Insurance Insurance on new tractor yes or no?

[CHF4]

CHF4, why would you want insurance? This is a question you need to address before you buy. Not all cover the same.

On the tractor you described: working tractor with a door open..catch something and there goes a thousand of so dollars. Or you have a side mount cutter on it and a pin comes out and it swings into a fender busting it and there goes a thousand dollars (this we mine) , or you make a bad turn and roll in a ditch not good for the cab or operator amount could be major and or course the two and four legged pest. There there is liability coverage just in case you have any kind of accident damaging someones property.

You will enjoy a cab tractor most of the time but pretty weather and limbs will make you miss it. Cab of course helps protect from the weather, gives you cleaner environment from dust and sprayer mist and the flying insects such as wasp and well just bugs. Again, congratulations.

Thank you. Good info & things to think about for sure. I have a smaller/older 40hp open station that I can enjoy pretty weather with or low profile stuff.

Hopefully the sunroof (visio roof) will help with limbs.. but I’m sure there will be some learning curves..hopefully none too expensive.

I am looking forward to not breathing the pasture pro selective weed killer for the horse pastures when needing to spray. Also with our bottom flooding some this past yr a couple times it sure will be nice to not eat a few pounds of dirt. I lucked out this last year and was able to mow them while demo’ing a couple cab tractors. It was a dust storm while mowing. Had to scrub down and pressure wash the tractors it was so bad.

 

[CHF4]

After reading all of this it would be nice to find a policy which wasn’t super expensive which would give about 20k in coverage with a decent deductible. I wouldn’t want to use my home owners much with a 1k deductible, that’s for sure.

Re the 30% of coverage, I’m thinking that is the additional structure policy vs personal property (at least that is how it’s with mine). But, I have additional policy/structure coverage if needed to cover some sheds & older barn.

 

[CHF4]

one thing that wasn't mentioned. If you intend to finance your purchase. The finance company may want more coverage than your current policy offers. They may ask for you to show proof of your coverage as well

Surprisingly, the dealer financing needs insurance but another farm credit company does not if loan is under 50k (which it is). Regardless though the insurance binder I was provided should cover the dealer financing.

I should look at getting an umbrella though for liability, that probably makes sense anyway.

Thanks again for all the info.

 

[serefli1]

yes

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[George2615]

If you have a loan insurance is usually required. If you pay cash insurance is up to you. I paid cash but wanted PDI for the reasons to follow. I don't have money growing on trees to replace a stolen or damaged tractor so I have insurance. I have Inland Marine PDI (Physical Damage Ins) through CNH on my tractor. It covers my tractor for the usual fire, theft, and my main reason, cab glass on or off my property and covers my implements as well.

If you are very well off and can easily replace your tractor, busted glass, damaged tire etc. then you don't need insurance.

 

[ovrszd]

If you have a loan insurance is usually required. If you pay cash insurance is up to you. I paid cash but wanted PDI for the reasons to follow. I don't have money growing on trees to replace a stolen or damaged tractor so I have insurance. I have Inland Marine PDI (Physical Damage Ins) through CNH on my tractor. It covers my tractor for the usual fire, theft, and my main reason, cab glass on or off my property and covers my implements as well.

If you are very well off and can easily replace your tractor, busted glass, damaged tire etc. then you don't need insurance.

George, my philosophy is if replacing an item doesn't cause you financial stress then no insurance is required. If it does, then insure.

 

[George2615]

George, my philosophy is if replacing an item doesn't cause you financial stress then no insurance is required. If it does, then insure.

Richard, that's pretty much what I said, just a longer version. My money tree dried up years ago.

 

[ovrszd]

Richard, that's pretty much what I said, just a longer version. My money tree dried up years ago.

Me too my friend.

 

[CHF4]

If you have a loan insurance is usually required. If you pay cash insurance is up to you. I paid cash but wanted PDI for the reasons to follow. I don't have money growing on trees to replace a stolen or damaged tractor so I have insurance. I have Inland Marine PDI (Physical Damage Ins) through CNH on my tractor. It covers my tractor for the usual fire, theft, and my main reason, cab glass on or off my property and covers my implements as well.

If you are very well off and can easily replace your tractor, busted glass, damaged tire etc. then you don't need insurance.

Thank you. Who is CNH? What sort of deductible is common when the inland marine policy? My liberty mutual insurance covers under personal prop, without additional fee, but deductible is 1k.

 

[George2615]

Thank you. Who is CNH? What sort of deductible is common when the inland marine policy? My liberty mutual insurance covers under personal prop, without additional fee, but deductible is 1k.

This is who I insured through. When the policy came it has Inland Marine on the policy. Give them a call for details.
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital