Insurance and used equipment

Discussion in 'Business Operations' started by Lemonds, Feb 2, 2003.

  1. Lemonds

    Lemonds LawnSite Member
    Messages: 4

    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
  2. rodfather

    rodfather LawnSite Fanatic
    Messages: 9,501

    It would seem to me that question would be best answered by your insurance agent...not one of us.
  3. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Messages: 8,745

    I agree...that is a touchy situation. The insurance provider could provide you with the decrease of the value over time
  4. bluemoon

    bluemoon LawnSite Member
    from Kansas
    Messages: 114

    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,
  5. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    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?

  6. SCL

    SCL LawnSite Senior Member
    Messages: 543

    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.
  7. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    Thanks, sounds like I better have a talk with my agent.


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