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#1 |
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ContractorTalk Flunkie
Trade: Remodeling and Renovation Contractor
Join Date: Mar 2006
Location: Murphy, NC Hometown of Eric Rudolf
Posts: 1,038
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Tool Insurance
I'm considering getting insurance on my tools(shoulda already done it , I know
), approaching 25,000.00 dollars worth at last count. Anyone have an idea of the average cost for this is? I know it will vary from area to area, just kinda wondering. I searched previous post and didn't see anything.
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T.C. "Never met a man yet that I couldn't learn something from"Met a few you couldn't teach though http://remodelingncarolina.com
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#2 |
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Class A Contractor "BLD"
Trade: Remodeling and home improvements
Join Date: Feb 2006
Location: Virginia Beach, Va.
Posts: 1,286
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Re: Tool Insurance
The cost is not worth the coverage imo. You are better off self insuring.
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Looks like some pros were here. |
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#3 |
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Remodeling Contractor
Trade: Remodeling Contractor
Join Date: Aug 2005
Location: CT. U.S.A.
Posts: 327
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Re: Tool Insurance
Just make sure they'll be covered wherever they are, shop-garage-house-personal truck-company truck-trailer-job site-pocket. And make sure they spell it word for word, then have your lawyer look at the policy to make sure there isn't any gaps or loop holes in it.
Can you tell I don't like the way insurance company's treat hard working, honest people.
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"Man is a tool-using animal. Without tools he is nothing, with tools he is all." Thomas Carlyle (1795-1881) |
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#4 |
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Pro
Trade: Commercial Loading Dock and Door Contractor
Join Date: Nov 2005
Location: Southeastern Massachusetts
Posts: 644
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Re: Tool Insurance
I have tool coverage from Travelers, it is either a rider on my truck or my business liability plan. Very inexpensive. It covers tools on my truck, at my warehouse, and on jobsites. Since my toos are never all in the same place at one time, I only have coverage for about half of my tools value.
A generator was stolen off my truck. Paid $1000 for the unit, plus $50 for sales tax. I had the unit for 1-1/2 years. Entered a claim with a copy of the police report, and within 2 weeks had a check for $1046.50 they were more concerned about getting me back into business, than waiting to see if the police found the unit. I did get a minimal increase in my deductible for the following year, but could not be happier with the service I received from travelers insurance. Money well spent if you ask me. |
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#5 | |
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DGR,IABD
Trade: Electrical; Commercial and Residential Service
Join Date: Mar 2005
Location: Central PA
Posts: 9,680
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Re: Tool InsuranceQuote:
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#6 | |
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Class A Contractor "BLD"
Trade: Remodeling and home improvements
Join Date: Feb 2006
Location: Virginia Beach, Va.
Posts: 1,286
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Re: Tool InsuranceQuote:
__________________
Looks like some pros were here. |
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#7 |
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Pro
Trade: General Contractor
Join Date: Jan 2006
Location: Chicago
Posts: 1,370
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Re: Tool Insurance
I rarely (most likely never) have all of my tools in the same spot/job.
If I get ripped off, on a job lets say, thats only a small portion of my total tools. It isn't worth it for ME. My insurance carrier made me insure my laser level just because it was worth more than $1,500. But that was forced onto me and I think even this is worthless waste of funds IMHO. I have more than 25K in tools, and have never really worried about it. But then again, this is ME. |
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#8 | |
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Pro
Trade: Carpenter
Join Date: May 2004
Posts: 6,481
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Re: Tool InsuranceQuote:
Oh, - - when did you move to Maine??
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#9 |
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Pro
Trade: General Contractor
Join Date: Jan 2006
Location: Chicago
Posts: 1,370
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Re: Tool Insurance
Tom,
I added the "This is ME" to my post as a way to stop the crybabies here from jumping on my post claiming it's incorrect. You know, like a disclaimer. Some still dont understand that there different variables throughout the country. They think that just because a member in Canada is paying $x.xx for a product, that they should be at the same price. It's an uphill and continuous battle, so I add my disclaimer. I think I may think of a disclaimer for my sig........ |
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#10 |
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Pro
Trade: Carpenter
Join Date: May 2004
Posts: 6,481
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Re: Tool Insurance
Yeah, I know, - - just practicin' my 'rabble-rousin' . . .
