No standard rate
A new excavator working in a secured depot and a ten-year-old loader moving between remote sites present very different risks, even if their values are similar. Insurers assess each portfolio on its characteristics and set the premium accordingly, subject to their own underwriting rules and conditions.
Because we cannot know your fleet, we do not give indicative rates. Instead, this page sets out the factors that normally matter.
Factors that affect the price
| Factor | Why it matters | What helps |
|---|---|---|
| Valuation and sum insured | Premiums are generally based on the value insured, and the basis (replacement, market or agreed) affects that figure. | Keep values current and know which basis is used. See Plant All Risk insurance. |
| Type of equipment | Machines differ in how easily they are damaged or stolen and how costly repairs are. | List each item accurately with make, model and year. |
| Age and condition | Older machines may carry different valuation and condition questions. | Provide servicing records and hours where available. |
| Usage and operating conditions | Quarries, underground work, work near water and demolition may carry higher risk. | Describe each type of use honestly. |
| Location and storage | Where machines work and are kept overnight affects theft and damage exposure. | Describe sites, yards and any guarding or fencing. |
| Security measures | Tracking and immobilisers may influence terms and theft conditions. | Say what is fitted, and whether it is active. |
| Operators | Competence and experience affect accident risk. | Provide operator experience and training details. |
| Excess | Higher excesses can reduce premium but increase what you pay in a loss. | Decide what excess you can comfortably carry. |
| Transit and mobilisation | Moving plant by low-bed adds risk. | Say how often plant is moved and by whom. |
| Extensions | Breakdown cover, hired-out plant, cross-border use and special risks add cost. | Ask only for what you need. |
| Claims history | Past claims indicate how the risk may behave. | Provide an accurate history. |
How valuation affects cost and claims
Valuation is often the largest single driver of premium and also of the claim outcome. Insuring at replacement value usually costs more than insuring at market value, but would pay more on a total loss, subject to the policy terms. Underinsuring to save premium can lead to a reduced claim if the policy applies an average or underinsurance condition.
How to prepare for a plant quotation
Build a plant register
Include make, model, year, serial numbers, value and finance details.
Describe how plant is used
Say where it works, in what conditions and whether it is hired out.
Describe security
List tracking, immobilisers, fencing, guarding and where machines are parked.
Provide operator information
Summarise who operates the machines and their experience.
Share claims history
Give the dates, descriptions and amounts of any claims.
For more on what a quotation request should include, see documents for a construction insurance quote.
Common questions
Why is it more expensive to insure older plant?
It is not always. Age affects value, condition and how an insurer views the machine, and the effect on the premium depends on the insurer and the valuation basis. Provide service records and be accurate about condition.
Does a tracking device lower the premium?
It can influence theft cover terms and sometimes the quotation, but this depends on the insurer. Many policies make a working tracker a condition of theft cover, so ask what is required.
What happens if I under-declare values?
Some policies reduce a claim if the declared value is lower than the true value. Keep values current to avoid that, even if it raises the premium.
Is hired-in equipment priced the same way?
Not usually. Hired-in plant is often priced by reference to hire values and hire periods. See hired-in plant insurance.
Ready to get plant quoted?
Send us your plant register, or a list of machines and approximate values, and we will prepare a quotation request.
Get a QuoteAn enquiry does not put cover in place. Cover is subject to underwriting and policy terms.
Related reading
- Plant All RiskCover for excavators, loaders, rollers and other contractors’ plant against accidental loss or damage, subject to terms.
- Owned plantInsurance structured around a contractor’s own plant portfolio, from a single schedule to values, finance interests and changes during the year.
- What affects the cost of Contractors All Risk insuranceWhat affects Contractors All Risk pricing: contract value, type of work, duration, location, excess and claims history. We publish no premium rates.
- Hired-in plant: insurance responsibilities explainedWhy contractors should review hire terms and insurance for hired-in plant: who bears risk, damage waivers, wet and dry hire, evidence of insurance and charges.