Insurance Kubota insurance

[twbpc]

Hey everyone, I just wanted to let you know Kubota insurance (KTAC) is now offering replacement value if your tractor is a total loss. Basically they will pay you the original sales price for your equipment even if it is 4 years old as long as you buy another tractor. This just started so if you already have a contract with them too bad but at least you can get it on your next purchase! Sounds like a great deal considering their insurance was already a heck of a lot cheaper than anything I could find and it covers everything even when I take my tractor off the property. P.S. - They sell insurance to cash customers too incase you want to purchase a policy but I heard it doesn't have replacement option just yet. Skip

 

[Charlesaf3]

Thanks! I thought they were only insuring credit customers

 

[thavil]

Good information! Makes me think twice about buying this insurance instead of tacking it on my homeowners like I currently have. I don't take it off property but I may have the need soon.

 

[8561]

Who's covering the liability exposure if someone or something gets hurt or damaged and it's your fault? I've never read the Kubota contract, but I'd be willing to bet it covers physical damage to the tractor only, and has no liability component. That's why its often cheaper, its not the same coverage. You might want to think about it......

 

[BruceWard]

KTAC is covering my B21 which is not financed. They never even asked if it was financed when I called to sign up.

I believe it was about $140 a year for fire and theft coverage.

 

[ruralruss]

Who's covering the liability exposure if someone or something gets hurt or damaged and it's your fault? I've never read the Kubota contract, but I'd be willing to bet it covers physical damage to the tractor only, and has no liability component. That's why its often cheaper, its not the same coverage. You might want to think about it......

We got ours insured on our farm policy through Farm Bureau. We just have a few acres but they consider it a farm since we sell some produce. The insurance was about half the cost of the Kubota and it covers off the property as well. We already had a $1,000,000 liability rider because customers come to the farm. That only cost $18 a year!

Of course it does not have the full purchase price replacement which is a pretty sweet deal.

Russ

 

[art]

Who's covering the liability exposure if someone or something gets hurt or damaged and it's your fault? I've never read the Kubota contract, but I'd be willing to bet it covers physical damage to the tractor only, and has no liability component. That's why its often cheaper, its not the same coverage. You might want to think about it......

You are correct on the policies, they are not the same.. You home owners doesn't cover the tractor nearly as well. You would need a commercial or marine policy. To equal Kubota's.

 

[8561]

You are correct on the policies, they are not the same.. You home owners doesn't cover the tractor nearly as well. You would need a commercial or marine policy. To equal Kubota's.

A commercial lines policy probably is the best solution in most cases, an inland marine policy is property physical damage only, just like I would guess the Kubota one is.

Please explain to me how my all risk homeowners policy, with an all risk endorsement on contents and full replacement cost, which provides coverage both on and off premises for my tractor and implements, including collision, fire, and theft, AND LIABILITY coverage is inferior to a property only policy similar to the one I'm assuming Kubota offers.

I realize my homeowners is somewhat unique because it is all risk on the contents and also because it covers the tractor off premises. One last point, I would expect the Kubota policy would be settled at actual cash value as opposed to full replacement cost. In fairness, though, I haven't read it so I wouldn't say that for sure.

 

[ehchvac]

I just signed up for this insurance, it was $135.00 for the coverage on 2008 l3400 hst with loader.
They did ask about all attachments to be listed as part of a quote, my only attachment is the loader.
My homeowners said it was only going to cover lawn tractor sized machines.
My commercial policy could have covered it but, commercial operators need a license to operate in this state, so if I hurt the machine, myself or someone or something, no licensed operator, no insurance.
So, for around a hundred dollars I am good to go.

 

[art]

A commercial lines policy probably is the best solution in most cases, an inland marine policy is property physical damage only, just like I would guess the Kubota one is.



I realize my homeowners is somewhat unique because it is all risk on the contents and also because it covers the tractor off premises. One last point, I would expect the Kubota policy would be settled at actual cash value as opposed to full replacement cost. In fairness, though, I haven't read it so I wouldn't say that for sure.

Tim, you are right yours is unique!!!!