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Does Comprehensive Auto Insurance Cover the Loss of Stolen Tools?

Here is a question that is out of the ordinary when it comes to insurance, “Does auto insurance cover the cost of tools stolen from my truck?” Mosaic Insurance in Prescott has a simple answer to that question. That is, if it isn’t bolted down to the vehicle, the answer usually is “no.” There are ways that you can insure your tools in case of loss or theft.

   

Comprehensive coverage for a vehicle is the portion of the policy that theft goes under. It’s unlikely that it will cover tools that were stolen. It is possible, however, that your homeowner's insurance might. Personal auto insurance policies do not cover personal contents such as tools, a laptop, CDs and personal DVD players. If the items weren’t installed by the manufacturer and not permanently attached, then if your vehicle is broken into, then the stolen items aren’t usually covered by car insurance.

 

If you hold a commercial or business policy and those tools were used for business purposes, then it’s possible to have them covered. With this coverage, you pay more to insure your tools. Simply take an inventory of the tools to insure, list the model and serial number and replacement cost, and then submit it to your insurance agent. If they are stolen, you can make the claim with your business policy (subtract the deductible).

 

The policy that might cover your tools is your homeowner’s policy. If your car insurance doesn’t cover your tools, laptop or CDs then ask some questions about your homeowner's policy. If the loss is upwards of $1,000 or more it’s worth it to make the claim even if the deductible is around $500.00

 

Mosaic Insurance in Prescott would like to remind you that no matter what, do contact the police as soon as this happens and report the theft. You will need the report for an insurance claim and there is a possibility that your tools may be recovered by the police department. Contact Mosaic Insurance today to learn more details about insurance and the policies that you already hold at 928-458-7374

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