Insurance for machinery

[Mounty]

Had to add a new loader on today with NFU for 100% contracting use. What would you expect premium to be for £110k machine?

 

[Bullring]

Use to be around £100 for the first 1000 then £10 per thousand after so at a guess £1500 If 100% contracting.

 

[Hilly]

3.5k ?

 

[Mounty]

Between the two - £2700, thought that was plenty.

 

[Barleymow]

try longfields

 

[Nigel Wellings]

£10 per thousand is old rule of thumb farm use rate, so £1100 for farming use. Most insurers then apply 100% load for high contracting use. Would have thought £2200 therefore.
Remember your claims history will have a large effect on premium. So if number of claims in last few years then their price is ok, but if no claims on tractor/vehicle policy then it may be a bit strong.
I feel the 100% load for high contracting can sometimes be unfair. No insurer asks for hours used , which has far more effect on risk (500hr/year loader much lower risk than 1250 hours a year one)

 

[Mounty]

No claims on that policy

 

[Nearly]

They obviously don't want the business.

 

[mx110]

Dont ask how many hrs you do but they all seem keen to know your turnover