have never seen it but i sent an inquiry to the company. I get asked about something like this on a regular basis.

 

[Heavy Metal Doctor]

I've always been reassured that my company carries insurance which covers my tools. The insurance comapany requires me to do a tool inventory at least once a year (pictures) which goes on file in the office and a copy goes home with me.

 

[chadster1]

ten bucks a week (after the introductory year) seems reasonable for the amount of coverage. What I don't like is the no name company. I'd rather try to get insurance from my home & auto insurance place, who I know pays out when needed.

Pro-TEC Tool and Equipment Coverage is America's one-of-a-kind tool protection insurance. Pro-TEC insurance is underwritten by the Hanover Insurance Group, a company with an "AM Best Financial Strength" rating.

Servicing of this policy is provided by CPM Insurance Services, Inc., based in Cheshire, CT.

http://www.hanover.com/

 

[thewheel82]

@Chadster1
Let me know what you find out and if you think it is a good deal.

 

[ZRX61]

I have $50K tool coverage with my Homeowners policy (Farmers)

 

[komobu]

I have $50K tool coverage with my Homeowners policy (Farmers)

Double check the provisions of your policy. I have a farmers home owners policy as well. In Jan 2008, Our shop was broken into and I suffered 3000 in losses. I put in a claim and one of the questions they asked me was if the tools that were stolen were the actual tools that were used in my profession. I answered truthfully that I use all of my tools in my work. They then told me that my tools were professional items (business use) and they denied my claim because they only cover personal property and not business property. They said if I use the tools in my work, it is considered business. I countered that my tool box was not used for business and not required by my employer, and they covered the damages to my tool box but did not cover the loss of my tools. All I am saying here is to double check the policy.

 

[ZRX61]

We went over everything, they're covered

 

[chadster1]

@Chadster1
Let me know what you find out and if you think it is a good deal.

I got a phone call about 15 minutes after I emailed the company. He is sending me some brochures and a sample policy. I will scan the policy and post it when I get it. On the face of it, it sounds like an awesome deal. The real determining factor will be to see exactly what the policy says.

 

[crewchief888]

every dealership that ive work for in the past 25+ years has covered my toolboxes and tools.
tools in my service truck are covered by them as well.
i added some additional coverage to my homeowners policy to cover boxes and tools in the garage.
all they asked was if i was working on vehicles at home, if the garage was locked, if i had any specialized "diagnostic" tools.
i told them, i'm a heavy eq mechanic, i'm not working on a bulldozer in the driveway after i get home from work, and no i wont change the oil in your mercedes SUV.

that was good enough for them. all they asked was that i have pictures to prove what was in the garage

 

[I can fix anything]

Has anyone seen or used this:
http://www.mechanicsinsurance.com/

$250 Premium for $50,000 in coverage with a $500 Deductible

$50,000 Catastrophe limit
Insured is allowed up to $1,500 for any one (1) hand tool
Insured is allowed up to $15,000 for any one (1) empty tool storage system
Insured is allowed up to $5,000 for any one (1) piece of Diagnostic Equipment
Coverage also includes Scanning Tools, Laptop Computers, and Software
Unscheduled Equipment Coverage
*All Risk Coverage* including flood, earthquake, fire, theft, and transit type mishaps
Insured is allowed up to $5,000 Loss of Income for a 30 day period
Replacement Cost Coverage is like kind and quality without deduction for depreciation
Subject to a $500 Deductible

Transit type mishaps? So if I drop my solus in a bucket of oil its covered?

 

[turrican]

Transit type mishaps? So if I drop my solus in a bucket of oil its covered?

No, if you drop it in a bucket of oil, you then need to figure out how to make it "disappear"

 

[chadster1]

Transit type mishaps? So if I drop my solus in a bucket of oil its covered?

No, if you drop it in a bucket of oil, you then need to figure out how to make it "disappear"

Things like this is exactly what will cause this type of insurance to go away. Losses will be to high due to creative claims.

 

[turrican]

Things like this is exactly what will cause this type of insurance to go away. Losses will be to high due to creative claims.

Just stating the obvious