Insurance Buying new Kubota, Now I Have a Insurance Problem

[kwasimoto]

Been looking at posts for a while, have gotten a lot of good info from everyone on the site, Thanks!

Maybe someone has some good advice for this situation.

I have gotten my best deal on a BX-23 from Emerichs in NY. I want to take advantage of the 0% financing deal from Kubota. I am told that Kubota will file with the secretary of states office that they have an interest in a machine on my property.

The problem is, I have enough insurance coverage on my personal property from my homeowners insurance, but my agent says that Kubota cannot be listed as a lien holder on my policy. She tells me I need to schedule it as personal property. This means I am insuring it twice, no way do I want to do that. My agent says that she can let Kubota know that we are insured for $200,000 of personal property, and BX23 serial number XXX will be covered.

According to the salesman Jim, who I have good luck with it seems that Kubota wants to be listed specifically as a loss payee.

/forums/images/graemlins/confused.gifHas anyone experienced this situation, and how did you handle it?

I guess I could get the insurance and then cancel it once I got the machine. I don't know if it is like a home mortgage and the loan company will secure insurance for their interest and apply it to your bill.

Thanks in advance for any advice.

Mike

 

[jcollins]

There is a form in Kubota Showroom that your salesmen can print out and give you to fill out showing you had insurance coverage. I would forward the form to your insurance company and have them fill it out and then fax the form to Kubota Credit Corporation to see if it would work for them. Hope this helps.

 

[gsxr1100]

Welcome to TBN! /forums/images/graemlins/smile.gif /forums/images/graemlins/smile.gif /forums/images/graemlins/smile.gif

I also bought my BX (22) through Jim. Very nice guy. I did have an issue with my then insurance (travelers / premier) & then switched to Metlife.

That is one odd one. I did not have any issues with Metlife and I did not see any paperwork etc. But Jim is correct. If you BX gets stolen, fire damage Kubota wants the $$$, not the insurance.

All I needed was what they call a “Rider" and everything was fine. I also do not know if Kubota would even know if you stopped the insurance I am assuming they would but how.

Tell Jim I (burnickas) said hello.

 

[Devildog]

Kubota has a policy that is fairly reasonable that I went with. When I found out that my home owners didnt cover the tractor completely I went with the kubota insurance. I think I paid about $190 for a year.

 

[ByronBob]

I bought my BX it didn't even come up in conversation during the paperwork closing. This is strange indeed to me anyway. I did call my insurance agent and they said if it's being used at my home then nothing additional was required for coverage.

 

[btolle]

First, when you cancel any insurance the insurance company will automatically notify any lienholder of the cancellation. Don't try that route. They can actually repossess the tractor if you fail to keep it insured.

Second, investigate your Farm Bureau. I joined the Jasper County Farm Bureau for $35 a year. Even though it is a national organization you have to join your county or state chapter.

Once you are a member of the Farm Bureau you are eligible to purchase insurance from a Farm Bureau agent. They understand tractors and implements.

I pay $52 a year for about $13,500 worth of coverage. The policy lists the tractor and each implement by brand, model, and serial number. It covers anything that happens to the tractor other than an act of war.

It does not provide liability insurance, and coverage is limited to within 50 miles of the address on the policy.

Bill Tolle

 

[TonyV]

Hi Mike. I had the exact same issue when I purchased my L3400 earlier this year. My homeowners insurance said that the tractor would be covered under my current policy, at no extra charge, and is considered personal property as long as I don't use the tractor for business. Yes, Kubota does want to be listed as a loss payee. All this means is that if something were to happen to the tractor, that the insurance company cuts a check to Kubota directly. As long as you've got enough personal property protection on your policy, this should not be a problem to do, but what I don't understand is 'why you would be paying for coverage twice?'

Oh...and welcome to the forum, Mike! /forums/images/graemlins/wink.gif

...Tony

 

[kwasimoto]

I would be paying twice because it is covered under my homeowners, but I would need a second policy just for the tractor to have them list Kubota as the loss payee.

My agent says they will not list a loss payee on a homeowners policy.

 

[Junkman]

If that is the case, then ask the insurance agent what the name of the mortgage company is doing on the policy. The insurance agent has his/her head in a dark place. The insurance company doesn't care how many loss payee's there are on a policy. It doesn't cost them any more money to add one or a hundred. They just don't like adding additional named insured to the policy, since this increases the risk exposure.

 

[Jim_Slagle]

I ran into the same problem with State Farm.

Jim