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Originally Posted by wallace
Just to make sure you are on the right page...
The insurance you got is called physical damage insurance..
That only pays the loan on your tractor off, it will not replace it.
So month 46 of a 48 month note the tractor gets stollen you will not be responsible for the last to payments.
A lot of dealers don't mention this to you.
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Rick, the insurance we use via Agri-Credit out here in California costs $7.40/month per $10K in tractor value and is a $500 deductible actual cash value physical damage coverage. Are you sure it only pays off the loan? States vary in coverage and in costs.
Also, someone mentioned that his auto insurance would cover the tractor while it is being towed. That is normally NOT the case. They would cover it for liability while being towed, like if it falls off the trailer and rolls over someones parked car, but the tractor itself would not be insured, just like any other item you carry. Commercial carriers usually have coverage for physical damage of contents, normal auto policies don't.
Regarding HO insurance, make
sure you have coverage. Normally if there is coverage, it is stipulated carefully. Can't ever be used for business, must stay on the property and be used for the care of the property, etc. Often there is a monetary cap as well.