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Insuring tools - Home Contents Insurance
Brook_lands - 8/12/07 at 04:14 PM

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]

zxrlocost - 8/12/07 at 04:15 PM

what have you got that adds up to 2k

all cnc machines or something

Mole - 8/12/07 at 04:36 PM

Its probably quite a lot when you tot everytring up. A Welder, compressor, power drill etc. plus all the hand tools you accumulate overtime.

stevebubs - 8/12/07 at 04:37 PM

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]

stevebubs - 8/12/07 at 04:38 PM

PS Then add on the cost of the things - e.g. bikes, ladders etc....

fesycresy - 8/12/07 at 04:46 PM

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.

Krismc - 8/12/07 at 05:04 PM

...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!

jollygreengiant - 8/12/07 at 05:39 PM

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.

spaximus - 8/12/07 at 05:42 PM

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.

andybod - 8/12/07 at 06:41 PM

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

rusty nuts - 8/12/07 at 09:51 PM

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]

Dangle_kt - 8/12/07 at 09:58 PM

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?