How much do you insure your tractor for???

[buickanddeere]

All insured for replacement value.

 

[nova3930]

Just insured mine for loan value. It's scheduled property on my homeowners and tacked on a couple hundred a year.

 

[Capricious]

These insurance underwriters are as bad as lawyers!

So, I know that lots of people here do "community service" with their tractors. Mowing for a church is probably the most common. I happen to mow for a conservation organization that maintains a historic farm and open conservation land. If no one mows these areas they become overgrown and return to brush/forest in less than a decade. So, how can one obtain appropriate coverage for the liability part (I'm happy to either go without tractor coverage or just continue the Inland Marine policy). Are we automatically covered as a "volunteer" under the non profit organization's liability coverage???

I am in that boat. i have been cutting 1.5 to 2 acres of land behind an animal shelter where the wife & I volunteer. I was told (verbally) that the shelter's insurance would cover me, but i have nothing in writing.

 

[Capricious]

I have insurance through CNH (Inland Marine Policy). I have replacement cost coverage. Also includes glass coverage for the cab. Some implements are also covered (I had them insure what came with the tractor). I have since purchased more implements that are not covered yet. They have to be listed separately. They are covered by H.O. ins while on my property.
Coverage for Tractor is $23k
Loader (is an attachment) is covered for 3K.
Snow pusher blade covered for $1500.
I have $200 deductible and annual premium is $205. Here's a brief description of my policy

Direct Physical Damage Insurance (Direct PDI)
Provides coverage to repair or replace insured equipment in the event of direct physical loss or damage.
Direct PDI coverage is available for cash purchases, outside financing and paid off retail contracts.

Coverage
Covered perils include, but are not limited to:
Collision
Overturn
Earthquake
Theft
Fire
Tornado
Flood
Vandalism
Hail
Wind
Ingestion of foreign objects
Vermin infestation

Coverage extends to:
Replacement Benefit
Tires & Tubes

Pollutant and Debris Removal

Deductible Options
$500 or $1,000 for most agricultural and construction equipment
$200 for small tractors ?9 PTO H.P. engine horsepower or less
?1,000, $2,500 or $5,000 for harvesting equipment
One deductible per occurrence for multiple pieces of equipment covered on the same policy
(highest deductible applies)

I got this policy because Homeowners will only cover it while on my own property. Once tractor leaves property Homeowners no longer covers you for loss.

Looks like about any possible loss is covered, but I am not seeing anything concerning liability in there, other than the pollutants ??

 

[mark02tj]

I'm probably in a different boat than most of you guys. My other half and I are not married and the house/land is in her name. The tractor is mine and her long time insurance agent (State Farm) knows basically what's hers and what's mine. So my tractor and equipment isn't covered under the homeowners policy.

I called a couple of the Farm Bureau recommended Nationwide agents here about getting an inland marine policy based on what I've read from others on here. Neither of them called me back. I ended up going to a local independent agent and got a "renters policy" (just like an apartment dweller might buy) and got a rider for my tractor and implements. Total coverage on that stuff is about $23k (what I paid for it) plus I got $20k coverage on the "contents" of my rental dwelling (covers my clothes, computers, etc) in case of disaster. Also gives me $250k of personal liability coverage either on or off the property. This policy covers my tractor even if we are not on "my property" so if I'm helping a neighbor I'd be covered. Plus, I was looking at renting some additional garden space down the road from me, so it would cover me there and the route in between. It doesn't cover me for any commercial activity. Total cost was $168 which I thought was a bargain!

 

[George2615]

Looks like about any possible loss is covered, but I am not seeing anything concerning liability in there, other than the pollutants ??

The post title is how much we insure our tractor for. That's what I insure mine for. It's not a liability policy. It's a Physical Damage Insurance policy that covers my tractor for damage when I'm off my property. After spending 27K in cash I wanted PDI coverage so if I'm out on the road between properties and the local neighborhood kid comes flying up the road and rear ends my tractor I wanted insurance to replace it. The liability policy I have is a separate policy. It was cheaper to get separate policies.

