Insurance Company Offering Me Less

Verb

Hi; I recently had my shed broken into and a lot of tools stolen. I spoke to my insurance company and compiled a list with what I paid from them (All purchased within the last 2 – 3 years).
They have now come back to me saying that most of the tools can be purchased for less so the amount I will get off them to do this will be less.
Which I can accept, when new tools come out the older ones cost less.
But they are saying that I can repurchase my replacement tools for 29% less of what I originally did. I’m currently waiting on a call back but I have a feeling that they have searched the internet and found one tool on a web site for a cost then another tool on another site etc…
I don’t believe this should be right, my point I have put to them is that I originally purchased the tools in person from various tool shops / hardware stores and when I replace my tools this is what I will do again because should I have any future problems with the new tools I want to be able to take them back and get them replaced rather than having to mess about getting them sent off and waiting for them to come back and dealing with people over the phones.
Am I right or wrong with this thinking and does anyone know what the depreciation of power tools are over a 2 – 3 year period.

ormus

apart from the real pro items, most/all domestic power tools will be worth next to nowt, after 2/3 years.
see ebay or any car boot prices.

G42

If your policy is written on a "new for old" basis (most of them are nowadays) the cost of replacement is what you should get. It's not based on where you would like to buy them however, it's based on what the cheapest supplier's price is.

Unfortunately, the fact that you may like to deal with your local (probably more expensive) supplier will probably be disregarded by the insurance company.

If they insist on a reduced settlement I would also ask for a complete breakdown of every tool price to see where they are getting their 29% reduction from. After all, they've come up with the figure so get them to prove it. Don't just give in without knowing all of the facts.

If your policy is not "old for new" then the settlement offered is reasonable.

27col

It does not matter what you paid for a tool, it will depreciate heavily in the first few years. You have only to look at s/h prices to know this.
Your concern about taking faulty tools back to a local supplier seems a bit of a stretch. I have been buying tools for over 50 years and I cannot remember ever having to take a faulty tool back. I used to buy fairly expensive tools, over the last few years they have become extremely cheap, and still reasonable quality. Certainly good enough for DIY use. My experience of insurance claims (admittedly not much) is that after they have taken off the excess that they charge for each item, makes it hardly worth the effort of claiming. In any event, the insurance payment will not enable you to be any better off than you were before the claim.

Mankysteve

If there tools you can get from B&Q home base screw fix ect. go in and ask them for a quotation of replacement cost for your items.