Brook_lands
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| posted on 8/12/07 at 04:14 PM |
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Insuring tools - Home Contents Insurance
Guys
It's home contents insurance renewal time but I'm a bit worried because may current insurer (Prudential) and many of the others I've
tried limit claims for the contents of garages to £2000. I guess many of us in here, having built up a comprehensive set of tools, would find it hard
to replace everything new for old for that kind of money. Can anyone suggest a company that either provide more cover as standard or don't want
silly money for providing a more realistic figure for the value of tools in a garage.
[Edited on 8/12/07 by Brook_lands]
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zxrlocost
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| posted on 8/12/07 at 04:15 PM |
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what have you got that adds up to 2k
all cnc machines or something
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Mole
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| posted on 8/12/07 at 04:36 PM |
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Its probably quite a lot when you tot everytring up. A Welder, compressor, power drill etc. plus all the hand tools you accumulate overtime.
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stevebubs
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| posted on 8/12/07 at 04:37 PM |
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Teng 1001 chest can be had for £1300...
But then add welders, engine cranes, jacks, compressor and other air/power tools - easy to break the 2k marker
[Edited on 8/12/07 by stevebubs]
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stevebubs
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| posted on 8/12/07 at 04:38 PM |
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PS Then add on the cost of the things - e.g. bikes, ladders etc....
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fesycresy
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| posted on 8/12/07 at 04:46 PM |
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My Prudential policy covers me for upto £40k, but it's only because I've had it with them for 14 years and that was the agreed amount back
then.
When comparing prices I only found one other company who who insure the garage the same as the house and that was the Nationwide.
Give them a try.
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The sooner you fall behind, the more time you'll have to catch up.
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Krismc
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| posted on 8/12/07 at 05:04 PM |
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...yes it soon mounts up,ive got a accountant and i gave her all my recipts for the past 5 years for garage tools and its way past £10k already.
Airlines, compressor, airtools...alone £1000, then pillar drills, engine hoist, engine stand, tool chest- soon adds up!
Built, Ivaed, Drove and now Sold - 2011 MNR VORTX RT+ 2000cc Zetec on R1 Throttle boddies.
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jollygreengiant
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| posted on 8/12/07 at 05:39 PM |
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quote:
Originally posted by Krismc
...yes it soon mounts up,ive got a accountant and i gave her all my recipts for the past 5 years for garage tools and its way past £10k already.
Airlines, compressor, airtools...alone £1000, then pillar drills, engine hoist, engine stand, tool chest- soon adds up!
Ha chicken feed, my tool box and contents are somewhere in excess of £20k. 
Beware of the Goldfish in the tulip mines. The ONLY defence against them is smoking peanut butter sandwiches.
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spaximus
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| posted on 8/12/07 at 05:42 PM |
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I am insured with NFU contents in garage value of £20k. Yes it soon adds up with snap on tools and lathe compressor etc etc. If you just add up
ordinary tools £2k is not a lot, and remember if you claim and they think that you were underinsured the payout will be reduced.
The other company to look at is Hiscox premiums are variable.
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andybod
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| posted on 8/12/07 at 06:41 PM |
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i would estimate my tools at home to b e somewhere around the £5,5000 mark and my work tool box was recently valued at £27,000 for company insurance
do not under estimate how much tools cost to replace i also have a full list of all the tools i have at home and work i try to update the list anually
and keep receipts worth
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rusty nuts
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| posted on 8/12/07 at 09:51 PM |
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quote:
Originally posted by jollygreengiant
quote:
Originally posted by Krismc
...yes it soon mounts up,ive got a accountant and i gave her all my recipts for the past 5 years for garage tools and its way past £10k already.
Airlines, compressor, airtools...alone £1000, then pillar drills, engine hoist, engine stand, tool chest- soon adds up!
Ha chicken feed, my tool box and contents are somewhere in excess of £20k.
Bet you got most of the Snap On stuff cheap!
I was advised by my old insurance broker to list all of my tools and to video everything as well so that I had evidence in the event of a claim .
Also all tools were engraved with my name and post code.
[Edited on 8/12/07 by rusty nuts]
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Dangle_kt
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| posted on 8/12/07 at 09:58 PM |
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you could insure an imaginary part built for a few £k. Part built insurance covers tools too does it not?
I got a quote on a £7k agreed value of £57 including tools cover. And I live in a rough part of liverpool.
Just an idea?
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