KTAC Insurance Agency- A Kubota-Endorsed Insurance Program

[Gem99ultra]

re: PRICE INCREASE

KTAC insurance is definitely a "good" policy. BUT - get ready for Sticker Shock! They've increased their rate 30% as of August 2013.

I sure don't remember getting a 30% pay raise. And I don't remember anyone else' prices jumping 30% since last year. Their price increase definitely calls for shopping around for equal coverage at a better rate. In fact, after talking to my homeowner's insurance agent, I find that my tractor (and everything else in my workshop) is covered exactly the same other than flood insurance - which is a separate policy here in the US.

Perhaps their new price schedule is fine for everyone else, but I'll have to give that issue serious consideration.

 

[KTAC]

Gem99 ultra,

Not knowing your specific insurance coverage, I will say there isn't a homeowner policy I have seen that provides the same coverage as KTAC and has a $250 deductible. For example, a "typical" homeowner policy will not cover equipment while it is off the property, including during transit, accidental damage, and you already mentioned flood (you don't have to live through a hurricane to experience a flood). If you have found a policy that covers all of this, I would ask you this... Do you want to risk your rate going up on insurance meant to protect your home if you do need to file a claim? This is one reason we don't have our vehicles insured on our homeowner policy (and I usually don't use my van in the field... usually). :thumbsup:

To reduce some of the sticker shock, keep in mind an annual policy for a $20,000 tractor is still only $312. One payment and you have peace of mind for 12 months.

All this being said, I agree everyone should consider all options when getting insurance for anything. The main goal is for you to remain a Kubota Customer! :thumbsup:

 

[Gem99ultra]

Thanks for your response. And I assure you, I'm sold on Kubota. Great products. And, you are correct in that my home owner's policy does not provide coverage for off-property or in transit. A separate schedule is available at a minor cost, however should I feel a dire need for that coverage. Otherwise, there is no additional cost for insurance coverage for my tractor and any/all other equipment on the premises - at replacement cost, not depreciated value.

The very thing that bothers me most is getting a 29.7% increase dumped on me over last year. I'm sure KTAC likes to tell the story about how they've struggled to hold down cost over the last few years and haven't had increases, etc., etc. So have I and so has every other working man. On the other hand I can't think of a single other product or person's income that has increase 29.7% over last year.

I have not concluded that I will not purchase KTAC coverage for next year. But for sure, I will shop around as I have already with my home owner's carrier.

I am particularly sensitive to hurricane damage, having gone through 5 major hurricanes while living down in the Texas Gulf Coast area. That's one reason that I've retired in Georgia two years ago. And hallelujah - we've 'only' had three tornadoes here in the last 2 years That's jumping from the fire into the frying pan! Needless to say, NOT every decision I've ever made has turned out to be correct.

Again, I appreciate your addressing my concerns and value your input.

 

[KTAC]

For what it's worth... I also moved from Texas to Georgia (5 years ago to work with Kubota) so I understand! :laughing:

 

[ultrarunner]

Tornado, Hurricane and Flood is not really an issue where I live...

What about earthquake... I guess the barn could collapse in a big one.

 

[KTAC]

Earthquake is covered as well...

 

[Apastron]

Is there an easy way to ball park the cost of the KTAC insurance? Is it based on a flat percentage of the sale or list price for a new tractor? ...or does it vary a lot by model, region, etc.? I was contemplating a new Kubota BX, and I was just trying to get a rough feel for how much I should set aside.

 

[Oiltech]

Purchased insurance on my new M7060 Friday, very easy to deal with and very simple procedure. They will also insure my Bobcat mini since I have at least one Kubota insured with them.

 

[devildog1]

KTAC insurance just sent me a e-mail that to renew my policy from February of this year to February of next year there is a $100.increase from the 2013 price I paid. Now I know everything has gone up in price but come on $100.00 more for the same policy? And no I have not ever had a claim ever going back years. Has anyone else received this price increase yet? Oh to be fair I did call and was told they were fighting an increase for years and decided that this was the year to do it, but Gee, big $$ increase. Going to see my homeowners and auto agent and bring policy from KTAC with me and to see if price and same converge can be matched.
DevilDog

 

[Gem99ultra]

KTAC insurance just sent me a e-mail that to renew my policy from February of this year to February of next year there is a $100.increase from the 2013 price I paid. Now I know everything has gone up in price but come on $100.00 more for the same policy? And no I have not ever had a claim ever going back years. Has anyone else received this price increase yet? Oh to be fair I did call and was told they were fighting an increase for years and decided that this was the year to do it, but Gee, big $$ increase. Going to see my homeowners and auto agent and bring policy from KTAC with me and to see if price and same converge can be matched.
DevilDog

Yep - I ran into the same thing 3 months ago. Their increase amounted to about a 30% jump. I don't recall getting a 30% increase in pay. Nor do I see unemployment going down 30%. I also talked with them on the phone... their only suggestion was to reduce the declared value of my equipment to hold down the price. hmmm - I really don't see that as any concession.

So - I checked with my homeowner policy carrier. Discovered that my tractor and all equipment on my land was 100% covered at total replacement value. While I like my Kubota, I'm afraid KTAC and their price jump just doesn't cut it. They'll have to make up for lost ground on somebody else - I'm not buying into a 30% price increase in one year on anything.