tools insurance

[Badger1bear]

Hi guys, can anyone recommend a good company to get tools insurance from ? IE own tools for own use to be kept in my own van

Simon

 

[rtbcomp]

I don't know what the value or risk are, but consider self-insuring. Instead of paying a premium to an insurance company put it into an interest bearing account (if you can find one!)

If you need to "claim" there'll be no arguments and if you don't need to claim by the time you retire you'll have a nice nest-egg.

 

[brightspark]

Hi guys, can anyone recommend a good company to get tools insurance from ? IE own tools for own use to be kept in my own van

Simon

there all a pack of sharks its pot luck . none of my gear is insured and its left in me van permanently but its parked in drive with cameras and infrared beams on sounders outside house and never gets left anywhere it can be got at without me being there

 

[Shox Dr]

The best insurance is take them out of the van on a night.

Also worth noticing most van insurance only covers for "goods in transit", so they aren't even covered once you get to your destination if you leave them in the van.

 

[rtbcomp]

If you decide to self-insure you'll automatically take more care of your tools, after all it's you who'll be paying out on a claim!

 

[pedrobedro]

My Brother in law is a groundwork contractor and has Stihl saws and whacker plates pinched occasionally but it is cheaper to replace them with new ones than to insure against their loss.

 

[zx9]

As above, I have been 'self insuring' for the past seven years. Only the daily used kit stays in the van all the small expensive stuff comes inside when not been used. Touch wood I have only had the van broken into once in that time and all they got away with was coins from the parking meter money tray, though I had to repair two door skins where they had screwdrivered the locks

 

[Keith 66]

I recently took out insurance on my buisness. Tools insurance was a surprisingly small percentage of the cost when i looked at the breakdown of costs.
Trouble is if you claim you will very likely have to show receipts for tools and old for new will be highly unlikely.

 

[Badger1bear]

With all the sound advice I have decided to go for an all singing all dancing alarm which pages me if any scrotes are touching what they shouldn't


Fetch me my angry trousers :-)

 

[Coppers Lot]

I don't know what the value or risk are, but consider self-insuring. Instead of paying a premium to an insurance company put it into an interest bearing account (if you can find one!)

If you need to "claim" there'll be no arguments and if you don't need to claim by the time you retire you'll have a nice nest-egg.

I imagine to self insure, one has to put the account the full cost of the replacement value first then pay in monthly/annual self insurance payments.

Otherwise I see a problem if all the tools got stolen in the first couple of month's. What do those who currently self insure do please?

 

[brightspark]

just put aside what u can afford then put in 20 quid a week or so or what u can afford . be more diligent and pay for a good security system and cameras . alarm the van . if u do get robbed u have the full amount yourself . no excess and no depreciation deductions and higher premium next time u insure .

 

[Shox Dr]

I imagine to self insure, one has to put the account the full cost of the replacement value first then pay in monthly/annual self insurance payments.

Otherwise I see a problem if all the tools got stolen in the first couple of month's. What do those who currently self insure do please?

As someone else said you look after your tools, I cant remember the last time I lost or had nicked any tools, until my lad passed his test 6 months ago

 

[rtbcomp]

..
Otherwise I see a problem if all the tools got stolen in the first couple of month's. What do those who currently self insure do please?

That is one downside, until you get some "premiums" in the bank you could be vulnerable, it's just a greater incentive to be careful with your tools.

Another downside is the temptation to spend the "premiums" on something else once you've got something in the bank, you need discipline.

It's all about risk, there is a very real risk that a conventional insurance company will rip you off anyway, as I found out when my car was stolen.

 

[Coppers Lot]

As someone else said you look after your tools, I cant remember the last time I lost or had nicked any tools, until my lad passed his test 6 months ago

MAybe there in his van

 

[Shox Dr]

MAybe there in his van

I wish.

Sandvik Hacksaw stolen from a tool bag 5 minutes after he walked into a dismantlers. And a Torx bit his mate broke out of a set. His mate wasn't bothered about the Torx until I said he had to replace it.

My lad paid up for the hacksaw straight away, and is hopefully beginning to understand the cost of tools.

A mate of mine said I was been hard on him, but he'll never have any respect for other peoples gear while he gets off scott free. Next time he'll not let them out of his sight