tractor insurance

[uppermich]

The new toy arrives tomorrow. I called my insurance agent and they informed me that it would be covered as personal property on my homeowner's insurance. The homeowner's policy covers fire, theft, hail, wind, trees falling on it, etc.

But, it is not covered if it leaves the property or if I damage the tractor while using it. I'd have to purchase another policy to cover leaving the farm and/or damage to the tractor or someone else's property while operating. Tends to get rather expensive.........

What's the verdict here? Do you feel the extra policy is a good investment or not? I am a very safety minded individual and the lack of a policy would keep my friends and neighbors off my back, but is it a good idea to have just in case?

Pat (Techno-Tractor Mom)

 

[Thomas]

Pat,
Glad to read your new Kubota arrive and the long wait over. /w3tcompact/icons/smile.gif

You have investment to protect both on and off your land,and I have full insurance just in case something may go wrong...you never know. /w3tcompact/icons/crazy.gif

Does Kubota offer a insurance plan??

As far as getting your friends off your back...heck your going to find out you have friends you never knew about with little jobs they like done,/w3tcompact/icons/shocked.gifso beware....okay. /w3tcompact/icons/wink.gif

Hope you get some seat time before the winter blanket arrives. /w3tcompact/icons/smile.gif

Stay safe and have fun. /w3tcompact/icons/cool.gif

Thomas..NH /w3tcompact/icons/wink.gif

 

[Bird]

Pat, there have been some previous discussions on this topic, but I'm still not clear on it myself. Will your homeowner's insurance cover damage if you turn it over? Since Kubota offers insurance, I paid for it, even though I'm not sure whether it's worth it or not.

Bird

 

[JerryG]

Pat,
I bought a Massey Ferguson 1250 on September 1,1999. I financed it with AGCO Finance and I was required to carry liability insurance. I think that they could have provided it but I went through my Farm Bureau agent. If I remember right the cost was about $150/yr. That price included the tractor, loader and my backhoe.
JerryG

 

[chuckp]

The price I got from my Insurance Company to cover my Tractor while away from home is $0.65 per Hundred valuation per year. In my case the total is $123.00 per year. My property is at two sites, the site at home is covered by my Home Owners policy. According to the Insurance Company, the second site is not covered,/w3tcompact/icons/frown.gif but the Tractor is covered by your Auto Insurance when you have it in tow from one place to another. /w3tcompact/icons/laugh.gif In my case the insurance is well worth the price for the peace of mind when at the second site.

Chuck

 

[TWINKLE_TOES]

Pat,

I did add my tractor to my home owners under "Farm Liability/Farm Personal Property" the annual premium is $91.03 for a valuation of $27,000. The deductable on the tractor is $500.

I primarily purchased the policy for liability and total loss (tree fall, fire, cliff)

If I run over one of my 500 dollar pigs and do 500 dollars damage to the tractor. They will pay me $500 for the pig, which I give back, for the deductable on the tractor. I can also run over my pig on my neighbors property should he get out and I am trying to catch him in the front loader.

Pretty good deal except for the pig./w3tcompact/icons/smile.gif

 

[ejb]

One thing to make sure when you buy a new tractor, don't just assume that it will be covered by your homeowners policy, according to my agent anyway, sometimes it is, and sometimes it isn't. Depends onthe policy and the company (and unfortunately, after you have a loss it is upto the adjuster to make a decision..gee wonder what s/he will decide?).

My agent explained to me that most homeowners policies will cover most smaller tractors because they are ordinarly owned/used by homeowners...the problem seems to be once you get beyond a certain size(subjective?) where they begin to consider the tractor something that a typical homeowner would not have...in my case, since I have a lot of land, and needed a bigger tractor (JD5410), they said that was atypical of a howeowners tractor and more like a contractor or farmer, so I would be well advised to get a dedicated policy (which I did for about $250). I figure thats cheap money compared with eating a loss of upwards of $40K of equipment should my shop burn down.

 

[uppermich]

Homeowners does not cover damage if you roll it or dent it or whatever while operating - just damage to it while it's sitting there - like another building on your property.

I was quoted 1.75/$100 value for the liability. With the total replacement vaue of everything including sales tax and a $1000 deductible the price tag was $446 - obviously I need to shop around. I called another agent but they didn't handle farm stuff. I'll call the Farm Bureau insurance agent today.

Thanks!

Pat (Techno-Tractor Mom)

 

[TomG]

Different companies provide different coverage I guess. Our camp, about 10 miles from the house, is insured under our homeowner's policy, as a recreational property. The tractor and implements also are covered as listed items on the same policy.

Coverage is provided at both places and travel between them. However, it is a homeowner's policy and not an auto or commercial policy. Coverage is limited to liability and loss on our properties. There is no accident or comprehensive coverage. Commercial coverage is very expensive here, so if I'm doing a neighbour a favour, I make real sure I know where their septic field is.

 

[ddl]

When I got my tractor, I needed insurance for the loan. I went to the insurance agent and he told me this story. His regonial boss had a tractor and a lake lot in the another part of the state. He felt his homeowners pol. covered his tractor. He had a claim and found out it did not for all kinds of reasons. The bottom line is if you are told your tractor is covered, make sure you get it in writing from your agent. This way if the insurance decides that it was not covered, you will be covered by the errors and ommissions insurance that the agent has to carry.

My insurance for my tractor is only $125 a year.

Dan L