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  1. #1
    New Member
    Join Date
    Mar 2010
    Posts
    20
    Location
    Littleton, Ma.

    Default Insurance...You have got to be kidding me!!!

    I just noticed in my quest for a new tractor that I have to buy insurance if I finance any of the purchase. Are there any work-a-rounds on this? Can I use my own insurance? Is there a formula for figuring out how much it will be through kubota?

    I just want a tractor

    Thanks,
    Bruce

  2. #2
    Gold Member
    Join Date
    Apr 2009
    Posts
    337
    Location
    St. Marys County, Md.
    Tractor
    Kobuta B2920

    Default Re: Insurance...You have got to be kidding me!!!

    I understand where you're coming from Bruce, but you have to understand that their loaning you the money to buy the tractor, so their exposed to loss on the tractor until the last payment.

    Looking at prior transactions with my local bank and CU, both have required proof of insurance for loans on my autos and RV. This is no different.

    I've found that the insurance is quite reasonable in price, and the coverage is excellent. To summerize, the insurance does not cover abuse or normal wear and tear. Other then that, you're covered above the $250 deductable.
    Kubota B2920 tractor with RimGuard in the wheels
    Kubota LA364 Front End Loader
    LandPride RTR0550 Reverse Tilling 50 inch Tiller
    Woods RB72 inch rear blade
    Woods HC54 rotory cutter
    LandPride QH15 Series Category 1 Quick Hitch

  3. #3
    Elite Member gwdixon's Avatar
    Join Date
    Jul 2009
    Posts
    2,617
    Location
    Northern CA

    Default Re: Insurance...You have got to be kidding me!!!

    A rough rule of thumb is that the kubota insurance is a bit less than .1% (.001) per month of the purchase price. It is $250 deductible and could cover replacing the entire tractor with new. It covers the tractor off of the property as well.

    All you need is proof of insurance rather than the Kubota insurance. Some homeowners' policies will suffice.
    2009 Kubota M7040, R1s, LA1153 FEL, fork lift, 3 rear remotes, T&T
    2002 Kubota L48 TLB, 12", 18", 24" HD buckets
    2001 Kubota BX2200, Turf, LA211 FEL
    7.5' Howse 3PT disc, 88" Gearmore 4G4 box scraper, 4' box scraper, Gearmore GB85 blade, LandPride RCR2596 cutter, 6', 4' flail mowers, 6', 4' rototiller, 4' Bush Hog cutter, HD subsoiler, Bearcat 70554 chipper, Bush Hog PHD w/ 12", 6" augers, Ford 101 3-bottom plow, 8' land leveler, 6' rake, lots of misc.

  4. #4
    Veteran Member KeithInSpace's Avatar
    Join Date
    May 2006
    Posts
    1,570
    Location
    Fred'burg, Virginia
    Tractor
    Kubota BX2230

    Default Re: Insurance...You have got to be kidding me!!!

    This is a little different than the OP's issue, but I found that the typical homeowners policy only insures your tractor loss in very defined circumstances. If you park it in your garage and a tree falls on your garage, damaging your tractor...homeowners. If you park it outside and the tree damages nothing but your tractor...not covered. If you're using the tractor and anything happens to it...not covered. If you're trailering your tractor, your tractor NOR your trailer is covered by the auto insurance.

    I took out a policy on my tractor for ~$250 per year. For a $250 deductible, it covers the tractor in nearly every circumstance. If I slip down a hill and ram a tree with the FEL, ripping it off the tractor...covered. On a trailer...covered. Does an endo off my driveway while clearing snow and bends an axle...covered.

    I'm not a fan of insurance and don't pay for the "protection plan" on my TV or computer. But I've had my tractor in some tricky spots before and as dumb as I feel paying $10 a month for nothing, I'd feel MUCH dumber not having it insured and something major happen.

    But I agree with others...NOBODY is going to loan you money for an object, using that object as collatoral for the loan, and not require insurance on the collatoral. You always have the option of NOT using the tractor as collatoral, but you'd either levy the purchase against your home or pay 10 times the interestfor an unsecured loan.

