What is your machine worth?

For plant and equipment, the sum insured should reflect what it would cost to replace the machine with an equivalent one today, including attachments you rely on. Insure it for too little and a claim can be cut back for under-insurance; insure it for too much and you pay premium on value that is not there. This calculator gives an indicative figure from the price you paid and typical depreciation, as a starting point to confirm with us.

If the sum insured is less than the machine's actual value at the time of a loss, many policies apply an average (co-insurance) clause and reduce a partial-loss claim by the same proportion. Insure a machine worth $200,000 for $100,000 and a $40,000 repair may only pay around $20,000, less the excess. Getting the sum insured right is the single best way to avoid that, which is what this tool is for.

Market value pays what the machine is worth at the time of loss, agreed value fixes a figure at the start of the policy, and new-for-old replaces certain items with new. Each suits different machines and ages, and availability varies by insurer. The estimate here is a market-style replacement figure; we can talk through which basis fits your machine before cover starts.

They can usually be listed on the same policy, but they still need a value. Buckets, hammers, augers, grabs and forks add up quickly, and the plant trailer or float that moves the machine is a real asset too. Add them here so the sum insured reflects the whole kit, not just the base machine.

It applies typical plant depreciation to the price you enter, adjusted for condition, so it is a reasonable indicative starting point, not a formal valuation. Real values move with hours, make, model, attachments and the used-machine market. For high-value or specialist machines it is worth confirming the figure with us or a valuer before you set the sum insured.