I have a small snow blowing business. Made a mistake of hitting a car parked on the road with the bucket of my tractor. The damage is $2000. Would I be better of paying it cash or taking it through insurance? How much could've expect my insurance to go up. First accident. I have commercial policy Anybody have a similar thing happen that would like to share the experience which could enlighten my decision to go through insurance or not?
Re: Tractor insurance
If you don't know your agent very well I would speak to your agent with a "hypothetical question" and ask his advice. For me, 2 grand, I'd opt to put it through the insurance. That's what it's for.
Originally Posted by gaproperty
Re: Tractor insurance
We have our farm and equip insured with Farm Bureau. They dow typical homeowner's for house and usual possessions, each building is insured separately at a specific value. Our 70x100 I beam which serves as a riding arena and some hay storage at say $80K the 40 x100 half of which is shop other part is tack room with 1/2 bath and 3 stalls at 150K and 55 x80 storage bldg at 35K. The tractors and balers in the storage building are each insured and named sperately with a value. Insurance on these covers fire/theft and the usual things including tornado in our area. As to liabiity: they also have a farm liability rider that will cover someone getting injured or killed on our farm as well as if cattle or horses are loose on highway and someone hits them and that person is injured. Does not cover the critter value. They also included a certain number of contract or "custom" (10 baling days in my case) work days with equipment OFF our farm and en route to or on another farm. If my round baler catches fire an burns down the place I'm hired to bale it covers that. If I run over someone on their farm with the tractor that's part of the coverage as well. It's not cheap, but the whole package is a bit less than $3000 per year. That also includes typical "auto insurance" for highway use of our FL 60 Freightliner and includes 5 assorted gooseneck or 5th wheel farm and horse trailers. too So not too bad a deal over all.