In an uncertain world, insurance is vital to protect our vehicles and businesses from theft, damage and other unforeseen circumstances. For those working in the motor trade and allied professionals who rely on their equipment for work, a tools in transit policy provides peace of mind that items can be easily and quickly replaced in the event of loss, accidental damage or being stolen. Equipment stored and transported in vehicles can potentially be worth thousands of pounds, so theft or damage could not only mean being seriously out of pocket, as a tradesman it could also mean that you miss out on valuable work.
What is Covered?
What does the insurance policy cover? It can protect against accidental damage to items while they are being loaded and unloaded onto and from a van, as well as damage occurring while they are housed in the vehicle. It can also protect against theft. When taking out a policy, it is essential that you check the terms and restrictions and make sure you are comfortable with what it covers you for. Bear in mind that cheaper policies may not always provide the same level of protection, though this is not always necessarily the case.
These prices include Accidental Damage whilst being loaded or unloaded from their vehicle
Terms and Restrictions
Remember to always adhere to the policy’s terms. When it comes to claims for equipment being stolen, several of these terms concern the vehicle’s security system and where and how it is parked overnight. They include a stipulation that the vehicle is locked and alarmed – in practice this means that the vehicle must show signs of forced entry. To deter opportunistic theft, all equipment should be stored out of sight. At night vans should not be left parked on the road, but either parked on a drive or in a secure compound. Remember that not all policies include theft cover, especially where the vehicle is left unattended.
Other terms concern the terms of a claim and pay out. For example, the maximum pay out per tool is restricted to £1500. This may be a particular concern for traders and professional workmen and women who store expensive equipment in their vehicles.
Tailor your Level of Cover
Rates vary according to the level of cover and excess, starting with premiums of £38.87 for £500 cover with £50 excess and rising to £158.72 for £10,000 cover with £100 excess. Not everyone has the same requirements when it comes to this type of insurance, so there are several intermediate levels of cover, offering you at a glance the ability to customise cover to your individual needs and circumstances. These levels are shown below and they include Accidental Damage while equipment is being loaded and unloaded:
£500 (£50 excess) - £38.87
£1000 (£100 excess) - £47.03
£2500 (£100 excess) - £75.50
£5000 (£100 excess) - £83.17
£7500 (£100 excess) - £120.40
£10,000 (£100 excess) - £158.72
As with house contents insurance, it is often found that claimants underestimate the value of their equipment, so always calculate the appropriate level of cover for your contents and remember that there is a maximum pay out per item.
Peace of Mind
So long as the terms of the cover are followed, this policy gives you peace of mind that your valuable equipment is protected while it is stored and transported in your vehicle. Setting up a policy is simple and straightforward, with all information provided so that you can make an informed decision. Likewise, making a claim is easy, with a streamlined procedure and a dedicated team on hand to guide you through the process.
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