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How does tool insurance cover work?
Tools are generally not covered under a standard Van insurance policy. Tools in transit insurance is sold as either an addon to your existing Van insurance or as a separate policy. With most tool insurance, you’ll be covered for loss, damage, or theft of a wide range of handheld tools, power tools and plant equipment.
In the event your tools are stolen or damaged while in transit, you’ll need to make a claim. Most insurance companies guarantee like for like replacements of your tools within 24 hours and protect you for any loss of business if you’re unable to work whilst waiting for the new tools to arrive.
Every tool insurance is different depending on your provider so you should always check your policy wording carefully to see whats covered and whats not.
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How do I get my tools insured?
When taking out a new Van insurance policy, you’ll more than likely be offered tool insurance as an optional extra. Since tool insurance doesn’t apply to all Van drivers, it’s not generally included in your standard policy. If you’re not offered cover for your tools as an extra option, you’ll be able to take out a separate policy.
When comparing Van insurance deals, you’ll want to make sure you opt in for tool insurance to be able to compare the various policies offered from different companies. Always make sure you read the policy wording carefully and check with an expert if there is anything you are unsure of.
You’ll be covered from the moment you pay for your tool insurance policy. For most, this is the same time as their Van insurance cover commences.
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What are the limitations to tool insurance?
Most insurance policies will come with some form of limitations as to the maximum amount of cover you’ll receive as well as whats insured, and whats not. Insurance companies set their own limits when it comes to providing cover so you should always check your policy to make sure your adequately protected.
Besides a limit to the total maximum value of the tools insured, you’ll need to look at other exclusions. For instance, most insurance companies won’t cover your tools if they are left in your Van overnight and there may be other exclusions enforced if external factors are at play. Make sure you read your policy documentation carefully and fully understand the limitations of your cover.
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What the alternatives to tool insurance?
It may be possible to insure your tools under an existing business insurance policy that covers buildings and contents. Since insurance comes in many shapes and forms, it’s always best to double check with your provider for more information. Addon options for any insurance can be vague and sometimes do not offer sufficient cover.
Tool insurance in general is best taken out as a separate policy where you have more control over the limits of whats covered. You should leave nothing to chance and make sure you are protected should the unforeseen happen and you need to make a claim.
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How much does it cost to insure tools?
As with any insurance policy, the cost is going to depend on your personal circumstances. What you do for a living and where you keep your tools overnight are key factors to consider when thinking about tool insurance cost. You’ll also need to factor in the total cost of replacing your tools should they be damaged or stolen and you’ll need to consider if it’s worth paying extra to get like for like replacements. The only way to quickly find out how much does tool insurance cost is to compare quotes with vaninsurance.com.
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How to find the best tool insurance quote?
If you need a new quote for tools in transit insurance, then you’re already in the right place here at vaninsurance.com. Every one of our handpicked insurance providers offers tool insurance and will be happy to arrange a quotation. You can then compare those quotations to find the best tool insurance options to suit your budget and personal circumstances.
