Insurance
- Thread starter jm1470
- Start date
- Status
JacksonburgFarmer
Senior Member
- Location
- Butler County Ohio
If you lost every tool you make your living with tonight, what would you do tommorow??? Call insurance co. or go to bank and get money to buy new tools??? Have the money to do that???? Insurance is cheap....in the big picture...
CopperTone
Senior Member
- Location
- MetroWest, MA
i have a $5000 tool coverage written in the commercial van insurance policy. $5000 would cover the tools unless my maxis 6000 was in it.
It is cheap and totally worth it - what would you do with no tools? pay out of your own pocket after possibly losing your van at the same time? (fire or theft).
It is cheap and totally worth it - what would you do with no tools? pay out of your own pocket after possibly losing your van at the same time? (fire or theft).
SmithBuilt
Senior Member
- Location
- Foothills of NC
I do not. I checked with the insurance co and could replace all the tools in one vehicle every 2-3 years from the premium costs alone.
I did not price around though, maybe I will.
I did not price around though, maybe I will.
Yeah I was thinking with business being slow I been looking for ways to save money. Penny wise pound foolish
Yeah I was thinking with business being slow I been looking for ways to save money. Penny wise pound foolish
With business slow, the vans are cleaned out faster, some of the guys without all the insurance coverages, don't usually charge right because they don't have the same overhead, it is very expensive to stay in business, but years of wishful thinking has driven rates down, when all other costs are going up including insurances.
brantmacga
Señor Member
- Location
- Georgia
- Occupation
- Former Child
tool coverage is included in my liability policy; i don't know what it actually costs because its not a separate option. its just in there by default. it covers tools stolen from a jobsite or broken on a jobsite.
my auto insurance covers tools stolen from my vehicle or tools damaged in an accident.
my auto insurance covers tools stolen from my vehicle or tools damaged in an accident.
Fulthrotl
~Autocorrect is My Worst Enema.~
- Occupation
- E
i have a supplemental rider on the van covering contents, stereo, rims &
tires, etc.
it's something i need to update, and have a schedule of equipment listed
with the insurance company. i've bought some stuff that needs to be
included..... without a specific list of items to be underwritten, you'll get
beat to death trying to submit a claim. the underwriter will have a field
day depreciating all your stuff, and you end up with ten cents on the dollar.
i lost $22,000 one year, with one vehicle break in. what i got in compensation
was a write off on my taxes. without a rider, i got $500 from my insurance
policy.
i have a list filed now. expensive lesson.
however, if someone gets in my van, the only easy grab is the stereo,
and i don't need that to make a living. everything else is locked up and
inaccessible. and if you kick the tire on the van, the alarm goes off, and
my cellphone rings 20 seconds later. my van isn't a grab and dash. and
hotwiring a diesel that has had ice cube relays put in the power supply
to the CANN bus isn't gonna happen.
then we can have a counseling session about why it's a bad idea to steal
my stuff..... i react antisocially to someone stealing the things i use to
earn a living.
Greg Swartz
Senior Member
- Location
- Colorado Springs, Colorado
We must have the same policy, because mine is exactly the same.
My old liability policy was $600 / year (when it was just me) for $2M coverage... and did not cover all this. (Heck, I don't think it covered near anything like this!)
My new policy costs $450 / month and covers everything for 8 guys plus me, plus tools, plus my office too. I think it's a $1M/$2M policy.
petersonra
Senior Member
- Location
- Northern illinois
- Occupation
- engineer
keep in mind most policies of this kind do not replace the tools, they compensate you for the value of the tools at the time of the theft. used tools often have a much lower value than you think. a lot of people think they are covered for replacement, but really are not and don't discover it until they make a claim. you can get replacement coverage but it costs more.
IMO, it is mostly a bad idea to buy insurance on this kind of stuff especially if you have a lot of it. think of it as self insurance.
IMO, it is mostly a bad idea to buy insurance on this kind of stuff especially if you have a lot of it. think of it as self insurance.
hardworkingstiff
Senior Member
- Location
- Wilmington, NC
jjhoward
Senior Member
- Location
- Northern NJ
- Occupation
- Owner TJ Electric
Insurance can really stink
Insurance can really stink
I had what I thought was good insurance for the contents of my vans.
It was a $5000 rider on my liability coverage.
Turns out it only allows $200 per tool.
Of course, when someone broke into my van they stool a $900 Hilti hammer/drill and a $300 Hiliti sazall.
I was very surprised by the lack of coverage that I thought I had!!:-?
Yea, I got my $400 coverage less the deductable (I think it was $250 deductable).
I would have been better off if they stole EVERYTHING.
Insurance can really stink
I had what I thought was good insurance for the contents of my vans.
It was a $5000 rider on my liability coverage.
Turns out it only allows $200 per tool.
Of course, when someone broke into my van they stool a $900 Hilti hammer/drill and a $300 Hiliti sazall.
I was very surprised by the lack of coverage that I thought I had!!:-?
Yea, I got my $400 coverage less the deductable (I think it was $250 deductable).
I would have been better off if they stole EVERYTHING.
Joe
I see you are in north jersey, can you recommend a good ins agent I am not happy with my current insurance company and not because of the price, just because of the service. It takes 2 days to get ins cert.
hardworkingstiff
Senior Member
- Location
- Wilmington, NC
That is unacceptable.
- Status