How much do you insure your tractor for???

[IslandTractor]

I have an inland marine insurance policy on my tractor, BH and FEL. I just saw the updated policy and see that the 2007 Kioti DK40se with loader and Woods BH90x are insured for a total of $24,000 (actual cash value basis) minus 500 deductible. I know that is probably 6000-7000 less than what new replacement would be and that with a total loss, I would probably need to buy new as there just aren't that many used Kioti DKs out there. On the other hand, 24,000 is probably a fair used replacement price for similar 7 year old machine with 450 hours.

1) Do you have coverage for your tractor that is more than just part of your household insurance?
2) What sort of replacement cost/loss payment basis is covered?
3) What do you pay? Mine is $209/yr.

Finally, anyone ever have to collect on one of these policies?

 

[Citydude]

My 2008 Kubota L3400, Howse 6' rotary cutter and new 18' H&H trailer was $425.00 a year. Commercial insurance since its owned by my business. $500.00 deduct, replacement is "fair market value". Liability included in this.

commercial liability on my 2008 ford F250 and replacement of "fair market value" was $1000.00 a year. Another $500.00 if I were to let employees drive it. I chose to not have employees drive it.

 

[mred]

1) Do you have coverage for your tractor that is more than just part of your household insurance?
I called my home owners agent and was told my tractor would be covered under my homeowners

2) What sort of replacement cost/loss payment basis is covered?
Good question maybe I should ask :-(

3) What do you pay? Mine is $209/yr.
No additional charge

Finally, anyone ever have to collect on one of these policies?
Never had to and I hope I don't

 

[IslandTractor]

I use my tractor off my own property so decided to get the commercial marine inland policy. I don't actually do commercial work but use it at a conservancy farm and to help out neighbors so felt my homeowners wouldn't cover me off site. And, for $209/yr it seemed a reasonable risk to avoid.

 

[Gary Fowler]

I had to carry a separate policy for my LS before I paid it off because my home owner policy wouldn't cover the actual cost. Now that it is paid for, I don't carry any insurance other than home owner insurance. I have driven farm tractors all my life and never seen one wrecked or stolen. I don't worry about theft because I am most always home and have a nosy neighbor that keeps a look out on everyone around them.

I and my neighbors all have plenty of guns to deal with criminal trespassers also, so we are protected by Smith and Wesson, Remington, Winchester, Colt, Browning and probably a few more folks.

 

[Capricious]

Good questions.

I don't want theft/damage coverage on my little ole beat-up tractor. Will "self-insure" for that.

Liability is another matter. I have an umbrella liability policy covering home & autos, and liability coverage on the land where the tractor will actually be used, but the policies are from (2) different companies. I will have to check on the land insurance to see if the tractor is covered for liability on the land.

By the way, the home owner's people (State Farm) would have covered the vacant land for liability under my home owner's policy EXCEPT that I hold title to the land through a trust company, and simply because of the way the land is titled State Farm wanted over $1,000.00 a year for liability coverage on vacant land with no structures of any kind. Basically, they said I had to have a commercial policy (even though there is no comercial activity) unless I titled the land in my own name.

Finally found a timberland owners association with a group policy that would cover the land for about $180.00/year.

 

[MinnesotaEric]

My 2008 Kubota L3400, Howse 6' rotary cutter and new 18' H&H trailer was $425.00 a year. Commercial insurance since its owned by my business. $500.00 deduct, replacement is "fair market value". Liability included in this.

commercial liability on my 2008 ford F250 and replacement of "fair market value" was $1000.00 a year. Another $500.00 if I were to let employees drive it. I chose to not have employees drive it.

Sigh. I'm getting quoted $2300 like they are doing me a favor for just my tractor.

 

[IslandTractor]

Good questions.

I don't want theft/damage coverage on my little ole beat-up tractor. Will "self-insure" for that.

Liability is another matter. I have an umbrella liability policy covering home & autos, and liability coverage on the land where the tractor will actually be used, but the policies are from (2) different companies. I will have to check on the land insurance to see if the tractor is covered for liability on the land.

By the way, the home owner's people (State Farm) would have covered the vacant land for liability under my home owner's policy EXCEPT that I hold title to the land through a trust company, and simply because of the way the land is titled State Farm wanted over $1,000.00 a year for liability coverage on vacant land with no structures of any kind. Basically, they said I had to have a commercial policy (even though there is no comercial activity) unless I titled the land in my own name.

Finally found a timberland owners association with a group policy that would cover the land for about $180.00/year.

Glad I posted the question. Now you have me thinking. I called my inland marine insurer and they cover only the actual tractor TLB for physical damage. They don't cover liability. I have an umbrella but I'll need to clarify with that other insurer that I am covered for any damage I do while off my own property. Somehow I had thought the inland marine policy did that but that is not the case.

 

[JBourquin]

I think I pay somewhere around $92 /yr to add it to my homeowners.

 

[Capricious]

Interesting reading:

http://www.iiabl.com/Information/Pages/InsuranceInfo/AskMike/Ask-Mike-2013-12.pdf


Note links at bottom.