CK30 Insurance Coverage

[DIRTCUTTER]

I just found out that my ck30 117hrs is covered by my home owers insurance.
I was thinking I needed a different type of policy just for my tractor.

[VictorW]

I found out the same thing when I purchased my CK30hst. But that coverage via my homeowners insurance is for when the tractor is stored at my home and used at my home. If you decide to trailer it for outside jobs, then the trailering and liability at some other location might not be covered.

[gpaintjr]

I was told just today that my home owners would not cover my CK30 (4 weeks old) and the premium would be at least $500.00 per year.

[Noland]

Originally Posted by gpaintjr

I was told just today that my home owners would not cover my CK30 (4 weeks old) and the premium would be at least $500.00 per year.

That sounds steep.
The inland marine policy for my CK20 and all of my implements is less than $100 per year.

[IH3444]

$500????!!!! Sounds like someone else wants a new CK30 also. hehehehe

[DIRTCUTTER]

Originally Posted by Noland

That sounds steep.
The inland marine policy for my CK20 and all of my implements is less than $100 per year.

Is inland marine a homeowners policy or does it just cover your tractor?

[dn58]

When I bought my CK20, I phoned the insurance company and they told me that it would be covered under the part of the policy that covers outbuildings and their contents. Then I told them how much the tractor and new workshop to hold it were worth. $264 CDN a year later, it's now covered. Make sure that there is not some $ limit on your policy. There was on mine.

[Noland]

Originally Posted by DIRTCUTTER

Is inland marine a homeowners policy or does it just cover your tractor?

It is an additional policy from my insurance company that covers the tractor and the implements that are listed on it.

My homeowners covers them as well but I opted for the inland mmarine policy because it is zero deductible, as opposed to the $1000 decutible on my homeownwers policy. The $1000 deductible would not do me any good if someone were to steal my box blade, etc..

[MadReferee]

Originally Posted by DIRTCUTTER

Is inland marine a homeowners policy or does it just cover your tractor?

It is a type of insurance policy not related to a homeowners. Do a search here on TBN for "inland marine". You will get plenty of hits and some very good explanations of what it is and isn't. There are several types of inland marine policies. I have a commercial inland marine policy even though I do no commercial work. It's what's covered that makes the IM policy attractive, and it's relatively inexpensive too..

[bluechip]

I ask my customers to check with their ins. agent. Many will say it is covered thinking it is a garden tractor. some will cover the value, but most will charge additional premium. Kioti Finance( agri-credit) offers competitive insurance during the loan term and we have aobut half taking that after they check with thier agent. Where the tractor is used (on or off you own scheduled property) also plays a part. Now for what I hear of insurance lately, high deductible is best that way you won't be tempted to do something immoral that will prevent you from ever getting insurance again, like actually filing a claim. I have had an agent tell me that you have a very hard time and pay high premiums if you ever filed a claim on your homeowners. not only that, but you may have trouble selling a property if a claim has been paid on it as the insurance companies seem to be keeping a blacklist of high risk addresses.
For years the insurance companies have been guaranteed a profit anyway, with regulators basing thier allowed premiums on losses paid plus profit, but perhaps they have realized that eventually the premiums will be so high no one can afford them. Opps, off topic, and Mom allways said if I couldn't say anything nice.....