Tool Insurance?!

[NeilH]

how many of us here have taken out tool insurance on our collection of tools?

i know some have it under home owners insurance, but who has taken out a seperate ins. policy on their tool kit?

im interested as my garage is not on my home property, its on a second property that i own, so my house insurance does not cover it.

what were the costs involved? (i know this is all relative)

what did the insurers want to know? photos/proof of purchase etc.

ive recently had difficulty getting insurance, when i called and listed what i had, they refused to provide cover as they said my place must be a commercial repair facility due to the type and amount of equipment i had. and also the amount of tools i had listed.

they might as well have called me a liar, so i no longer wanted to spend money with them anyway.

ive also gone to war with local government due to neighbours amongst other things, but thats another thread

happy haloween!

 

[rayzor32]

I got mine through home owners insurance, its basically renters insurance only bad thing is they won't cover more than $10,000, it was $200 for a year.

 

[Hoss356]

I've been wondering this same thing, because I carry my tools in my truck for work.

 

[Toolhorder]

I just moved into a buddy's shop to help him out and get him off the ground. I didn't know what kind of insurance or whatever so I called around and I was quoted $1200 a month. I laughed at the agent. Insurance is such a ripoff. They never want to pay even when you're covered and they always charge too much. I have a new sport bike and even though I've NEVER had an accident and a clean driving record I'm paying half my payment in insurance every month. If I wreck it I'll get what 3/4 of it's value back? BS.

 

[srmofo]

If I wreck it I'll get what 3/4 of it's value back? BS.

sorry man, cold hard numbers dont lie. Statistically speaking you're going to total it. Thats why I only have state minimum liability on mine. only $56/year. With the money saved I can pay to fix it myself. Sport bikes are ***** magnets and the insurance companies know that. It ***** to get lumped in with them but thats the way it is.

To the OP- Ive tried several different ways to get my tools insured and its next to impossible to find anything affordable especially if they are not at your home. They wanted 10% of the value per year to insure my tools at work. And they wouldnt cover certain things like my scanners and other electrical equipment (ie the expensive stuff). I managed to get my tools at home covered as long as they were for "professional" use. whatever that means. I just took good video of all of my tools along with serial numbers and other identifable marks in case **** comes up missing. At least you have something to prove it was yours if they catch the bastids.

 

[v6sctbird]

This is who I have been looking in to.

www.mechanicsinsurance.com

 

[chadster1]

This is who I have been looking in to.

www.mechanicsinsurance.com

They sent me a big packet of info awhile back. I just have not taken the time to read thru it yet.

 

[Toolhorder]

sorry man, cold hard numbers dont lie. Statistically speaking you're going to total it. Thats why I only have state minimum liability on mine. only $56/year. With the money saved I can pay to fix it myself. Sport bikes are ***** magnets and the insurance companies know that. It ***** to get lumped in with them but thats the way it is.

To the OP- Ive tried several different ways to get my tools insured and its next to impossible to find anything affordable especially if they are not at your home. They wanted 10% of the value per year to insure my tools at work. And they wouldnt cover certain things like my scanners and other electrical equipment (ie the expensive stuff). I managed to get my tools at home covered as long as they were for "professional" use. whatever that means. I just took good video of all of my tools along with serial numbers and other identifable marks in case **** comes up missing. At least you have something to prove it was yours if they catch the bastids.

Yeah I realize a new R1 isn't cheap but come on. I'm not a kid anymore. The problem is the insurance companies just want to take and never pay out. Everytime I've had a problem it's a fight to get the value of any of my vehicles. EVERYTIME I'm lowballed until I the consumer provide proof otherwise.
The mechanic insurance is another example. State Farm wants $1200 a month to insure 70K worth of tools. How does this make sense at all in a business situation? Do you think a dealership pays this much when you have 15-20 techs with lifetime collections? Something doesn't add up....

Sorry about my dislike of insurance companies. My wife works for a gov. agency that oversees these crooks and awhile back they cracked down on the major ones here in CA. because they charged higher rates here in CA. more than the other states. They were asked to justify these higher rates or reduce them down or cease doing business in this state. Of course they couldn't justify them and then these commericals came out saying they are reducing rates to "help" consumers....LMAO