How much do you insure your tractor for???

[Capricious]

"..Please let us know, as well, when he get's back to you later today..."


Well, I got a verbal response, which might be a use to others but not in my particular situation.

I was told that IF* the vacant land was titled in my name, the tractor would be covered for liability under homeowners/umbrella, as the vacant land would also be covered under homeowner's for liability.




*(While I own the land, free & clear, I have it titled in a way that few people do, and several years ago I went round & round with State Farm, and they said the vacant land was NOT covered under homeowner's, soley because of the way it was titled, so while I am waiting on a call-back, I suspect that in my situation the tractor will not be covered. The next step is to check with the people who insure the vacant land.)

 

[MinnesotaEric]

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

I went ahead and purchased 60 month contract with a $500 deductible for replacement cost on $61K of equipment with Karla at CNH which amortizes out at $378.40 a year. I'm now shopping for commercial liability coverage without need to cover my equipment.

George: free beer for you if you ever make it to Nevis, MN.

 

[MinnesotaEric]

"..Please let us know, as well, when he get's back to you later today..."


Well, I got a verbal response, which might be a use to others but not in my particular situation.

I was told that IF* the vacant land was titled in my name, the tractor would be covered for liability under homeowners/umbrella, as the vacant land would also be covered under homeowner's for liability.




*(While I own the land, free & clear, I have it titled in a way that few people do, and several years ago I went round & round with State Farm, and they said the vacant land was NOT covered under homeowner's, soley because of the way it was titled, so while I am waiting on a call-back, I suspect that in my situation the tractor will not be covered. The next step is to check with the people who insure the vacant land.)

FWIW, my USAA homeowners insurance policies (I have two homes) extended from my insured properties to my undeveloped, vacant land as well, but (and this is what matters), it only covered $3,000 of the value of my equipment.

 

[Capricious]

FWIW, my USAA homeowners insurance policies (I have two homes) extended from my insured properties to my undeveloped, vacant land as well, but (and this is what matters), it only covered $3,000 of the value of my equipment.

How come I don't get the free beer offer ???

 

[MinnesotaEric]

How come I don't get the free beer offer ???

Find me inexpensive commercial liability insurance and I'll ship you free beer. :thumbsup:

 

[Capricious]

"..Please let us know, as well, when he get's back to you later today..."


Well, I got a verbal response, which might be a use to others but not in my particular situation.

I was told that IF* the vacant land was titled in my name, the tractor would be covered for liability under homeowners/umbrella, as the vacant land would also be covered under homeowner's for liability.




*(While I own the land, free & clear, I have it titled in a way that few people do, and several years ago I went round & round with State Farm, and they said the vacant land was NOT covered under homeowner's, soley because of the way it was titled, so while I am waiting on a call-back, I suspect that in my situation the tractor will not be covered. The next step is to check with the people who insure the vacant land.)

Well, the man is telling me the tractor is covered for liability on the vacant land under the homeowners/umbrella. I asked for a follow-up email confirming this.

 

[George2615]

I went ahead and purchased 60 month contract with a $500 deductible for replacement cost on $61K of equipment with Karla at CNH which amortizes out at $378.40 a year. I'm now shopping for commercial liability coverage without need to cover my equipment.

George: free beer for you if you ever make it to Nevis, MN.

Karla is who I got my policy through also. I think it's a good policy to cover the tractor.

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.

My liability policy covers me for any damage I may do while on someone else's property. Mainly while snow plowing if I accidentally hit a car, garage, or whatever. It's around $400 a year. I don't really care for it as it is very specific and limiting. I am not in business but needed some protection because I plow several neighbors driveways. At this point I haven't (and cannot) charge my neighbors money for the plowing. Money cannot change hands or I'd have to have a commercial policy at a cost of $1500 or more per year. Of course, one hand washes the other and sometimes favors are traded. The policy at this time is a cost I have to eat to protect myself. Once I retire I will go full time in my own business and get that policy but I will also have enough customers to make it worthwhile.
The PDI policy I have does cover damage to my tractor such as glass breakage or even tire / tube damage. I haven't had to use it yet and hope I never do. I only had H.O. insurance prior to purchasing this tractor which covered theft or limited damage but only while on my property.

For others interested check the CNH site and call them with any questions.
CNH Industrial Capital - Commercial Equipment Financing, Leasing and Insurance services

 

[Capricious]

Well, the man is telling me the tractor is covered for liability on the vacant land under the homeowners/umbrella. I asked for a follow-up email confirming this.

What the State Farm man put into writing:


"...As mentioned during our phone conversation (around 1:00 p.m. today), I spoke with a fire claims rep. regarding your general question (shown below) pertaining to your vacant land ......and that individual advised that, in the case you described below, the tractor would be covered for liability under your homeowners and/or umbrella policy...."