Talk Morgan Forums Community The Malvern Arms Garage workshop Insurance

Our house and my Garage contents are currently insured with LV and previously Frizzel, and due to the high value of tools and equipment I have it’s been difficult to find a competitive alternative company. We have just received the renewal which is over £100 more than last year, and I be never made a claim.
Other companies say they will insure the garage contents which they assume is for a cantilever toolbox, electric drill, lawnmower, spade and fork etc. up to the value of £2k included in the house policy.
When I list my equipment such as lathe, tooling, precision equipment and collections of hand and power tools etc. amassed over 30 years in the tool industry I receive exorbitant quotes and the comment it must be a business concern which obviously isn’t the case.
Question to forum members out there is who do you recommend to cover a garage workshop. It’s quite mind blowing when you add up the value of tools, I’ve only listed £15k on the policy and that really doesn’t scratch the surface. It’s a real dilemma, as the more you add to the policy the more it goes up.

Avoiding the question directly may I suggest spending the higher premiums on alarm systems instead, (to alert to any fire and/or theft). I too have an accumulation of power tools but not to the same extent. I make sure its locked and electrics switched off when not occupied. Apologies for stating the obvious as I am sure you do this anyway.

“It’s a real dilemma, as the more you add to the policy the more it goes up.”
Remember under insuring can cause problems also on a claim.

We do have the garage/workshop alarmed to the house, but it’s worrying if fire destroys everything. The premiums seem to increase by huge amounts every year.

Here is a question to ask yourself: are you at a time in your life that if there was a catastrophe and you lost everything would you replace all that you lost, or would you move onto a different phase of your life? Dependent on your answer is how you can apportion a monetary value as to what you need and therefore cover. Yes, as you add value so the cost to cover goes up also in your case the machinery is not what would be considered "normal" for a garage so the inherent risk associated with it goes up too.

You may very well be on the right track Bruce. It’s a risk but as you say would I replace the majority of them now after all these years of being treasured….possibly not.
Thanks for all your responses.

NFU are excellent at this sort of thing. They aren't cheap but they do understand the kinds of risks you want to insure and are flippin' brilliant should it ever come to having to make a claim.