Insuring a tractor

[RayCo]

Hi group. I inquired about insuring my tractor a few weeks back, and many people indicated it should be covered under my homeowner's. Just as a word of advice, don't go under this assumption! I called my agent and she contacted the underwriter and reported back to me that I'm only covered for liability with the tractor. So, I took out a separate policy to insure it for REPLACEMENT value, and it's under $80/year.

 

[Edstir]

Very interesting. I called my agent and he said I was covered under my home policy and that he would put the tractor addition in my file. I assumed it was for theft or loss but you may have something there about it only being liability but I was talking theft when I called him last year.

 

[638]

You need to ask a lot of questions to your agent. I found out that my BX23 is not insured for liability if the backhoe is on it and the tractor is not on my property. In other words, if I go over to church to clean the parking lot of snow, and slide into the building or someones car, it's my dollar. Remove the backhoe and put on the boxblade, fully covered. I also have a marine policy that fills in when the tractor is off of my property.

ron

 

[Grizz]

I am paying 100.00 a year through J D Credit. It's covered when it's not on my property or in transit . My agent told me anything over 40hp would not be covered on my homeowners Ins

 

[8561]

You need to ask a lot of questions to your agent. I found out that my BX23 is not insured for liability if the backhoe is on it and the tractor is not on my property. In other words, if I go over to church to clean the parking lot of snow, and slide into the building or someones car, it's my dollar. Remove the backhoe and put on the boxblade, fully covered. I also have a marine policy that fills in when the tractor is off of my property.

ron

You might want to double check that inland marine policy. I will be very, very surprised if it will cover in the scenario you describe, such sliding into a building or into someone's car. Inland marine policies are property policies, not liability.

By the way, I can't conceive a way that a tractor parked at your home isn't covered under a standard homeowner's policy for fire and theft. Some may argue that collision would not be covered without an all risk contents endorsement, in my opinion, in depends on the scenario. Getting a coverage opinion from an underwriter is risky at best, coverage opinions should be issued by a claims department. They're the ones who make those decisions and are up to date on coverages.

I've read an awful lot of policies in my day, I've never seen a reference to a backhoe creating an exclusion. I'm not saying it doesn't exist, but I would request they quote the exclusion in the policy that suggests that.

 

[638]

The marine policy does not cover for liability, just replacement if stolen or burned, etc. while away from home. Liability is covered by homeowners UNLESS the backhoe is installed AND tractor is away from home. Backhoe on at home, liability is OK. Sorry for the missunderstanding about the marine policy.

ron

 

[Jabroni]

My BX24 is covered by the terms of my homeowner's policy as far as theft, liability, damage, cost to replace, and deductable, provided it's kept on my property.

 

[RayCo]

By the way, I can't conceive a way that a tractor parked at your home isn't covered under a standard homeowner's policy for fire and theft.

It could be in the same way that your car isn't covered by your home owner's if it's stolen off your property or burns, unless it's from a house fire. But, I really just don't know. I also wound up with an inland marine policy. I should know much more, considering I worked for an insurance company for two years, but I was only involved in commercial insurance.

 

[crbr]

Hi group. I inquired about insuring my tractor a few weeks back, and many people indicated it should be covered under my homeowner's. Just as a word of advice, don't go under this assumption! I called my agent and she contacted the underwriter and reported back to me that I'm only covered for liability with the tractor. So, I took out a separate policy to insure it for REPLACEMENT value, and it's under $80/year.

Thank you. I will call tomorrow to verify. Thank you again.
:tiphat:

 

[8561]

It could be in the same way that your car isn't covered by your home owner's if it's stolen off your property or burns, unless it's from a house fire. But, I really just don't know. I also wound up with an inland marine policy. I should know much more, considering I worked for an insurance company for two years, but I was only involved in commercial insurance.

Your car isn't covered by your homeowners no matter where it is, home or not. The policy specifically states an exclusion for any motorized land conveyence subject to motor vehicle registration. Your tractor is not subject to registration, and the policy also states elsewhere that homeowners coverage is extended to vehicles used to service the property. That's why the tractor is covered by homeowners and the cars are not.

638 - would you please request the language excluding your tractor when the backhoe is on be directly quoted by your company and post it? I'd like to see the language they cite. I would bet good money they can't produce it. This provision absolutely mystifies me, but maybe some company has produced a form I have not seen. It would sure be unusual. My homeowners has no such language, and I own a backhoe.