Insurance Need Tractor Insurance Help

[Gro_Kiwi]

I will be taking delivery soon on a new B2710. I called my insurance agent (Farmers Insurance) and was told they could not insure my B2710. As a matter of fact, the agent said that Farmers can not insure any tractor of any size.

So, guys and gals, what company insures your tractor? Is it a seperate policy? Is it under your homeowners plicy? Please help me out.

I understand from Kubota corporate that the Kubota insurance would cover only a financed tractor and then only for the remaing payoff.

 

[MikePA]

My tractor is covered under my State Farm homeowners policy. In fact, I had to show proof of this to get the loan from New Holland.

 

[RonR]

I think it depends.

If you never take your tractor off your property, some homeowner policies cover it.

I plan to do some business with mine at other people's places, so I need a liability and inland marine (think that's what they call it) policy.

What I found so far is it will cost me about $900 a year for theft and $1M liability coverage. Don't forget also that if you haul your tractor, the trailer and your tow vehicle need some endorsements to protect you most likely.

My truck insuranance will go up about $200 a year to cover the business side.

Sounds like a lot to pay, but if you think about all the risks you open yourself up to, it's piece of mind for me.

Good luck,
Ron

 

[Rocketman]

</font><font color="blue" class="small">( Sounds like a lot to pay, )</font>

/forums/images/graemlins/shocked.gifSounds like your agent is taking you for a ride. In a previous life, I owned a turf center/tractor dealership. My outside sales guys used to rackup 60-80k miles a year (in a pickup with two tractors on trailer) and our insurance rate for truck/trailer/tractor was about 2/3s that.

 

[Henro]

Gro_Kiwi,

There have been a couple of fairly detailed threads on this exact subject over the last year of so.

A search for "insurance" will probably turn them up...

I believe the it was generally reported that if you use the tractor on your property, if you have homeowners' insurance, you will be covered for things like theft and possibly damage you cause yourself by accident.

If you use it for business or even just to help a friend out, you are likely on your own.

There is a LOT of info on this in the archives... /forums/images/graemlins/smile.gif

 

[CTKOB]

I had a long talk with my insurance agent ,after several of his experts did some research they found that my L3130 and FEL,BH are covered as long as they are on my property.However if an implement is unhooked from the travtor it is only covered for 1000.00 . It took some digging and reading of my policy to find all this out.Good luck

 

[MadReferee]

Take a look at these threads for insurance info.

Insurance discussion
more insurance discussions

In a nutshell, if you never leave your property your tractor is probably covered by your homeowners policy for some perils (ie theft) but maybe not all.

If you leave your property or may damage someone else's property then you need a commercial inland marine policy which covers just about everything including renting a replacement while yours is being fixed.

Read the above discussions, become informed, then contact your agent. Above all, make sure YOU understand the printing on your policy since you can't always trust what your agent says.

 

[DAVELR]

I have my B2910 insured thru Farm Bureau Ins. I have a separte policy to cover tractor. I had to get this for Kubota Finance.

 

[Briarwood]

My attorney has a pat answer for almost everything I ask. His answer is, "It depends." And that is also my answer about insurance. (Hey RonR, sounds like you know my attorney!)

It depends on the insurance company. Yes there is a lot of standardization, but for special risks there are definately differences from company to company. Also, it depends on your use of the tractor as mentioned in other posts here; such as residential, farming or commercial. Sometimes it depends if it is taken off the premises.

You must depend on your agent to help you obtain the coverage you need. Tell the agent exactly what you want covered and under what circumstances. He/she should be able to offer the appropriate coverage and at a fair cost considering the exposure. If the agent is reluctant, refuses or appears to be unsure and cannot get the answers to your questions in a reasonable time, you need to find another agent on which you can rely.

General agents cannot be expected to know everything but they should be able to find out from their companies and give you a straight answer. The agent should not only be able to tell you how you are insured but he/she should be able to point out the language in the policy and let you read it yourself.

Your tractor may be "covered" per your agent's advice but you want to know "how" it is covered and "for what" perils and "where" is it covered. If you don't like the answers find another agent/company.

If you can't see it for yourself in the policy but your agent insists your tractor is covered for the risks you asked about, have the agent give you a letter on his letterhead stating how your tractor is covered signed by the agent. If the company later refuses to pay a ligitimate claim because the trator was not covered, the letter purporting coverage by the agent will get your claim paid under his/her errors and omissions policy. Make sure the agent has E&O coverage. I would never do business with an agent that didn't have an E&O policy.

And remember, "IT DEPENDS!" /forums/images/graemlins/wink.gif

 

[frank_f15]

that is the way it was explained to me by my agent. as long as u are not for hire , u are covered the same as any other peic of equiptment on your property or off for that matter.