What type of coverage to place on your tractor

   / What type of coverage to place on your tractor #1  

kootch88

Platinum Member
Joined
Feb 17, 2012
Messages
591
Location
Gray, Me
Tractor
2012 Mahindra Max 22, JD Stx38, JD Stx46
Some of you folks probably need to have insurance on your tractors. Farm polices have coverages I am not familiar with since I do not sell that type of coverage, but many of us are regular homeowners who think their home policy will cover their tractor may find themselves out of luck. It will cover, as long as it is a named peril loss or theft. But if you are hauling it down the road and it ends up in the ditch or you roll it over and total it you are out of luck.

I placed what is called a Personal Articles Policy on mine with a rider for mobility which would cover all of the above and it is replacement, which means if 3 years from now I had a loss, I wouldn't be replacing it with an unknown used tractor, but a comparable replacement. The cost for my Mahindra Max 22 with FEL and MMM was 180 bucks for the year, well worth it to me with the amount of traveling I do between homes.
 
   / What type of coverage to place on your tractor #2  
As long as I am on my land it is fully covered.
 
   / What type of coverage to place on your tractor
  • Thread Starter
#3  
Murphy, if you rolled your tractor it would not be covered under your home policy, it is not a named peril. If you have a farm policy there may be provisions I am not aware of since I do not write that type of policy. If you hit your tractor with your car it would not be covered. The list is endless since the home policy has so many limitations.
 
   / What type of coverage to place on your tractor #4  
I use Equipment Insurance International, a marine inland policy that covers my tractor and FEL wherever it may be... at home, on the road, my other property or on someone else property. It covers everything except maintenance and repairs due to wear, for $125 a year with a $250 deductible.
 
   / What type of coverage to place on your tractor #5  
100% payoff coverage and accident. Also tractor fully covered for anything except mechanical damage 100 miles or less from home. 2 different policys. CJ
 
   / What type of coverage to place on your tractor #6  
Some dealers cover any tractor that they carry papers on..but that coverage ONLY pays off the loan. your left with a destroyed or semi useless tractor.

I paid cash for my tractor, so i wanted coverage for it. I checked Progressive, state farm and farmers ins carriers, and NONE would include it in a standard homeowners policy. My current state farm FARM policy didn't even cover it unless it happened to be inside a covered building that burnt down. Basically it requires it own coverage. For about $250/year, i have $45,000 worth of coverage on the tractor, snowblower and plow. It also gives me commercial coverage so i can plow our association roads AND other peoples driveways without fear of losing my house.Its a inland marine rider ... the same as i have covering my commercial shop.

Basically any specialty item (jewelry, guns, cameras, tractors,etc) under standard and even most farm policies require separate riders. I was told that larger farms/ranches have different policies that cover a wide range of equipment. While your existing truck insurance WILL cover any damage caused by your tractor while it is being towed on your trailer...it WONT cover YOUR tractor.... only any damage your tractor does.

Bottom line... for $250/yr why risk it. Now if a tree breaks off and destroys the glass cab... i pay $500 and the insurance pays the rest. Also...an interesting note on the policy. If i DAMAGE the loader while plowing or snowblowing....im COVERED for the repairs. If i wreck the blower during use...IM COVERED for repairs (less the $500 ded).
 
   / What type of coverage to place on your tractor #7  
I just added it as personal property, named on my homeowners policy. I think I pay about $150/year for $26,000 coverage and I'm covered whether I'm at home, trailering or on someone else's property. The only thing I have to keep in mind is, I didn't go with the commercial coverage so I can't be working for money. I figured that is fine, because the only work I do off my property is at my parent's house or at a friend's, and I'm not working for money. I might not pass up a cold beverage afterwards, but not for money :D. Very well worth the money in my opinion!
 
   / What type of coverage to place on your tractor #8  
Mine are covered by liability between farms and fully covered while on our properties. I had to check with my agent to verify.
 
   / What type of coverage to place on your tractor #9  
Some dealers cover any tractor that they carry papers on..but that coverage ONLY pays off the loan. your left with a destroyed or semi useless tractor.

I paid cash for my tractor, so i wanted coverage for it. I checked Progressive, state farm and farmers ins carriers, and NONE would include it in a standard homeowners policy. My current state farm FARM policy didn't even cover it unless it happened to be inside a covered building that burnt down. Basically it requires it own coverage. For about $250/year, i have $45,000 worth of coverage on the tractor, snowblower and plow. It also gives me commercial coverage so i can plow our association roads AND other peoples driveways without fear of losing my house.Its a inland marine rider ... the same as i have covering my commercial shop.

Basically any specialty item (jewelry, guns, cameras, tractors,etc) under standard and even most farm policies require separate riders. I was told that larger farms/ranches have different policies that cover a wide range of equipment. While your existing truck insurance WILL cover any damage caused by your tractor while it is being towed on your trailer...it WONT cover YOUR tractor.... only any damage your tractor does.

Bottom line... for $250/yr why risk it. Now if a tree breaks off and destroys the glass cab... i pay $500 and the insurance pays the rest. Also...an interesting note on the policy. If i DAMAGE the loader while plowing or snowblowing....im COVERED for the repairs. If i wreck the blower during use...IM COVERED for repairs (less the $500 ded).

Who do you have your coverage with.
 
   / What type of coverage to place on your tractor #10  
I have $50,000 dollars in total loss coverage on the barn every thing in it. This covers power tools, hand tools, implements and the tractor. The coverage is only good while the machine is on our property.
I don't know what it cost as it's bundled together with the cars and home owner's insurance.
We also have $2,000,000 coverage in a liability umbrella policy.
 
 
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