Insurance premium rise after theft

[Mr. Squirrel]

14 hours ago, monkeybusiness said:

Arborisk doubled my insurance after paying out for a stolen chipper. I had no choice but to move to Trust at the time. 

When was that? Because arborisk whacked up all their premiums a few years ago regardless. Mine doubled at renewal for no reason and I went to trust too. 

[Con]

Why do people pay insurance companies and then not claim for the reason they have been paying them?

[openspaceman]

17 minutes ago, Con said:

Why do people pay insurance companies and then not claim for the reason they have been paying them?

That's a fundamental question; insurance companies ted to have to pay out 80% of their premiums as claims, the rest is operating costs and profit.

 

You never gain by making a claim because they make sure you have no betterment by reducing the value of the lost equipment in line with wear and tear.

 

So it does not pay you to insure stuff you can afford to replace.

[stampy]

42 minutes ago, Con said:

Why do people pay insurance companies and then not claim for the reason they have been paying them?

My insurance is mainly for my bigger kit, which would definitely be a claim if it got nicked. The policy covers a certain amount of hand tools as part of it, but if the excess and the inevitable premium increase outweighs the value of the tools stolen then it doesn't make sense to claim.

[Dan Maynard]

Also have hired in plant insurance, definitely claim if a MEWP goes missing.

[Con]

1 hour ago, stampy said:

My insurance is mainly for my bigger kit, which would definitely be a claim if it got nicked. The policy covers a certain amount of hand tools as part of it, but if the excess and the inevitable premium increase outweighs the value of the tools stolen then it doesn't make sense to claim.

I decided a long time ago to not have any small tool insurance.  I put a bit aside, and spend a bit extra on security.  Fortunately,  in 30 years I've only lost 4 saws to theft, and I blame myself for the incident