Insurance Tractor insurance

[Bill_Ryan]

For those who financed a tractor, what was required for tractor insurance? Did you go with JD's insurance? If so, what was the yearly cost?

Did homeowner's insurance cover it? If so, who do you have your homeowner's with?

I'll be calling my insurance agent Monday, but want to know what others did....

Thanks,

Bill

Bill Ryan
EnDeering Acres Farm
Deering, NH

[Wheeldog]

Bill,

I believe there was a thread not too long ago on the subject of insurance - maybe a search will turn it up. When I bought my Kubota I financed the purchase through Kubota credit, and I was required to show proof of insurance coverage. I told my insurance agent the cost of the equipment, that I would be keeping it in our garage, and that I would be using it only on our property. He sent me a fax stating that it would be covered, and as it turned out there was no increase in our premium. I'm no expert on insurance, but I think that many people find that their existing homeowner's policy will cover the tractor sufficiently to satisfy the finance company.

Rob

[kerr]

I got J.D. ins.,about 500 for 5 years.I must admit i realy dont know exactly what coverage i realy baught.My home shop coverage is for20k.The tractor would have doubled the cost. maybe someone will shed some light?

[caddison]

As long as your tractor doesn't leave your property and is not used for financial gain your home owners should cover it. If you hire out you will need an inland marine policy to cover the tractor as well as the property of others. Typically an inland marine policy will not be that expensive, depending on the cost of the tractor.

[Anonymous Poster]

I just checked with Allstate, who is my insurance company. They only cover $5000 of value on farm equipment under their home owners policies. You might ask your insurance agent what the 'coverage' actually means.

Kevin

[RichS]

This was also the case for my tractor purchase in NH. Homeowner covered tractor as long as doesn't leave property and used for personal property upkeep. No increase in premium either.

Rich S.

[Von]

I talked to my insurance agent (Erie Insurance) last week and asked if my tractor was covered. I gave them the value of 20K and stated that I would be using it off my property and hauling it from one house to my other house about 12 miles away. They stated that I was fully covered if I was not hiring it out, and if it was for personal use only. The trip between homes was covered as well. Was also covered at the neighbors if I was not charging, but only doing a favor. I made sure that she checked for sure and this was the answer from the main office when she called me back. Plus this is replacement cost of my tractor.

[caddison]

Kevin,

Does Allstate have a hp specification or a dollar value establishing what is farm equipment and wht is used to maintain your grounds. I'll do some checking tomorrow to see how Shelter classifies theirs.

[Branch]

I got deere's insurance when I purchased My 4300, $150.00 for three years. I talked to my State Farm agent and he said I was fully covered but when I pressed him for specifics he found out that it was covered the same way my weed wacker would be covered. If stolen, they'd replace it, nothing really more than that. For FULL coverage like roll over it would cost me over $700 per year as I remember. Deere's is full coverage. Be specific with your agent as to what you expect them to cover. Mine really didn't know what he was talking about until I pressed him to be specific.

Branch

[kevinro]

I will ask about the Allstate HP spec as I don't know about the full details. I do know that I am covered for liability, but the tractor has a $5000 limit on damage as part of the official policy. I imagine it would be a good idea to ask your agent what 'covered' really means. I find that they can be a little slippery on the details. Most homeowners policies will cover your liability. However, you need to explicitly ask about damage to the tractor itself.

Kevin