Insurance Insurance...You have got to be kidding me!!!

[Skyco]

I don't trust anything an insurance agent "tells" me. I want it in writing. They don't always tell the truth, sometimes they know they are wrong and just want to sell the policy, other times they truly just don't understand it themselves.
In my case the Kubota direct insurance was way less than my main insurance carrier, who flat out old me they are high because they really don't want to insure tractors. I found that odd since they are named State Farm:laughing:

 

[KeithInSpace]

I just have my homeowners policy. I ran through a bunch of scenarios with them and everything we could come up with resulted in it being covered. When it would have been trailered, it and the trailer would have been covered on my auto policy. It is all through the same company and initially they weren't sure but when push came to shove they could not sell me any extra insurance because it was already covered (by them).

? That is 180 degrees from what State Farm advised me of. If you hit something with a trailer that happens to be connected to your car, they'll cover the damage to the other guy, but not to the trailer.

Auto insurance (at least my auto insurance) doesn't just 'spread' to whatever I attach to my vehicle. If you want it covered, they need the serial number and what it is you're trying to cover. Just because I attach my $20k travel trailer to my truck doesn't mean that the AUTOMATICALLY are liable for another $20k item just because I'm towing it. I'm paying to cover the truck...not the truck plus $20k. Hence, there is a seperate policy on the travel trailer. I choose not to insure against the loss of my 20' utility trailer since I only paid $2500 for it, but the $20k investment I put INSIDE it is insured.

It must be a cold day in the devil's closet...an insurance company saying they don't want more of your money...I want some of that action...

 

[donn12]

Keith you make a good point. Travelers said if I hooked up a trailer with my tractor to my truck which is insured through them it was all covered. The other scenario I saw above was if my tractor caused damage off my property and that would either be covered under homeowners or the umbrella liability policy.
I am getting a new B series in a week or so and I am going to have this same conversation with the ins co again to be sure. I am a big believer in being over insured for big losses with big deductibles on the policy. I am comfortable being self insured for the small stuff (roll over damage etc) but I dont want to be out 25k if my new tractor falls off my buddies trailer.
Also FWIW the only 2 things they were concerned about when I bought the umbrella policy was did we own a trampoline and did we own a trampoline. Didnt care about the 2 big dogs or guns.

 

[PILOON]

One point of view to consider; is the tractor covered for full amount of purchase? or is it like mortgage insurance that only covers the outstanding debt?

I recall when mortgaging my house that term insurance for the full amount was much less costly than the bank offered policy and my wife would benefit from the difference should I have died.

 

[rpraymond]

I have State Farm for my homeowners & wife's car. We've turned to them when she had an accident & when we had extensive wind damage to our barn ( to the tune of over $80K ). Both times they were more than helpful and extremely easy to deal with. So when I asked them if my tractor was covered I had no reason to doubt them. I've been with them for over 25 years now.

 

[KeithInSpace]

One point of view to consider; is the tractor covered for full amount of purchase?

With the supplamental insurance, I've stated a value for my tractor and the most expensive attachment (backhoe). The value I'm paying insurance on is a replacement value...not a 'compensation' value, such as traditional depreciated auto insurance.

Not sure about the Kubota insurance.

I, like Mr. Rpraymond, use State Farm and have since I started driving 20 years ago. They've always shot straight with me, had decent prices, and have helped me through every bind I've found myself in over the years.

 

[Danilo]

This is a little different than the OP's issue, but I found that the typical homeowners policy only insures your tractor loss in very defined circumstances. If you park it in your garage and a tree falls on your garage, damaging your tractor...homeowners. If you park it outside and the tree damages nothing but your tractor...not covered. If you're using the tractor and anything happens to it...not covered. If you're trailering your tractor, your tractor NOR your trailer is covered by the auto insurance.

I took out a policy on my tractor for ~$250 per year. For a $250 deductible, it covers the tractor in nearly every circumstance. If I slip down a hill and ram a tree with the FEL, ripping it off the tractor...covered. On a trailer...covered. Does an endo off my driveway while clearing snow and bends an axle...covered.

I'm not a fan of insurance and don't pay for the "protection plan" on my TV or computer. But I've had my tractor in some tricky spots before and as dumb as I feel paying $10 a month for nothing, I'd feel MUCH dumber not having it insured and something major happen.

But I agree with others...NOBODY is going to loan you money for an object, using that object as collatoral for the loan, and not require insurance on the collatoral. You always have the option of NOT using the tractor as collatoral, but you'd either levy the purchase against your home or pay 10 times the interestfor an unsecured loan.

They're gonna git-cha whichever way you go.

Deere does

 

[JimmyD]

I have a seperate rider policy from Farm Bureau through Inland Marine for my JD 4310. $60.00 per year with a $50.00 deductable. I took it out when I financed the purchase years ago and kept it because it seemed a good value. It covers accidental damage including tractor upset,(tipping over), theft, incidental damage, etc. This winter my barn collapsed from snow load smashing my tractor hood and one side of the cowling. The $850.00 repair cost me only the $50.00 deductable. In general the insurance from the manufacturer is not very good and often only covers the remaining balance due on the machine. It's worth it to look carefully at these policies.

 

[JOHNTHOMAS]

I have a seperate rider policy from Farm Bureau through Inland Marine for my JD 4310. $60.00 per year with a $50.00 deductable. I took it out when I financed the purchase years ago and kept it because it seemed a good value. It covers accidental damage including tractor upset,(tipping over), theft, incidental damage, etc. This winter my barn collapsed from snow load smashing my tractor hood and one side of the cowling. The $850.00 repair cost me only the $50.00 deductable. In general the insurance from the manufacturer is not very good and often only covers the remaining balance due on the machine. It's worth it to look carefully at these policies.

I had asked my Farm Bureau agent about coverage for my F and BX25 which I will be using for business and he suggested the Inland Marine and told me it's real cheap. I just hadn't done it yet. That looks real cheap. My homeowners has been covering all my tractors. My agent said transportating them or using them.

 

[DC3]

Is the price of the Kubota-provided insurance negotiable?