Insurance on Tractors?

[warcat]

I'm leaning heavily towards buying a new Mahindra 3525 within the next month or so. Since I'll be financing, I figure it's just like buying a car or boat...the finance company will want it insured- Correct?

If so, then what will I be looking at paying? Who insures your 3525, and how much does it run?

[Skyco]

Can only comment on my Kubota- my car/home insurance company told me they did not want to cover the tractor- they quoted me a ridiculously high rate to drive home that point, which was ironic because it is State FARM!
Anyway I insured it through some arm of Kubota for 1/3 of what State Farm wanted, around 150 a year IIRC. Odd thing is they will only insure it while financed, once payed off I have to find a different company

[art]

Most tractors would be covered on the home owners policy.

[Red55]

I think they don't want to insure it mostly for liability reasons. If it burns or gets stolen they may cover it -Ed

[Nissan197]

My tractor is covered on my homeowners policy while at my house. If I am transporting it on my trailer it is covered by my auto policy. It is funny how insurance companies operate. I use Safeco and they have been pretty decent until I wanted insurance while I was building my house. I was the general and they would not insure me since I had not ever built a house before. State Farm had no qualms about it, but when I completed building and wanted just a homeowners policy State Farm was quite a bit more expensive than Safeco.

[Skyco]

Originally Posted by art

Most tractors would be covered on the home owners policy.

Better double check that, depends on where you are- they sure aren't in my state.

[beersngars]

Nationwide will cover a tractor with less than 40 Hp under my home owners policy. This is in Ohio so that may vary. The only thing is, it is only covered on my property. In other words, if I'm over mowing my neighbors, it's not covered.

[Bird]

If you're counting on your homeowner's insurance, better do some careful reading of the fine print, and maybe talk to your insurance agent. The homeowner's policy may, or may not, cover it at all, and if it does cover it, it may be for fire, theft, and/or storm damage, but not cover collision, rollover, or other accidents.

[warcat]

I'm a bit confused now. I don't live at the ranch I plan to keep the tractor at. In fact I live over an hour away. Is there insurance for such a case?

[DB KANSAS]

I just bought a 5525 and got insurance through my dealer for about $7.15 per month. It is supposed to cover flood, theft, fire, tornado etc. I also live away from the land where the tractor is kept.

DB