Insurance insurance coverage?

[drybar]

ok....they were good enough to finance my new R3644 tractor with loader, b ut they want some coverage to insure that if she's lost or burnt or stolen or rolled into a little green blob.....they are covered. so.....any of you ol' boys know which way to go? buy their coverage or get it with our home owners...some have said the finance guys were really reasonable.....what have you found? who and where is the best way to go...>?
the manufacturer money was hard to turn down
well gotta' go...headin' to town for some wax....boy is she pretty....gonna' put a shine on er'....

 

[montanaman]

You have to do the leg work for this on your own but I can tell you that I have yet to have a customer that the finance people will insure it for less than their home owners insurance would cover it!!

They make it easy because you can have it in with the payment but I'm betting you will find savings in having your own company cover it for you.

Ken

 

[drybar]

ok...then done some checking and you are right ken......seems to be cheaper to go thru your own home owners......about the same price as the road bike I ride......sure wish they would price it at the top speed rating....but......no way. might loose it in a shop fire or someone might run off with it.....but I don't think I'll be bending any fenders on it....

 

[McDenny's]

When I renewed my home owners my insurance guy came to the house. I told him I wanted to put insurance on my tractor and the attachments in case of a fire or theft. He asked if I was going to use it "commercially" I said no, he just raised the coverage of my home up to cover the tractor and my premium went up a few dollars. That worked for me. I actually didn't know you could do that until he recommended it. It is nice to have a insurance company that doesn't try to sell you a policy for everything you own.


Dennis

 

[drybar]

said they would charge $95 per year for a rider to existing policy......
is that about what you paid? thats $7.91 or so per month....was yours that much? replacement cost was for $19,000 is that in the ball park? just curious...thanks dennis
don

 

[McDenny's]

My insurance agent never even mentioned a "rider" policy. I am not exactly sure what replacement cost would be for my tractor, around 25,000 I would say with the loader on. He was over one night and we were talking about life insurance, thats when I brought up needing insurance for my tractor. He asked me the value, I told him, and he said he will just up my insurance coverage. I already had a higher insurance coverage for the house because we built it and we valued it at appraisal price. If I ever plan on doing "outside" work with it, I would put a policy on it allowing me to do work at other places and covering it in case something happened. I have my truck, the wifes car, my motorcycle, and my house all through the same agent which makes it handy and convenient.

Dennis

 

[Texasgreen]

I put my 4940C on its own insurance policy. I insured it for the list price of $31,000.00 even though; I only paid $26,500.00 for it new off the lot. I was told that if put my tractor on my home owners policy and its happens be stolen or destroyed in any way form or fashion and it’s not on my property it would not be covered under my home owners policy. I use my tractor a lot off of my property so it’s on its own policy and covered to the max for anything that could ever happen to it. I paid $0.36 cents on every hundred dollars of coverage with a set value of $31,000.00. You do the math.

 

[drybar]

texasgreen...
you did good then....cause I paid .50 per hundred.....and its just a rider policy which means I can't use it comercially or off my property. well.....live and learn... I guess it pays to communicate with you guys and get some info and then make a move..... .36 per $100 is really reasonable....and your covered much better than I am.....
thanks for the imput.....appreciate it..

 

[Texasgreen]

Drybar,

I have always used Farm Bureau Insurance for all of my equipment. Farm Bureau has always had the best insurance rates for me here in Texas. I did look at other insurance firms and none of them could beat FB.

 

[Catman1]

Texasgreen

F.B. would not insure my tractor here in Colorado unless they had my house policy. Was that true with you?