Insurance Kubota insurance

[BlacknTan]

Just finished up my credit agreement last month, and the insurance offer came in the mail 2 hours ago... $134 per year. Seems like a no brainer to me...

 

[powerstroke444e]

The coverage your looking for if you have a home policy is 'Risk of Direct Physical Loss' and most home policies in IL are wrote with this coverage on the home but not on the personal property. You should check with your agent in the state where you live, but don't assume that it is covered. If you spent a lot of money on something you should let your agent and make sure it is covered or if it’s not you should at least find out what it would cost to insure it so you can make an informed decision.

 

[missourithunder]

I called Kubota's 1-800 number and a voice messege answered with "this is K-tech insurance, a Kubota endorsed insurance agent" but no one answers the phone. Is this the correct insurance company ???

MissouriThunder

 

[KubotaJoe1977]

Yes, KTAC is Kubota Insurance. You can reach them through the Kubota web site.

 

[missourithunder]

Thanks KubotaJoe.

 

[ctgoldwing]

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.

Tim you may have very unique homeowners. This is a VERY important issue as the Kubota insurance does not cover liability, an issue for me that is a whole lot more important than the value of the tractor. My homeowner's policy does NOT cover the machine off my house property. As my application includes use at a commercial rental property that I own about 10 miles away I have spoken to my commercial carrier about picking it up, which, after a series of questions, appears that they will. Based on the sheer mass of the tractor the amount of damage one could do is pretty impressive

 

[missourithunder]

This is to good of a deal to pass up. Charolette of KTAC in Georgia just called me back this morning and said it would cost me $115 for my baby bota and attachments. This comes out to $9 and change per month. Covers fire, flood, theft, wind, collision and vandalism damage. I asked her how soon the policy takes effect and she said as soon as I give her a credit card number. I'm happy to say I jumped on her.

MissouriThunder

 

[8561]

Tim you may have very unique homeowners. This is a VERY important issue as the Kubota insurance does not cover liability, an issue for me that is a whole lot more important than the value of the tractor. My homeowner's policy does NOT cover the machine off my house property. As my application includes use at a commercial rental property that I own about 10 miles away I have spoken to my commercial carrier about picking it up, which, after a series of questions, appears that they will. Based on the sheer mass of the tractor the amount of damage one could do is pretty impressive

My homeowners isn't all that unique actually. It's a standard ISO HO3 policy that just has an all risk endosement on contents. The only unique thing I've done is get them to commit to off premises coverage, which some carriers won't do.

It's funny, these topics come up from time to time on these sites, and I'm always amazed at what people think is important. I am not a wealthy man by anyone's standard. I live a decent and comfortable life, but I can assure you, if my Kubota burned up or was stolen, I could not easily (if at all) afford to replace it. Having said that, I really don't find insurance for replacement or repair of the tractor to be nearly as important as the liability coverage. If I lost the tractor, it would hurt a lot, but my family would still eat and we'd still have a place to live. If I hurt someone badly with my tractor, say with the snowblower or mower, without liability coverage, I could lose my house, cars, savings, etc, paying for the injuries I caused. I'd lose everything, not just a $25,000 tractor. Why do so few see that this is by far the most important coverage to have when owning a tractor?

Everyone buys this $130 policy that covers damage to the tractor, and they think they've covered their risk. And really, other than theft, what realistically can happen to the tractor? You roll it over? OK, barring injury, you spend a few bucks replacing a few bent parts. Big deal. Try injuring someone without proper coverage, then you'll know what a big deal is.

 

[ehchvac]

Since I am one of the posters in this thread I will pipe in here.
I just bought the kubota ins, because homeowners was not willing to cover it.
I also have a big auto policy, but it again doesn't cover it.
But my saving grace in insurance is my umbrella policy, it covers all the liability that falls into that gray area.
A 2 million dollar policy only costs about $500.00 a year.
I bought it when I still had my business to try to save myself if there was something my business insurance didn't cover, and just kept it.
Also for you folks "like myself" scared of liability, putting the homestead act on your house will save it if all else is taken from you, if you put it on your house, it doesn't cost anything other than a small filing fee.

 

[bp fick]

Tim- 8561 brings up a valid point, for me.

If I "lost" my tractor, life would go on. I would take the financial beating and it might even mean I couldn't afford to replace it, but life would go on.

The problem is for those of us who financed through K Credit. They are unwilling to allow what is essentially their property to reside at my place without it being insured for loss. Understandable. Kind of like comprehensive on ones car.

Would I insure it, if K Credit wasn't involved, for such a loss? I don't know, but maybe not. Unless I pay it off and clear the lien, I don't have a choice so this is just part of the cost of ownership at this point.