Insurance KTAC Insurance renewal with 30% rate increase?

[JoeG]

I just received an email from KTAC about my expiring policy informing me about my renewal and how I can pay for it. I was shocked when I saw that the premium increased 30%. That's 30% higher than last year and considering that the value of my 10 year old BX23 has decreased the rate increase is even higher than that.

No claims, just premium year after year. Looks like I'm done with this coverage. Has anyone else received rate increases? What alternatives are out there?

I'm just looking for catastrophic coverage, even a high deductible would be fine.

 

[devildog1]

Yes this is true and well talked about, do a search for KTAC and enjoy the reading.
DevilDog

http://www.tractorbynet.com/forums/...ktac-insurance-agency-kubota-endorsed-12.html

 

[Gordon Gould]

I have mine covered by a rider on my homeowners policy. Only good on my own property. Pretty cheap catistrophic coverage.

 

[jim44]

This sounds kind of like an experimental bait and switch type of operation. Real happy to insure your equipment for low premiums. BUT WAIT! If I'm not making a bunch of money after a year or two, I'll just raise your rates enough to compensate, and the previous contract goes down the crapper.

 

[Gary Fowler]

This sounds kind of like an experimental bait and switch type of operation. Real happy to insure your equipment for low premiums. BUT WAIT! If I'm not making a bunch of money after a year or two, I'll just raise your rates enough to compensate, and the previous contract goes down the crapper.

If you own a home and have insurance on it, the home insurance usually is good for 10% of insured value for an outbuilding and machinery. Check with you HO policy and you may have all you need without the additional policy. I had to get additional insurance for my LS ($35K purchase price) because it was $10K more than my homeowner policy would cover and since I took the 0% for 24 months that is all the insurance coverage I wanted. I don't insure any of my machines now, I would just accept the loss if more than my policy would cover. I have driven tractors for over 50 years and never had anything happen that insurance would be needed, so in my old age, I am betting with the insurance company that nothing would happen.

 

[davrow]

My homeowners will only cover $5,000 regardless of value of tractor. But they provide liability and that was my primary concern.

 

[unbidden]

Look into home-owner / farm insurance. Some specific to farm have reasonable coverage riders for tractors. Though I do use KTAC my Farm Family Ins does have an available coverage rider.

 

[TSO]

I just added an "Inland Marine" rider thru State Farm. The cost was $1.15 per hundred $ of value insured ... for the yearly premium, for Collison or loss incidents on your property. $1.25 per hundred for anywhere you go.

So for example, let's say you value the BX @ $10k... (divided by $100= 100). So $100 x 1.25 = $125 for the year, roughly $10.42/mo.

That's with $0 deductible. There was a 10% premium discount for $100 deductible per incident; 15% discount for $250 deductible, 25% for $500.

So I just insured my new Massey cab tractor for just $32/mo with $0 deductible.

So, you do have other options besides KTAC

 

[Onemoreokie]

My increase with KTAC was a similar %this year. No claims here either. I'm disappointed but all my insurance rates have skyrocketed.

 

[the whispering oaks farm]

I insured my tractor through Farm Bureau ($33000) full coverage including transport, or street driven, with $100 deductable for $215 per year.