Mechanic's tool insurance - any suggestions.. - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 06-25-2011, 10:12 AM Thread Starter
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Mechanic's tool insurance - any suggestions..

Folks,

I need to insure the tools on my service truck (mobile mechanic) - any ideas on a good provider?

I contacted my company (State Farm), and they claimed that they could not do a rider on my homeowners because the tools are not at my house.

They suggested some type of additional policy, but at over $350 a year, it seems kinda pricey...

Ideas?
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post #2 of 7 (permalink) Old 06-25-2011, 10:18 AM
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I have a policy out on my tools as well, but $350 vs replacing my equipment if it gets lost or stolen is well worth it to me. How much are you trying to insure? I insure 80k in equipment, but my cheapest diagnostic tool is $4k. I only insure the big ticket items, smaller items, i will just have to pay to replace since I do not want to make a claim on small items. Do you have any high dollar equipment?

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post #3 of 7 (permalink) Old 06-25-2011, 10:22 AM Thread Starter
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Off the top of my head, I probably have around 25k of equipment on my mobile service truck.

My largest dollar value item is my scanner, which is around 1k.

The problem with state farm is that it has a $500 deductible and doesn't cover loss of wages, etc...

Have you ever heard of a company called Pro-Tec insurance for mechanics?
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post #4 of 7 (permalink) Old 06-26-2011, 02:26 PM
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I looked into this as well. And most places wont insure it on a personal account. most want you to put it on a business account, and for 5k coverage for me it was around $500 a year on a $500 deductible...lol whats the point then. That was through some regular insurance carriers, and my agent busted her butt to try to get me some sort of coverage for a decent price. Tools are just very expensive to insure...because they are stolen often

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post #5 of 7 (permalink) Old 06-26-2011, 04:27 PM
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post #6 of 7 (permalink) Old 06-26-2011, 09:20 PM

 
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Quote:
Originally Posted by philosopheriam View Post
Off the top of my head, I probably have around 25k of equipment on my mobile service truck.

My largest dollar value item is my scanner, which is around 1k.

The problem with state farm is that it has a $500 deductible and doesn't cover loss of wages, etc...

Have you ever heard of a company called Pro-Tec insurance for mechanics?
Look at State Farm again, this time at a business/commercial policy, with upping Mobile Equipment ($10,000 is included in the policy, but you can up it to whatever you need). A "floater" on your homeowners policy (personal articles policy in State Farm terms) wouldn't work because the tools are used for business use. Thus the business/commercial route.

Peter Katowicz
State Farm® - Agent
108 E Lake St. Unit 2
Bloomingdale, IL 60108
Office: (630) 980-9809
Fax: (630) 980-9858
[email protected]
www.PeterIsMyAgent.com

Benjamin Franklin - “It is a strange anomaly that men should be careful to insure their houses, their ships, and their merchandise, and yet neglect to insure their lives”.
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post #7 of 7 (permalink) Old 06-27-2011, 05:54 AM
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Quote:
Originally Posted by 2weelpilot View Post
Contact Eva, djdiva on clsb.
Thanks Mike!!

And Pete is right - it will have to be on a commercial policy since you use them for business. Give me a call - I have a couple of different companies we could insure them through...

Eva Grzegorczyk, Agency Owner
Nationwide Insurance & Financial Services
1400 E Lake Cook Rd., Suite 185A
Buffalo Grove, IL 60089
cell 847-946-9294
fax 877-634-3705
[email protected]
www.nationwideinsurance.com/eva-grzegorczyk


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