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Old 02-02-2003, 02:10 AM
Lemonds Lemonds is offline
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Insurance and used equipment

It is the time of the year for me to re evaluate my company insurance. I am having problems on how much to list the used prices for my equipment. Wouldnt it keep my ins. down if i new the used prices for my equipment. Dixies,toro walk behinds, echo blowers, weed eaters. I had one chopper on there for $9000.00, and it was a 98.

Please help
Chris
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Old 02-02-2003, 11:45 AM
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rodfather rodfather is offline
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It would seem to me that question would be best answered by your insurance agent...not one of us.
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Old 02-02-2003, 03:24 PM
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tiedeman tiedeman is offline
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I agree...that is a touchy situation. The insurance provider could provide you with the decrease of the value over time
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Old 02-02-2003, 04:43 PM
bluemoon bluemoon is offline
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ins. coverage ???

Lemonds,
Yes, you are correct, it would lower the premium. There isn't replacement coverage on equipment. Find out the value today and insure for that much. Your agent should help you, but they probably aren't well versed in ( used lawn equipment). Find someone to advise on what your equipment is worth today.
P.S. it probably won't lower premium much. But there is no sense in wasting money.
Good Luck,
Bluemoon
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Old 02-03-2003, 10:28 AM
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walker-talker walker-talker is offline
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I was always under the impression that if you had $9000 insured on a particulary piece of equipment and if that piece was destroyed/stolen, you would get the full $9000 (minus deductible)???? Not true?

MATT
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Old 02-03-2003, 10:36 AM
SCL SCL is offline
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NOT TRUE (at least in most situations). On some new purchases you can get full replacement on some pieces for say a two year time frame. Real expensive! Most will want to know what you paid, charge you on that amount, and give you what they feel like giving you when you make a claim. Usually enought o get you a down payment, never enough to make you happy or seem even fair. Insurance is a racket, but a neccessary evil. Kind of like used cars. Charge you full boat retail, give you as much under wholesale as you can stand.
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Old 02-03-2003, 11:19 AM
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walker-talker walker-talker is offline
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Thanks, sounds like I better have a talk with my agent.

MATT
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