Garage / Shed Insurance for Car Restoration tools
Discussion
Not sure if this is the right forum for this post, however as I have several classics and associated tools, this is where I will start.
The contents of my garage (excluding cars) are worth a few bob.
I also have another garage on my property which again is full of tools, different welders and welding equipment, mental benders, guillotines, jacks, compressors, engine hoists, air tools, hand tools, power tools etc, the list is vast.
Like most classic car owners who also complete restoration work you accumulate many tools over the years and most building/contents insurance only cover out-buildings up to £1000. My current policy is due to expire in a couple of weeks and this covers me up to £10,000, although this still wouldn't be enough to cover a complete loss through fire etc.
My question is: Which is the best company and policy to cover tools and associated equipment or just stick with what I have?
The contents of my garage (excluding cars) are worth a few bob.
I also have another garage on my property which again is full of tools, different welders and welding equipment, mental benders, guillotines, jacks, compressors, engine hoists, air tools, hand tools, power tools etc, the list is vast.
Like most classic car owners who also complete restoration work you accumulate many tools over the years and most building/contents insurance only cover out-buildings up to £1000. My current policy is due to expire in a couple of weeks and this covers me up to £10,000, although this still wouldn't be enough to cover a complete loss through fire etc.
My question is: Which is the best company and policy to cover tools and associated equipment or just stick with what I have?
This isn't much help: Last time I was phoning around for quotes on my classic car policy, one of the companies offered insurance for spares and tools. The reason it's not much help? I can't remember which one. It's not Norton Insurance / Heritage Insurance, because that's the company I'm with. But one of the others (and only one, of the few I contacted) offers it as an add-on to the classic policy.
I think you might have difficulty in finding an insurer to cover this.
When I worked for myself i had trade insurance costing a few thousand a year and covered nearly all eventualities but it didnt cover tools. I valued the tools I had at around fifty thousand and they wouldnt cover them unless I fitted a top spec alarm system linked to local police and had all tool chests securely chained and locked to the wall, and that seemed to be standard with all the trade insurers.
When I worked for myself i had trade insurance costing a few thousand a year and covered nearly all eventualities but it didnt cover tools. I valued the tools I had at around fifty thousand and they wouldnt cover them unless I fitted a top spec alarm system linked to local police and had all tool chests securely chained and locked to the wall, and that seemed to be standard with all the trade insurers.
I too had the same issue with the value of tools. The only two who would give coverage I could find was Hiscox and NFU.
My garage tools are insured for a large sum, as there is a lathe snap on tools etc. This is down as engineering tools and insured new for old.
It is a specified addition to the house and is not cheap. I have every faith in NFU as when we were burgled some years ago the claim was over £30k for damage and watches etc, they never batted an eyelid and coughed up the lot and even added to my claim for new carpets as they could not guarantee getting all the glass out.
You pay for what you get but it is vital to get an accurate inventory and valuation
My garage tools are insured for a large sum, as there is a lathe snap on tools etc. This is down as engineering tools and insured new for old.
It is a specified addition to the house and is not cheap. I have every faith in NFU as when we were burgled some years ago the claim was over £30k for damage and watches etc, they never batted an eyelid and coughed up the lot and even added to my claim for new carpets as they could not guarantee getting all the glass out.
You pay for what you get but it is vital to get an accurate inventory and valuation
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