Tool Insurance

[puffernutter]

Not sure if this is covered elsewhere, if so, please point me in the right direction.

I am a "hobby welder" and I restore classic cars for my own pleasure (well I think it's pleasure!) I rent a lock up which is where a number of tools (plasma cutter, Mig Welder, compressor, hand tools etc.) and I'd like to insure them. I can get "laid up" cover for the car, I could have the tools insured if I left them in a commercial van, but as I am not a business (I do it as a hobby) I am struggling to get insurance.

Does anybody have any suggestions?

Cheers

Peter

 

[cumbriasteve]

The owner of the premises would if they have any sense have building insurance, perhaps they will get it increased to buildings and contents if you pay the additional premium cost.

 

[rtbcomp]

If you do get a quote, consider putting that amount in the bank instead and self-insure.

 

[BrokenBiker]

this is a better option for hobbyists I feel. I have business insurance that covers my work tools, had to claim on it not too long back to get a load of stuff back that I needed, but they wanted proof I use the tools for work, descriptions of the jobs I do. Basically trying to prove they weren't work tools so they wouldn't ha e to pay out. Value you tools and put that money aside, a portion each mo th. Its the same as paying insurance, and if in 5 years your tools ain't been nicked you have a nice lump sum to dip into to buy other tools

If you do get a quote, consider putting that amount in the bank instead and self-insure.

 

[Bill Edwards]

Generally I would agree that self insuring usually works out best - unless you are unlucky.

But, if the lockup is in an area that expect to give trouble and you know of other break-ins then you may think again. Of course, the premiums should be higher too, but i'm just pointing out that you should ask yourself how likely it is to actually happen.

 

[puffernutter]

Let's just say that when I walk down the street, English isn't the first langauage!

 

[Bill Edwards]

 

[the snooper]

get onto an insurance broker, let them do the searching, it will exist somewhere

 

[richie00boy]

Speak to your home insurer, I have extended cover for equipment that I take out of the home. Covering about 4 grand of audio equipment cost me about 20 quid extra per year.

 

[puffernutter]

Thanks for the suggestions. With regards to a "home insurer" I've tried that in the past for the equipment I have in the workshops at the bottom of my garden (e.g. mill, lathe, welder, shaper etc.) plus all the hand tools (I build 7.25" gauge locomotives as a hobby). None would insure them for their true value as they reckoned I was running a business on the quiet! I actually have special Model Engineering insurance for that now and the contents are separately covered. I have asked them, but they won't cover a lock up. I tried Adrian Flux and their "commercial tool cover", but that was only for business tools left in a van! To complicate the matter further. The house and garage (that I use) are rented separately, so I cannot get the owner to cover my stuff in the garage under their insurance. Looks like I'll have to rely on "self insurance" and luck!