Advice - stolen tractor and brush hog/value/replac

[Ledgemere Farm]

I had a break-in about 3 months ago. The insurance company depreciated everything, but appreciated it back when I provided receipts. Everything had to be replaced with like kind and quantity. For ex. I had a Stihl 029 chainsaw and I needed to replace it with a Stihl 029. Campbell Hausfeld doesn't make the same model air compressor as the one I had stolen, but I was able to find a new one with similar features. The insurance company accepted this an an acceptable replacement. I would call your adjustor before you decide to purchase. They may make you get another New Holland in the same HP range as the one you had stolen. The only good thing about getting ripped off is that you get all new stuff. Good luck.

 

[SPIKER]

i AGREE WITH THE OTHERS

also look under e-bay and local auctions for the tractor fel combo. more than likely they will be trying to dump it fast! check with all the local dealers with in a hhundred miles and post notice . best thing is to use SN for referances, not many of us keep them but we should.

Mark /forums/images/graemlins/mad.gif

 

[Tonester]

Good advice!! I'm going out right now and writing mine down! /forums/images/graemlins/shocked.gif

 

[Docsknotinn]

Not only write them down but if you can etch you initials in the axle or paint them underneath some place. The whole thing steams me. I say we hang the low lifes from the nearest tree. If some one steals mine I sincerely hope some one else catches them and not me. Dave

 

[alvanko]

I work for an insurance company. One of the top 3 in the country for autos and commercial vehicles. I am an appraiser for damage and values such as your loss ,stolen. I always ask the model,accessories,what did you pay for it (need receipts and date). I will go to the internet and try to find the similar tractor for sale on line in your area . I also use the Interec manual. I will always call dealers in the area for their "quote" on the value of the stolen tractor. So many times the insured assumes we will buy him a new tractor when all we will pay for is the value of the "used" one that is gone. I will always give the customer the benefit of the doubt.Receipts go a long way in helping determine value.Also , photos of the tractor help a lot but very few have any. This goes for auto and trucks too.We do not insure tractors but ocassionally our insured will hit one.

 

[MikeD]

Allen If he has replacement cost coverage which he probably does under a homeowners policy he needs a quote to replace the equipment with new not used items. Your approach is correct for commercial equipment insured at ACV but he should make the claim based on the cost of replacing the equipment with new items. His cost when he bought the item is not relevent to the adjustment of his claim. It is the cost of the item today that is the basis for the adjustment under the homeowners policy. Good news for him I think. New stuff in the garage. /forums/images/graemlins/smile.gif

 

[Docsknotinn]

Not to be offensive in any way but if your insured hit my tractor the Insurance co would be dealing with my attorneys post haste if they were not coughing up full replacement cost. After all how do you hit a tractor and not be negligent ? Do you have no fault auto ins in Ohio ? Either way This is a prime example of why I strongly suggest to those I know that they Itemize their tractor if possible under their home owners. Full replacement all perils zero deductable is a bout $50 per year on 12k. Money well spent at least for my peace of mind. Kindest Regards, Dave

 

[Mark_in_NH]

</font><font color="blue" class="small">( photos of the tractor help a lot but very few have any. )</font>

Well Thats not a problem here. I have more pictures of my tractor then I do my grandchildren. /forums/images/graemlins/blush.gif

 

[jwstewar]

I wouldn't be too sure that he has replacement cost on his tractor. All of my personal contents on my house is new replacement value, but the tractor w/ its inland marine rider is actual cash value - not replacement value. They depreciate it just like a car. That keeps someone from using it for 5 years and then wire up a work light that just happened to short out and burn the tractor up (not that you would do that) and get a brand new tractor. BTW, that is on my homeowners policy and I also work for an insurance company (my insurance isn't through my employer) and that is how our policies work.

 

[MikeD]

Like you said-you are covering your tractor under an inland marine not your homeowners policy. If the tractor is used to service your home and it is not registered to go on the road you can currently cover it under your homeowners as personel property. As such it would be covered at RCV if you have the RCV endorsment for personel property. The problem is that if it is registered for on road use or used in a business manner in any way it is not covered under the homeowners and that is when you need to go to the inland marine policy with the ACV basis for the adjustment of the claim. You would have coverage on the tractor anywhere in the world as long as it was used primarily to service the insured location. This is being changed with the policies to be issued in 2004. You will have no coverage if you leave the insured premises under the homeowners policy. I expect many of us that help family and friends with our machines will be going the inland marine route. /forums/images/graemlins/frown.gif