Advice - stolen tractor and brush hog/value/replac

[jwstewar]

It is covered under my homeowners, under an inland marine endorsement - not I said "rider" in my previous post - not policy. It is only for use on my property for non-business use. This is the same type of coverage you would get for an ATV or any other larger item. In my case they would've covered up to $6k, but beyond that I have to have the special declaration on it.

 

[Docsknotinn]

Jim thats what I have is a special declaration or sheduled under my home owners. $50 per year for all perils, full replacement cost, no deuctable. Thats for 12k of insurance. The reason I do this is I tow back and forth to my recreational property and I need it to be insured on the road in case some one rear ends me. When its on my other propertyy I am concerned with theft. I dont bother insureing the trailer. Any liability when towing here comes off the vehicle towing it but I keep an umbrella policy as well. I always try to get replacement policys as in most cases the extra charge is nominal. Dave

 

[Inspector507]

Jim,
I checked with my insurance guru and they assure me I'm covered for replacement cost while on my property and I'm covered by the auto if I'm towing. Now if I go to the neighbors property and something happens, I'm on my own.
Jerry

 

[5030]

I don't know where you live and as a new poster, Welcome to TBYNet. You need to do your Bio when you get a chance.

Anyway, insurance laws and policies vary from state to state. Here in Michigan, we have a farm policy that covers all tractors and implements for actual replacement value. Each tractor is listed on a rider attached to the main policy. Major implements are also listed. lesser value items are carried on a blanket rider. Even our feed is insured against loss, with the carrier paying replacement cost at the time of loss.

 

[frank_f15]

sorry for your theft, get a price from a dealer on the repalcement cost for the items, and if u ever find the gentelman that decided to take your machines just let me know i and iwill be more than happy to help u explain the facts of life to him /forums/images/graemlins/blush.gif

 

[jwstewar]

That is exactly how mine works except for the replacement vs. depreciated cost. When I first called my agent they said I was covered, then they weren't sure and actually called the insurance company and found that the coverage was limited to $6k, that is when we put the inland marine rider on. Satisfied New Holland request of financial coverage. I wanted to make sure that if I was towing to the dealer (or anywhere for that matter) it would be covered and they also said that it was covered by my auto insurance. Same as how my little 2 wheel trailer is covered. Now I just have to get a trailer so that I can actually tow it. /forums/images/graemlins/frown.gif

 

[Docsknotinn]

When you say covered by your auto you mean for liability and NOT for the tractor itself right ? I'd be willing to bet your auto company is not going to pay for a new tractor or anything for that matter that you are towing as their is just no way for them to cost that out. I mean you could be towing a tractor worth many times more than your vehicle. I got a LOT of miss information first and even wound up switching agents. The new trend with insurance companys is to employ really young ladys who dont know squat about ins. Really just customer service gals or phone answerers. Then they send them to a 10 minute seminar and "Pooof " they can call them agents. Here you actually have to talk to a licensed agent. Other wise your likely getting very poor advice. The first "agent" told me any thing that I put on the trailer was insured as long as I insured the trailer. When the bill came in at 8 bucks I some how concluded that if I was hauling a load of gold brick they just wouldnt cover it, or even a bicycle for 8 bucks. lol. Its a real pain. Dave

 

[jwstewar]

Anything attached to my vehicle is covered. I've towed, been around campers for many years and the couple of accidents that I'm aware of, (not mine) they were covered under the auto insurance - not the camper insurance. The camper insurance isn't collision insurance. Not sure how they make the determination of what gets covered and what doesn't, but CDs in your car is personal property covered under your homeowner's policy same as tool's in your bed that would get stolen, but yet they would cover the trailer/tractor in the event of an accident. And that was directly from my agent who did call the actual carrier to reverify.

And BTW, it takes more than a 10 minute seminar to become listed as a licensed insurance agent. It is several years of schooling.

 

[Bird]

Jim, that may be the case in your state or with your particular insurance company, but I've owned a some travel trailers, utility trailers, and boat/trailers, and that was never the case with my insurance. The car/truck liability insurance covered anything the trailer hit also, but not damage to the trailer or its contents; that was covered by the camper/boat insurance.

Now I say that because that's the way I read the policies, and the way it was always described to me by the insurance agents, but I never had an accident so never had a claim so I guess I never found out for sure. /forums/images/graemlins/wink.gif

 

[Docsknotinn]

Their is a HUGE difference now between a licensed agent and a kid who answers the phone. We have some new lousy law that lets them literally take a 10 minute seminar and claim agent status as long as they are working under a licensed agent. By law they are not supposed to dispense advice, yeah right. I know this for a fact as I was told this by the corporate HQ of my insurance co and they are haveing major problems with independent agents. I would not want to say you are wrong but it seems ilogical that they could possibly insure anything that way. How can they possible rate a risk factor on a "unknown" item that you may or may not haul ??? A camper is IN the truck a Trailer is behind. Cd's stereos etc are only covered under your homeowners if you are foolish enough to claim them. Many companys are now dropping for 1 home owners claim. YIKES ! But those items are specifically excluded on your auto policy. If its not in writeing speifically what is insured I would not take any ones word for it, But then I'm paranoid. /forums/images/graemlins/crazy.gif /forums/images/graemlins/confused.gif /forums/images/graemlins/grin.gif Dave