Survey on tractor insurance coverage

[TerryinMD]

After reading a few posts and searching TBN, I have some questions and am trying to elicit some input on insuring a tractor.

Now I know that each state has different laws governing tractor usage and insurance companies have different plans based upon usage on the intended property and off of it.

In my situation, the tractor is covered under my homeowners policy IF it stays on my property. Once it leaves my property, it is not covered and anything I do with it is not covered. That was told to us by our agent today. Well, that certainly left some warm and fuzzy feelings in my tummy. /w3tcompact/icons/shocked.gif

After taping my mouth shut with that wonderful news and comforting a badly shaken wife who is blubbering that she is going make we wear the dogs electronic collar to keep me on the property /w3tcompact/icons/tongue.gif/w3tcompact/icons/hmm.gif , we asked our agent to figure up some rough costs to cover the tractor and us while off the property. Well, someone just hit me between the eyes with a two by four.... $500!! /w3tcompact/icons/crazy.gif

That $500 will get us $300,000 liability, replacement cost on the tractor and implements, and property damage insurance. Add another $100 gets us a cool $million in liability. Now this is a commercial policy classified as Landscaping Policy.

TBN'ers, what do you do to cover your tractor and yourself while you use it on or off property. Not to pry, but what are you paying, what does it cover, and what state.

Terry

 

[toddwulf]

CSAA out here in CA. would not insure my tractor. It is covered as personal property and if I tow it with my truck, legally, otherwise I'm SOL.

Todd in Placerville

 

[Von]

I have Erie insurance here in NY and I am covered for full value on my home owners policy. Here and on the road as long as I do not charge any money. I had my agent check to make sure. I can go to the neighbors and help and I am covered as long as I am not chargeing any money or bartering. Also I am covered at my other house and on the trailer to get it there. Again if I am just using it to maintain my own property and not make money with it.

 

[MossRoad]

Just talked to my agent yesterday regarding this. Since it is used for maintaining my property, it is covered under my homeowners insurance, both here and at some land that we own several miles away. I can't do any "FOR HIRE" work with it. That would be a seperate business policy.

I don't know about any farm applications. I'll have to ask again, as technically, we have a tree farm.

 

[MChalkley]

Terry - I'm in VA. I was paying almost $600 for $1 million liability and replacement value on the equipment when I had the Kubota. When I tried to transfer the coverage to the EF-5, they took one look at it and said no way. They made me switch from something called an "artisan's policy for landscaping" to a commercial policy which covers excavation. I'm now paying $800. There's still one stipulation, though: If I dig deeper than 3' deep, I'm on my own. So, it looks like I won't be doing any commercial work deeper than 3'.

 

[Knight9]

<font color=blue>If I dig deeper than 3' deep, I'm on my own. So, it looks like I won't be doing any commercial work deeper than 3'</font color=blue>

Kind of defeats the purpose of the nice big backhoe doesn't it? /w3tcompact/icons/crazy.gif/w3tcompact/icons/frown.gif

Kevin

 

[Anonymous Poster]

It sounds like the first thing you need is a new insurance agent. This one is screwing you, cause you look like an easy mark.
Worst case, you need a seperate tractor policy, not a manufacturers & contractors policy he is trying to sell you.
One thing I learned over the years is that you either switch insurance agents every 3 or 4 years, or they figure you're a sucker who will believe anything.
Remember, the agent usually pockets half of the first year premium, it's his comission.

 

[Thomas]

I have my tractor cover under my home owners policy,which covers fire..theft..collision.
I'm the only one allow to operate the tractor off my property,also must have all safet equipment attach doing so.
Cost per year $301.oo.
I did look at a single coverage policy,and the prices were to high../w3tcompact/icons/shocked.gif

 

[TerryinMD]

Von,

I have Erie Insurance also. I may have to press him to clarify his statements about usage. What you say makes some sense. However, I'm wondering if there are some state laws that may be different between NY and MD.

MarkC,

Your EF-5 has a backhoe. That was one of the first questions the agent asked my wife when she talked to him. If you have a backhoe, that changes the usage of your tractor and, hence, the cost of converage.

All of this is getting interesting. I forgot to mention that I talked to one of my neighbors last night and his familly owns, rents, and manages several hundred acres of farm land for cattle raising. He said that their policy is a farm home owners policy and it covers them on the county roads because they have to travel on it to get to the various properties.

Terry

 

[ddl]

I live in MO. and my homeowners does not cover the tractor if I take it off the land that has the house on it. What I have is policy on the tractor and a policy on the loader and liab. coverage of 1 million. This allows me to go anywhere i want to go all for less then 200 dollars a year.

When I went looking for insurance, My agent told me the story about his boss who owned a home in the KCMO area and a home at the lake in southern MO. He hauled his tractor to the lake to do tractor things there. Well he had an accident on the lake land, he put in a claim and was told his tractor was not covered. Since he was Regional manager for the insurance company, he tried to get them to cover the accident, no luck. But guess what, he took it upon him self to find the best way to insure tractors.

What I assume is most states and insurance companies are alike. In fact if the state follows UCC they are alike. So if your agent tells you the tractor is covered by your homeowners, get him to write a rider stating this fact. This way when you have a claim, and the insurance company tells you that you are no covered, you can go back on the agent and get him to pay for it. And if it is covered, it is just a good practice to cover your butt.

Dan L