 

[oosik]

My tractor and implements are covered under my State Farm homeowners policy. Kubota Insurance wanted $480/year just to cover the tractor. Off-property insurance is not an issue since I've seldom(2x in 32 years) gone there.

I've had one claim in 32 years - LARGE pine tree blew down on carport and crushed my pickup. State Farm paid the claim expeditiously.

 

[Threepoint]

The post title is how much we insure our tractor for. That's what I insure mine for. It's not a liability policy. It's a Physical Damage Insurance policy that covers my tractor for damage when I'm off my property. After spending 27K in cash I wanted PDI coverage so if I'm out on the road between properties and the local neighborhood kid comes flying up the road and rear ends my tractor I wanted insurance to replace it. The liability policy I have is a separate policy. It was cheaper to get separate policies.

George, that looks like very thorough physical damage coverage for a reasonable premium. Mind if I ask what your separate liability coverage runs you?

Two big problems, as I see it, in relying on homeowner's policy coverage, regardless of who writes it: Not only does it typically not cover damage to the tractor (or any third-party liability) when off your property (even when, say, plowing a driveway easement that you may have across your neighbor's property), but it also typically will not cover collision damage to the tractor. So, if the home-and-tractor owner slides sideways into a tree, or damages the cab roof on a low hanging branch, it's not covered! Whereas, if it's destroyed in a garage fire, or a windstorm blows a tree down onto the tractor on his property, it probably will be. Trying to read and understand some of the fine print in an insurance policy can make your eyes glaze over. It's a good idea for any owner to ask "what if" questions of the agent, and ask him/her to point out the specific paragraphs supporting the answers.

 

[Capricious]

I asked the State Farm agent that I regularly send money to, the following question:


"..Good morning: I have a question concerning liability coverage. In addition to our home, we own vacant land. Since State Farm wanted an unreasonably-high premimum for covering the vacant land for liablity, I have obtained liability coverage for the land elsewhere. I recently purchased an old 16 hp Mitsubishi tractor for the sole purpose of maintaining the land (mowing weeds, etc.). The tractor will be stored at our home when not in use, but will not be used at home. The tractor will be transported by trailer to and from the land. Will this tractor be covered for liability under our home owner's and/or umbrella policy? Thank you..."


His response so far:

"... Not sure but I'll look into it and let you know..."

 

[Threepoint]

I asked the State Farm agent that I regularly send money to, the following question:


"..Good morning: I have a question concerning liability coverage. In addition to our home, we own vacant land. Since State Farm wanted an unreasonably-high premimum for covering the vacant land for liablity, I have obtained liability coverage for the land elsewhere. I recently purchased an old 16 hp Mitsubishi tractor for the sole purpose of maintaining the land (mowing weeds, etc.). The tractor will be stored at our home when not in use, but will not be used at home. The tractor will be transported by trailer to and from the land. Will this tractor be covered for liability under our home owner's and/or umbrella policy? Thank you..."


His response so far:

"... Not sure but I'll look into it and let you know..."

Please let us know, as well, when he get's back to you later today. If you asked him this morning, I'm actually not surprised that he wanted to review the issue first. IMO, unless it's a routine question, even with a veteran agent or a lawyer specializing in insurance law, the careful ones will double check before giving an answer off the cuff. Too much at stake for quick answers when there's time to be sure.

On the umbrella liability policy coverage, that's particularly tricky with a motorized vehicle. It's my understanding that standard umbrella policies will cover third-party liability caused by a vehicle only if it's covered to certain minimum liability limits in a base policy. I was also told recently by an agent that all the large carriers require, in addition, that they be the ones to write the base coverage, the only exception being where the umbrella carrier does not, itself, offer the basic coverage. So, say you've insured your tractor with Inland Marine, and your motor home with Progressive or GEICO or whatever, but your cars and trucks are insured by Allstate and Allstate also writes your umbrella coverage. Unless the umbrella carrier doesn't offer tractor or MH coverage, your umbrella coverage will not extend to liability to third persons resulting from your operation of the tractor or your motor home.