Insurance Increase in Kubota insurance premium

[NativeSon]

I just got a email from Kubota Insurance informing me of a 35.6% increase in my annual premium. Wow, what a shock. I have never had a claim with it for anything. The premium went from $368 per year to .......wait for it.......$499 per year with a $250 deductible for an insured value of $32,000. I have had the policy for 2 years with no jump in the cost till now.

I called the office and was told that I could drop the insured value and the premium would decrease, which I might do, but I'm also going to shop around. Has anybody else seen this kind of increase in insurance for their tractors?

Charlie

 

[Redbug]

Hi Charlie...

Yes, It happened to me also. I debated about renewing the policy. Then they called me asking if I was going to renew since it was a few days before it would expire. The lady said that I could increase the deductable and that would lower the cost. Their parent company's cost went up she said. I finally did renew on the last day, still mulling it over. If it goes up next year, I will not renew anymore.

 

[KTAC]

Redbug... We do not offer a higher deductible option so if someone told you we do it wasn't a licensed agent of KTAC. The deductible is $250. You can lower the equipment value which will lower your premium. For example, NativeSon could lower the policy amount (value) from $32k down to $28k and the annual premium would go from $499 to $437 for the year. Based on market values, we want to make sure you have enough value so you (hopefully) buy another Kubota in the event of a total loss. Due to Tier 4 engine prices for new models, not just Kubota, some older models are holding their value better.

Yes. There was a price increase last August but we were way underpriced based on the coverage we offer and claims paid. I don't know what every insurance company charges but I have heard we are still very competitive when you compare what we offer. Most of us, including me, are skeptical of insurance companies. If anyone has experienced a claim filed with us, you know the difference between KTAC and most other insurance providers. The best way I can put it is... We are owned by Kubota. :thumbsup:

 

[HeLa]

I just got a email from Kubota Insurance informing me of a 35.6% increase in my annual premium. Wow, what a shock. I have never had a claim with it for anything. The premium went from $368 per year to .......wait for it.......$499 per year with a $250 deductible for an insured value of $32,000. I have had the policy for 2 years with no jump in the cost till now.

I called the office and was told that I could drop the insured value and the premium would decrease, which I might do, but I'm also going to shop around. Has anybody else seen this kind of increase in insurance for their tractors?

Charlie

my insurance rates have gone up considerably across the board over the last two years (auto, home, personal articles, health) and i've personally wondered how the KTAC insurance has been so affordable. i haven't personally filed a claim, but based on the quality of service and breadth of claims covered that i've read about here, - i've been surprised that KTAC is as affordable as it is.

sounds like it might have been a little too good to be true (or sustainable)

 

[ultrarunner]

We just placed 30k insurance on the new L3800 and attachments.

Found adding it onto the Farm policy with a 3k deductible was $102 per year

Biggest worry is a total loss from theft, fire or a tree might fall on it.

 

[KTAC]

Agree with you... We get the "you will cover THAT" about once a week when someone calls us to file a claim because not every insurance provider covers what we do. As most of you know, I won't lie to make KTAC seem better than a legitimate (good) policy. Most farm policies provide you the protection you should want on a $30k tractor and the price is good since you are just adding it to the existing policy. That being said, the claim process is probably better with us since we deal directly with the dealer and cut out the middle man (don't have to wait days for someone to inspect the unit). An agent with another insurance provider doesn't care if you repurchase a Kubota in the event of a total loss.... we do! That gives you, the policyholder, the comfort of knowing your insurance agent doesn't want to screw it up. :thumbsup:

 

[jeff9366]

What does KTAC stand for? I have often wondered.

 

[KTAC]

KTAC stands for Kubota Tractor Acceptance Corporation (aka: KTAC Insurance Agency). Some of the tenured employees here at Kubota don't know and never ask so I appreciate the question. :laughing:

 

[Kenneth in Texas]

Use the farm bureau here and just got the renewal and it was $96 for the year, $1000 deductable, value of tractor and attachments $16.5k, it has rose though since it started out 5 years ago at $58 a year.

 

[ritschner]

I have found cheaper insurance than KTAC but it is not that much cheaper and they only covers my equipment on my property. Since I do some charity work for a veteran and church plus the occasional trip to my dad's place I need road and off property coverage. KTAC is the only one that I know who does that for the price.