Tool Insurance

Discussion in 'Tool Talk' started by gpierce, Jan 13, 2019.

  1. gpierce

    gpierce Active Member

    Time to renew PL insurance, and I'm looking to add cover for my tools now as my kit is getting a bit on the expensive side.

    Looked at a few quotes this morning, and have been reading through some policies and exclusions etc, but I'm just wondering if anyone has either any recommendations or any companies they advise I steer clear of. I'd rather pay more for insurance cover that actually pays out rather than a bit less for cover that will turn out to be useless in the event all my gear is stolen.
     
  2. AlvyChippy

    AlvyChippy Active Member

    from £55 just public liability couple of years ago just as sole trader, have gone berserk this year with comprehensive one, with all bells and whistles to £200... (10 year no claims etc), then just to cover tools on the job-van- customer, not home for a £4k, with £100 excses got quoted ~£250 on the top of that.
    did spent best part of a day calling negotiating tailoring everything, ended with good cover all-round (£5m public, employee, kitchens/ bathrooms etc cover, legal cover and so on, including tool cover, everywhere for up to £5k or £500 for a single tool) all are "registered"/marked with SelectaDNA kit for a "bargain" ~£460.... with A-Plan

    Depends as how badly you want, what cover, how much time you want to spend, how little of restrictions/exclusions you'll find acceptable etc, but tool theft insurance alone isn't available (sensibly), my best tip- get a quote for a Public insurance with an add-on for tool theft and cancel your old policy
     
    KIAB likes this.
  3. gpierce

    gpierce Active Member

    Thats what I'm getting quotes on at the moment, thought I'd add tool insurance to what I have. Usually I go for the cheapest - like when getting car insurance, but in this case I just want to make sure I don't end up with a company notorious for not paying out on claims - if I'm going to pay for insurance I want to make sure that they will pay out should my gear get taken, I feel a bit precarious at the moment in that my booked in jobs need the tools I have, but I don't yet have enough money in savings to replace everything I need if my tools got nicked.
     
  4. AlvyChippy

    AlvyChippy Active Member

    yeah, not fun, but I just "bit the bullet"...
    As tips go, even a quote etc- do it on a phone, warn them, to record the call (and do so), but make sure, they will accept (in case of the theft) just a crime ref number and receipt, as one, upon grilling started to talk about "market value, depreciation" etc then need to prove if particular tool hasn't been stolen earlier and their Sherlocks would be needed to determine those factors... Photo's got said- isn't a proof, without receipt either...

    TBH, I determined all of them to wolf's in a sheep clothing, taking the money and willing to everything to NOT to pay, in case worse would happen. As mentioned earlier A-Plan seemed-sounded like most fair in that respect and surprisingly "acceptable" despite the costs... still, I hope, they'll be as good, as much of good will (£££) I invested in case of "brown stuff would hit the fan"
     
  5. sospan

    sospan Well-Known Member

    I am struggling with tool insurance as most companies only go up to £10k. One company offered a policy for £350 for £10k of tools but put this as a clause "Reinstatement via insurers approved supplier "Machine Mart"" So you could end getting some of you expensive tools replaces with "Clarke" or whatever Machine Mart think is an equivalent product
     
  6. AlvyChippy

    AlvyChippy Active Member

    (Don't shoot!- thinking loudly)
    clearly "poop sandwich" situation with them insurances... :( the one you mentioned sound as right "gang of highway robbers"

    BTW, as it comes to that cover, "IF" scenario, did you grill as what proof of the stolen tools they would accept? would they try "market value trick"?... but by the sounds of "Machine Mart trick", they already got it covered...
    £10k? I dont think, you'd have all that much possibly on any single van-job- place to be stolen, also, receipts, be those from 20 years ago is mandatory, perhaps you should rethink everything and try lesser value-amount cover, lets say by half, but with lesser excuses to not pay?
     
  7. sospan

    sospan Well-Known Member

    It was for a general tool insurance, it was for £10k tools, £7.5k in a vehicle.

    I was quite concerned the other day when I did a rough count of my tools - Bosh GLD mitre saw and stand £900, Festool Domino XL £950, Two Festool routers £1,000, Two Festool extractors £1,000, Two Festool Sanders £1,000, Festool Track saw and jigsaw £1,000. £6k quite easily

    It mounts up surprisingly quickly and that doesn't include all the DeWalt gear, miscellaneous small hand tools, workshop equipment like table saws, pillar drills, extractors etc. Let alone all the stupid little things like router bits, SDS drills, core drills, screws, sanding disks.

    I haven't even got as far as making any detailed enquiries as most of them seem to have little concept of what cover is needed so would have no idea of any detail.
     
    AlvyChippy likes this.
  8. Martyn21uk

    Martyn21uk New Member

    Sounds like a nice bit of kit. Remind me where you live again? Did you get that lock on your back gate fixed in the end?
     
  9. sospan

    sospan Well-Known Member

    No need I have one of these .. 15 stone, stands over 6 ft on his back legs, can run at 30 mph, clear a 6ft spread and has a bite force around 800 lbs a square inch

    upload_2019-1-14_16-56-15.png

    upload_2019-1-14_16-57-19.png
     
    Jord86 likes this.
  10. sospan

    sospan Well-Known Member

    I don't have a problem with road rage either ....;)

    upload_2019-1-14_17-4-12.png
     
    AlvyChippy likes this.
  11. AlvyChippy

    AlvyChippy Active Member

    Considering costs of dubious insurance policies by crooks, this boy seems to be better investment ;)
     
  12. sospan

    sospan Well-Known Member

    The dogs are £2,000 each now :(

    Still trying to hunt round for insurance. Most don't understand what is required. Most start asking what is the turnover of the company and whether I work at height etc. Nothing to do with tools or equipment - most assume everything is loaded into a van in the morning, driven to site, taken back at night and unloaded. Where they assume it is unloaded to is another question ... as it won't be covered by your house insurance
     
  13. AlvyChippy

    AlvyChippy Active Member

    Indeed, one of the points, I struggled with few others, the same.

    That has not been the issue with A-Plan.
    ... But now, I'm getting anxious, if I wouldn't jinks them and something would happen... and they wouldn't turn different...
     

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