    They're gonna git-cha whichever way you go.
    Kubota BX2230, FEL, Woods BH, 60" MMM, Bagger, 4' Box Blade, PHD, 8' x 20' 10k# Dovetail Trailer

    Those of you who think you know it all are particularly annoying to those of us who do.

  5. #5
    Veteran Member crashz's Avatar
    Join Date
    May 2005
    Posts
    1,024
    Location
    Eastern MA & Upstate NY
    Tractor
    John Deere 770, Bobcat 753

    Default Re: Insurance...You have got to be kidding me!!!

    If you look at the different insurance availible (private insurance, iinland marine, homeowners,etc), you'll find kubota's coverage is really great considering the price. The only thing that I don't like is that they willl not continue coverage beyond the financing period.
    I've had a wonderful evening, but this wasn't it. ~ Groucho Marx

  6. #6
    Veteran Member Redbug's Avatar
    Join Date
    Aug 2004
    Posts
    1,920
    Location
    Columbia, SC
    Tractor
    Kubota L3830HST

    Default Re: Insurance...You have got to be kidding me!!!

    I also think it is a good idea to have insurance on it. Mine has been paid off and I still feel insurance is needed in today's world. I probably would not have insurance on it if I were out in the middle of nowhere and the tractor just stayed on the one piece of ground with me and the house and it never left home.
    Dave

    "If your sport does not put grease, blood, or dirt under your fingernails, then it's just a game!"

  7. #7
    New Member
    Join Date
    Mar 2010
    Posts
    20
    Location
    Littleton, Ma.

    Default Re: Insurance...You have got to be kidding me!!!

    Thanks for the info. I'm coming down off my high horse now and going into reality...again. I am only going to finance about 5-6K so it comes at me wrong. You are all correct as to "why". And yes, it is cheap considering the risks that can become involved.

    ~Bruce

  8. #8
    Super Star Member
    Join Date
    Oct 2004
    Posts
    16,854
    Location
    First organized permanent settlement in the northwest territory
    Tractor
    2003 Kubota BX1500/2004 Kubota Bx23/2005 Kubota BX1500

    Default Re: Insurance...You have got to be kidding me!!!

    Quote Originally Posted by Bacffin View Post
    I just noticed in my quest for a new tractor that I have to buy insurance if I finance any of the purchase. Are there any work-a-rounds on this? Can I use my own insurance? Is there a formula for figuring out how much it will be through kubota?

    I just want a tractor

    Thanks,
    Bruce
    If you've never noticed this before you must have never financed a home car or any other big ticket item.
    Tractors 2003 Kubota BX1500 / 2004 Kubota Bx23 / 2005 Kubota BX1500.
    Attachments 60'' Front Blade/48'' Rear Tiller/FEL/Back Hoe /
    60'' MMM/Clamp on Forks/48'' MMM
    South of Canton Ohio L .B

  9. #9
    Platinum Member
    Join Date
    Sep 2008
    Posts
    841
    Location
    Central, AR

    Default Re: Insurance...You have got to be kidding me!!!

    Quote Originally Posted by crashz View Post
    If you look at the different insurance availible (private insurance, iinland marine, homeowners,etc), you'll find kubota's coverage is really great considering the price. The only thing that I don't like is that they willl not continue coverage beyond the financing period.
    I have Kubota insurance on a tractor I paid cash for. You can call KTAC and get insurance on Kubotas that are not financed.

  10. #10
    Super Star Member
    Join Date
    Oct 2004
    Posts
    16,854
    Location
    First organized permanent settlement in the northwest territory
    Tractor
    2003 Kubota BX1500/2004 Kubota Bx23/2005 Kubota BX1500

    Default Re: Insurance...You have got to be kidding me!!!

    Quote Originally Posted by Redbug View Post
    I probably would not have insurance on it if I were out in the middle of nowhere and the tractor just stayed on the one piece of ground with me and the house and it never left home.
    Who pays for / loose if it's solen?
    Tractors 2003 Kubota BX1500 / 2004 Kubota Bx23 / 2005 Kubota BX1500.
    Attachments 60'' Front Blade/48'' Rear Tiller/FEL/Back Hoe /
    60'' MMM/Clamp on Forks/48'' MMM
    South of Canton Ohio L .B

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