[71RCKCRZR RYAN]

IM IN THE PROCESS OF GETTING A SHOP AND WANT TO INSURE MY TOOLS.JUST CAUSE IM NOT SLEEPING NEXT TO THEM ANYMORE AND I WOULD BE SCREWED IF 10000 WORTH OF TOOLS AND PARTS GOT JACKED.

I AM INSURED WITH STATE FARM BUT THEY DONT OFFER ANYTHING TO HELP ME.
WHAT DO YOU GUYS HAVE AND OR WHERE SHOULD I START LOOKING?

 

[bigNATE®]

you need to find a agent that offers "Inland Marine" coverage, I have $15k in equipment/tools covered and it only added $120 to my policy / 10 bux a month

~Nate~

 

[DRM]

I recently placed a call to my agent to see what the deal was on covering my shop and it's contents. Now mine is for personal use, so things are different if you are talking business application.

Check with your agent, and if they can;t help you, then ask if they can direct you to someone who handles business insurance.

 

[71RCKCRZR RYAN]

TTT ANYBODY ELSE

 

[KAcrawler]

I was talking to a mechanic about insuring tools a couple of weeks ago. he told me he didn't insure his i was shocked but he said that the insurance company wanted 10% of the total insured value each month. So in other words keep them same for 10 months and you could have another set of tools. maybe he or the insurance guy was crazy but that is just what i heard

 

[Paul Gagnon]

You should be able to get an extension on your home coverage to cover belongings that are in storage. The only thing is that it will probably be actual cash value which means you will get what you paid for it, not what it costs to replace.

P.S. there should be a key on your keyboard that says "Caps Lock" learn how to use it.

 

[PTSchram]

If you have garage keepers insurance, your tools are covered. If you are working on other folks' cars without garage keepers insurance, you are playing with fire.

The only requirement for your insurance to cover your tools (if you have garage keepers insurance) is to inventory your tools periodically, once a quarter is more than often enough.

I pay $750 for a year's worth of garage keepers insurance that covers liabilty for work I do on others' cars, shop insurance and my tools. Max coverage, $1 mil liability, $50K on customers vehicles.

FWIW-my mother used to own a truck shop. None of her employees would inventory their tools. When the shop got busted into, they all whined and mother told them the next time she asks for an inventory before the fact, you'd better give it to her. The mechanics got a list of tools and purchase dates from the Snap-on guy-the insurance company refused as it was dated after the date of loss and the policy specifically requested inventories.

Insurance only works when you have it and understand it.

Peace,
Paul

 

[TJ Lee]

The only thing is that it will probably be actual cash value which means you will get what you paid for it, not what it costs to replace.

Actual Cash Value is actually recplacement cost minus depriciation.
You spent $500 on a tool expected to last 10 years and during year 5 your shop burned. The insured (you) would recieve $250 assuming that the same tool cost the same amount in year 5 as it did when you purchased it.

LEE