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#11 |
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Pro
Trade: Commercial Loading Dock and Door Contractor
Join Date: Nov 2005
Location: Southeastern Massachusetts
Posts: 644
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Re: Tool Insurance
My policy for $4000 in tools costs $154. I do not know yet how my claim has affected my policy. I got a notice of change of deductible. it says that my deductible went from 0 hours to 72 hours. my agent told me that just means that i have a longer waiting period if I file another claim, But I am waiting to see my renewal premium to be sure.
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#12 |
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ContractorTalk Flunkie
Trade: Remodeling and Renovation Contractor
Join Date: Mar 2006
Location: Murphy, NC Hometown of Eric Rudolf
Posts: 1,038
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Re: Tool Insurance
[quote]Some still dont understand that there different variables throughout
the country. They think that just because a member in Canada is paying $x.xx for a product, that they should be at the same price. Not too sure what you are talking about Peladu. Tool Insurance is either cost effective or it is not. Look guys, If I didn't respect your opinion on certain things I would not ask. If you have good advise, I will recognize it as so. If you don't, that too is recognized for what it is. I have never bought tool insurance before and I've had several people ask me if I had it lately, just thought I'd see what the group had to say. Thank-you
__________________
T.C. "Never met a man yet that I couldn't learn something from"Met a few you couldn't teach though http://remodelingncarolina.com
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#13 |
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Pro
Trade: General Contractor
Join Date: Jan 2006
Location: Chicago
Posts: 1,370
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Re: Tool Insurance
Tool insurance is not cost effective for my setup.
Tool insurance my be cost effective for your setup. See... |
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#14 |
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ContractorTalk Flunkie
Trade: Remodeling and Renovation Contractor
Join Date: Mar 2006
Location: Murphy, NC Hometown of Eric Rudolf
Posts: 1,038
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Re: Tool Insurance
Ok thanks, I'll have to evaluate the cost vs chance of theft and weigh it out.
__________________
T.C. "Never met a man yet that I couldn't learn something from"Met a few you couldn't teach though http://remodelingncarolina.com
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#15 |
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Pro
Trade: General Contractor
Join Date: Jan 2006
Location: Chicago
Posts: 1,370
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Re: Tool Insurance
If you live/work/ or your shop is in a rough neighborhood, your chance of loss is greater than mine.
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#16 |
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ContractorTalk Flunkie
Trade: Remodeling and Renovation Contractor
Join Date: Mar 2006
Location: Murphy, NC Hometown of Eric Rudolf
Posts: 1,038
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Re: Tool Insurance
I live in a pretty small area(mountains of SW north carolina), with a BIG DRUG PROBLEM, tool theft is pretty common around here.
__________________
T.C. "Never met a man yet that I couldn't learn something from"Met a few you couldn't teach though http://remodelingncarolina.com
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#17 |
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Pro
Trade: General Contractor
Join Date: Jan 2006
Location: Chicago
Posts: 1,370
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Re: Tool Insurance
That's why I live in Chicago, NO crime.
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#18 | |
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DGR,IABD
Trade: Electrical; Commercial and Residential Service
Join Date: Mar 2005
Location: Central PA
Posts: 9,680
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Re: Tool InsuranceQuote:
We're only talking about a couple hundred bucks a year here. How much would it cost you if they ripped off a generator, radial arm saw, or even a good fiberglass extension ladder? Might as well buy the comparably cheap insurance. |
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#19 |
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ContractorTalk Flunkie
Trade: Remodeling and Renovation Contractor
Join Date: Mar 2006
Location: Murphy, NC Hometown of Eric Rudolf
Posts: 1,038
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Re: Tool Insurance
I hear the no crime. I'm sure ours is nothing close to yours. Thank the Lord. I lived in "Hotlanta" before moving here. What a breathe of fresh air it is.
__________________
T.C. "Never met a man yet that I couldn't learn something from"Met a few you couldn't teach though http://remodelingncarolina.com
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#20 | |
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ContractorTalk Flunkie
Trade: Remodeling and Renovation Contractor
Join Date: Mar 2006
Location: Murphy, NC Hometown of Eric Rudolf
Posts: 1,038
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Re: Tool InsuranceQuote:
ya gotta point!
__________________
T.C. "Never met a man yet that I couldn't learn something from"Met a few you couldn't teach though http://remodelingncarolina.com
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