Quote:
Originally Posted by stevous67
Depending upon your investment amount, that may be an incorrect way to look at the premium. If you incur a once off loss, most likely in the form of a serious car accident rather than theft, you could be losing 30k to 90k of equipment. The above analogy is insignificant to the once off loss.
In my case, my equipment is covered anywhere, and it costs about $1800 a year. You just need the right policy for your equipment value. If someone has only 2k-4k invested, I can understand the apprehension to insure.
Steve
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Actually Steve, it is not insignificant. It highlights how you must approach the problem.
If you you have $30k worth of stuff you are transporting regularly and don't have the cash flow to replace it outright, then insurance for it could be worthwhile. You have to way up the risk, don't just assume that it is worthwhile. In the event of a car accident per se, the chance of a total loss is actually quite small, a partial loss is more likely and the chance of no loss is significantly greater again.
Insurance companies per on your fear perceptions. I'm not saying don't, just be considerate of your choice as to why. If I was a bad driver, and had totaled 3 cars in the last 20 years, then I would have different metrics and information to work from. Likewise if I had $5k with of equipment and hadn't had a bad accident in 15 years, then I might have a different perception of the potential problem.
