Kubota vs Deere Insurance

[Johnkn]

When purchasing a new Kubota vs Deere tractor, are there any fundamental differences in the required insurance for the life of the loan? I have a Kubota with insurance that about $2400 for 5 years, someone suggested that Deere insurance has virtually the same coverage but is $500 for 6 years. ?? Just curious.....

 

[Beaver Cove Deere]

I didn't need insurance but wanted it for theft and fire just in case. This is non commercial use. Private use on the property only.

It was added onto my homeowners policy with a phone call. Now this was not done without some effort on my part. There are very few insurance companies who will cover 2nd homes in remote areas that are worth sending your money to. In fact I know of only one in my research.

My insurance agent who also has our auto policies (located in Boston) at the time said no way. You need a separate policy for it. I pointed out a section of the policy that covered it. He said he'd check with the underwriter and he got back saying "nope". I swear he didn't call anybody not forgetting his attitude sucked.
Not to be outdone I called a local agent who we had a 3rd car insured in Maine with. She said that what I wanted to do was well within reason after reading that coverage section so she called the same insurance provider. No problem at all but it will not be covered for liability but will be covered for theft and fire. That's all I wanted to begin with.

Couple of forms later and the HO policy was transferred from a Boston agent to a Bangor one.

 

[skipperbrown]

I don't know about the deere insurance, but when I had a kubota loan, kubota required their insurance even though it was covered for loss under my HO policy as long as the tractor was used and stored at my home. However, the Kubota insurance covered everything. It was more of a bumper to bumper protection plan for the life of the loan. I paid my loan off early and was promptly presented with the policy termination without any proration. I wasn't expecting that.

 

[jaydee325]

Last summer when I was shopping for a tractor, I inquired about the Deere financing. I was told Deere did not require insurance on the tractor for the loan.

 

[Jframe]

My experience would recommend you contact your state insurance regulator and ask if they would not require some sort of proration. The call is free so what the heck?

 

[Johnkn]

I don't know about the deere insurance, but when I had a kubota loan, kubota required their insurance even though it was covered for loss under my HO policy as long as the tractor was used and stored at my home. However, the Kubota insurance covered everything. It was more of a bumper to bumper protection plan for the life of the loan. I paid my loan off early and was promptly presented with the policy termination without any proration. I wasn't expecting that.

The reason you didn't receive a refund on the unused insurance was likely due to the fact that part of your monthly payments funded the insurance on a month by month basis, and when you received the pay-off amount for the tractor it was only for the tractor, not any follow-on insurance. Your insurance was only fully paid up to the point the tractor was paid off, the insurance was terminated at that point and no additional insurance payments were collected and there was no overage to refund..

 

[xrjohndeere]

When purchasing a new Kubota vs Deere tractor, are there any fundamental differences in the required insurance for the life of the loan? I have a Kubota with insurance that about $2400 for 5 years, someone suggested that Deere insurance has virtually the same coverage but is $500 for 6 years. ?? Just curious.....

I have owned both. Deere by far was the cheapest if you financed through them and got the Deere insurance. $500 for 6 years or until your loan is payed off. You can put it on your homeowners but you better carry a Ryder because if you haul it off your property it will not be covered without the Ryder. The company that provides Deere insurance is called Sentry Gaurd. After Deere financing was complete I was able to keep the same insurance for $205 per year. They will insure most brands of equipment. The same insurance through Home Ins would have been $580 per year. I had a Kubota 5460 and Kubota was $479 per year Sentry was $230. Good company. If you never leave your property with the tractor check and see if Home ins will cover without the Ryder. Mine would but the coverage was not that good.

 

[TX Chris]

The reason you didn't receive a refund on the unused insurance was likely due to the fact that part of your monthly payments funded the insurance on a month by month basis, and when you received the pay-off amount for the tractor it was only for the tractor, not any follow-on insurance. Your insurance was only fully paid up to the point the tractor was paid off, the insurance was terminated at that point and no additional insurance payments were collected and there was no overage to refund..

The Kubota insurance policy is not a monthly fee - it is listed as a line item on the invoice. You pay for it whether you use it for 3 months or the full legnth of the note. My L3901/LA525/BH77 included a line item for roughly $3,600 for the insurance policy. I chose not to pay extra on the tractor simply to take full advantage of the insurance policy. It's a 7 year note at zero percent interest so there is no real advantage to paying it off early and the downside is losing the insurance when it's paid off.

This worked in my favor as my tractor and FEL were just lost to a fire and the Kubota insurance policy is basically buying them back from me for what I paid for them. The backhoe was not on the tractor so they're only replacing the subframe and any hydraulics on the tractor that came with the BH (if any?).

I am replacing the tractor with an MX5400 and plan to do the same 7 year financing if they still offer it.

 

[GeoMart]

I just purchased a Kubota and while receiving the quotes was told Kubota required their insurance while financing. The insurance itemized on the quotes and was $2800 financed along with the tractor at0% for the 84 months, or about $22 a month.
Called my agent and the tractor is covered under HO, added the travel and off property for $70 a yr just to be safe. Better then $240yr.

 

[AndyMA]

I just purchased a Kubota and while receiving the quotes was told Kubota required their insurance while financing. The insurance itemized on the quotes and was $2800 financed along with the tractor at0% for the 84 months, or about $22 a month.
Called my agent and the tractor is covered under HO, added the travel and off property for $70 a yr just to be safe. Better then $240yr.

Yes HO is definitely cheaper. Have you looked into what KTAC covers. Well worth it in my opinion

Andy