Insuring your compact equipment can help you manage risk, prepare for the unexpected and simply enhance peace of mind. However, it is important for equipment owners to research different insurance plan options to find one that best suits their specific needs.
There are several factors to consider when deciding on your compact equipment insurance coverage, including:
Insuring your machine through the equipment manufacturer versus an independent insurance group. Check to see if the manufacturer’s insurance plan covers repairs at their dealer locations with genuine manufacturer parts. Also look into the manufacturer’s total loss coverage. For total losses, some insurers will cover the greatest value of the following:
The payoff value of your loan, up to the amount of your insurance.
The actual cash value of your insured equipment.
The cost to replace your machine with one of like kind and quality.
Research which types of insurance coverage plans the manufacturer or independent insurance group offer. Find a provider that offers both physical damage and equipment protection plans. Physical damage plans are for risk associated to incidents such as fire, collision, vandalism and theft. Risk of theft particularly pertains to compact equipment because of the size of the units. Equipment protection plans for new and used machines provide protection for mechanical breakdowns beyond the expiration of your original factory warranty period and help you manage major repair costs.
Consider bundling insurance plans. With some manufacturers, a benefit of insuring your compact equipment through them is the ability to bundle plans, such as physical damage and equipment protection. Often, you can add financing and customer service agreements in the bundle, including inspections, oil changes, and regular maintenance.
Quality and promptness of service through your insurance plan. If your equipment manufacturer has a comprehensive dealer network, another benefit of getting insurance coverage through them is quick access to repair technicians and machine parts. This can reduce machine downtime and lost revenue in the event of an equipment breakdown or damage.
All things considered, it is critical to insure your compact equipment. While insurance coverage certainly factors into the total cost of ownership, it can also significantly reduce that cost throughout the life of your machine.
For more information on insurance options for your compact equipment, visit us online or contact your local Cat® dealer .
We’d like to hear more about your experiences in researching insurance options for your compact equipment.
Have you considered the total cost of owning and operating a machine?
Have you ever researched coverage? What types of coverage do you look for when considering insurance plans for your compact equipment?
Have you purchased independent insurance group coverage plans for your compact equipment? If so, how satisfied were you with the coverage?
Have you purchased the insurance coverage plans offered by your equipment manufacturer? If so, how satisfied were you with the coverage?
Are there additional aspects or features you would like to see added to compact equipment insurance coverage plans?
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