Assume your residential 'Bota is insured?

Lockport · Jun 20, 2006

For the past year I had made the wildly incorrrect assumption that my tractor, used solely for non-commercial mean, was covered under my homeowners insurance. At the moment, I am pretty much being assured that it is not. Fortunantly, I have discovered this while it is sill locked in my garage. Any of you who are unsure, get on the phone and find out.

grahamu · Jun 20, 2006

Just been through this with my new B7800.

I phoned my insurance broker thinking they would want a few extra bucks to include it since it was relatively high value. They came back with a quote of something like $500 per year. The rational was that the first few thousand would be covered and after that it was $x per thousand of value (sorry can't recall the precise figures at the moment).

It turned out that there was a better way (for me at least). My 5 acres and house were covered as a 'residential property' on which, apparently, the idea of having a tractor was considered not the norm. Instead, my insurance was changed to a 'hobby farm' which therefore included a tractor, plus my animals (which also were apparently not covered before) all for about $100 per year more.

Anyway, that's my experience in case it helps.

Graham

Lockport · Jun 20, 2006

Thanks for the info grahamu. I may just use that strategy!

ByronBob · Jun 20, 2006

I wonder if this is a Canadian issue? Mine is covered under homeowners use.

AB4D · Jun 20, 2006

I contacted my Insurance Agent when I first purchase my L3430, I was informed that as long as the tractor remains on my property, I am covered through my home owner's insurance policy. I guess if your tractor is insured varies among insurance companies.

Jim

BandDcabinet · Jun 20, 2006

I agree. I contacted my carrier, Travelers Ins., when I bought the tractor. As long as it is used for the maintenance of my property it is covered for fire, theft, liability etc. If I go down the street to help a neighbor I am not covered. Canada my well be different.

FamilyFarm · Jun 20, 2006

Same here. I just purchased the L5030. I called my insurance agent from the tractor dealership to verify the coverage. Of course, he reminded me that we might need to look at my policy and raise the coverage amount for my property (this may actually be true - I need to find out), but basically as long as only on my property and not used for income, it is covered on homeowner's policy.

Sully2 · Jun 20, 2006

BX2230_Lockport said:
For the past year I had made the wildly incorrrect assumption that my tractor, used solely for non-commercial mean, was covered under my homeowners insurance. At the moment, I am pretty much being assured that it is not. Fortunantly, I have discovered this while it is sill locked in my garage. Any of you who are unsure, get on the phone and find out.

I hadnt thought of it one way or another UNTIL I financed mine. Kubota Corp wanted a copy of the insurance policy forwarded to THEM as the lien holder...

Insurance man wrote up a "rider" to go on my homeowners insurance ( I have sevral such "riders"...and it costs me $60 a year..dont matter if its wrecked..stolen..burnt up..whatever.

RobJ · Jun 20, 2006

AB4D said:
I contacted my Insurance Agent when I first purchase my L3430, I was informed that as long as the tractor remains on my property, I am covered through my home owner's insurance policy. I guess if your tractor is insured varies among insurance companies.

Jim

Yep, this came up not to long ago. If on the property fine, if the trailer is stolen from someone elses place, I don't think so.

grahamu · Jun 20, 2006

Might be Canadian related. However, the biggest issue wasn't specifically that it was a tractor, it was the value of the tracor. In other words, because my property was previously defined as being a 'house and garden' the property limits associated with the insurance were aligned with that norm (i.e. a couple of grand for a ride on mower). As soon as my place was reclassified as a 'hobby farm' having 20 grands worth of tractor was then the norm.

Graham

Assume your residential 'Bota is insured?

Lockport

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grahamu

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Lockport

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ByronBob

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AB4D

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BandDcabinet

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FamilyFarm

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Sully2

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RobJ

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grahamu

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