Good example of the value of KTAC insurance

[texbaylea]

I paid of my tractor a coupe of months ago and had setup to continue my KTAC insurance with no gap. Less than $200. I will probably continue to insure it for several years because of the potentialy high cost of repairs.

Vernon

 

[CHDinCT]

Got my quote in the mail and I was a bit surprised based on what others have been quoted here. $117/year for a BX1860 with FEL and MMM. That includes a $50 "Policy Fee". Don't know what that is or if it's one time or an annual charge. I will have to call them on Monday to get more details.

 

[twbpc]

The policy fee only applies to customers still financing their equipment with Kubota Credit. If you already own your equipment, you will not have a policy fee just the cost of the insurance.

 

[jim442]

My wife drives the tractor, she's had 2 accidents with our cars in our driveway. Ask me if I bought the insurance.....

 

[twbpc]

:laughing: I hope you got the Kubota insurance! The good news is your rate doesn't go up if you have to file multiple claims. For those that use a homeowner policy, I don't understand why you would risk the coverage protecting your house on equipment that is meant to play hard with? I just hope you never have the need to find out.

 

[JOHNTHOMAS]

Eleven Kubotas in about 7 years and never filed a claim. Messicks said they had their first claim recently and was impressed with the process.
Again, it's insurance that helps one cover a loss if they have one for an up front payment betting one will have a loss. The insurer is betting most people won't have a loss and most people don't. I don't know anyone that has ever had a loss or claim.
I've paid nothing for 7 years and had zero claims. My agent who also has farms and tractors says I'm covered under my homeowners. Kubota financing has accepted my homeowners as coverage for their financing.
Insurance sales (I used to be one) is mostly to scare people into buying coverage and usually entails the scary tales of peoples lives being ruined because they didn't have coverage. Not lies really but actually rare instances. Not against insurance, I have it and pay about $1300 a month for it. Just consider your options and pay for what makes you comfortable and still leaves enough money to make your tractor payment.
Don't buy from scare stories but buy after rational/logical/informed thinking.

 

[MessickFarmEqu]

Kubota financing has accepted my homeowners as coverage for their financing.

To be truthful, your dealer probably ignored many of the requirements and fed the paperwork though without proper insurance. I've never seen a homeowners policy that actually met all the requirements that Kubota has (Flood, roll over, trucking, off property, etc). Admitly, I've done the same.. but always pointed out to people that Kubota has the right to recall the loans if your not properly insured (never seen it happen, but its in the paperwork).

 

[JOHNTHOMAS]

To be truthful, your dealer probably ignored many of the requirements and fed the paperwork though without proper insurance. I've never seen a homeowners policy that actually met all the requirements that Kubota has (Flood, roll over, trucking, off property, etc). Admitly, I've done the same.. but always pointed out to people that Kubota has the right to recall the loans if your not properly insured (never seen it happen, but its in the paperwork).

I guess this makes me have to ask you how many homeowner policies have you seen? I'm sure you haven't seen all of them. Have you seen the Ky Farm Bureau Policy?
I feel certain my policy will cover roll over, that's like wrecking it, right? I'm sure it would cover flood since I'm up on a mountain which will be Noah time if it floods. Does Kubota financing require one to have coverage for trucking (which my agent said is covered under my policy)?
I guess my final question has to be......do you get any money, even one penny for your customers buying Kubota insurance when you sell a tractor?
You said you had your first and only claim recently, out of how many sales? Maybe we can figure the odds of the insurance payoff vs extra money fror the Insurance Company or extra money for the customer vs the Kubota Dealers/Kubota Insurance Co.

 

[MessickFarmEqu]

I guess this makes me have to ask you how many homeowner policies have you seen?

Not many, but I do fax a verification form to their homeowners companies and I've never had one come back with complete coverage.

I'm sure it would cover flood since I'm up on a mountain which will be Noah time if it floods.

Actually, this is often one of the biggest stumbeling blocks. If your not in a flood plain its hard to get flood insurance, yet Kubota requires it because the tractor is portable.

Does Kubota financing require one to have coverage for trucking (which my agent said is covered under my policy)?

Yes.

I guess my final question has to be......do you get any money, even one penny for your customers buying Kubota insurance when you sell a tractor?

Yea, but its like $25. As cheap as the policies are there can hardly be any kickback.

You said you had your first and only claim recently, out of how many sales? Maybe we can figure the odds of the insurance payoff vs extra money fror the Insurance Company or extra money for the customer vs the Kubota Dealers/Kubota Insurance Co.

I'm not sure actually. To be honest we really hated this product at first because it was not somthing we where used to selling and its not fun quoting a monthly payment and then asking the customer for more when it comes to the contact requirements. At first it was on maybe 15-20% of our contacts, now that we know what we're selling about 70% of people opt for it. The rest typicaly have blanket coverage, we have had a few with blanket coverage still take it because its that much better than their existing policies.

For us, in providing customer service this is a great thing. Many of the in warrenty problems we see are actually customer caused. You can imagine that everyone wants any problem to be covered in the warrenty period even when they are at fault. With a small investment in supplemental insurance we can do that.

 

[JOHNTHOMAS]

And the customer pays $250 first for each and every claim. Let's not forget that.
I'm not encouraging customers not to buy insurance. I'm only encouraging customers to know what they are getting and for what cost and benefit.
Obviously I haven't gotten it on eleven purchases and have decided it isn't worth the additional cost to me. If I had had several claims for way over $250 for each claim, I would feel differently. I haven't had any claims so I'm convinced that by actual experience that I would have wasted a bunch of money if I had bought it. I've felt secure with my coverage since my agent has told me I'm covered with my HO1 policy. Maybe other individuals do not have HO1 policies which is why they don't have coverage under their homeowners. I'm sold on the HO1 policy so I buy it.