Tractor insurance- I'm not covered by homeowners...

[Depmandog]

Depmandog ]I too have KTAC. I was a bit disappointed when my renewal came last week, my premiums jumped 30%!! From $276 to $359! Never had a claim either. I spoke with Charlotte, customer service rep, and she said the bean counters insisted on an increase since it had been 2-3 years since they had raised their rates. With all of the other insurance we have I AM INSURANCE POOR!!

Insurance reps wont ever tell you but often the rates go up because the parent company has made poor investment decisions and they need to recoup their loses. Insurance companys are just as slimy as Wall Street.[/QUOTE]

Mine made the jump 30% jump in Dec 2013. I grudgingly paid the increase after calling Charlotte and getting the same story. This year, the price remained the same, but I procrastinated paying my bill. The second phone call from KTAC, about 3 days prior to losing coverage I whined to Robert, and they did give me a "one time" discount.

 

[LD1]

I checked with my homeowners and they were wanting $72 a month and it had to stay on my property. I saw someone else post that had Farm Bureau and they are in my area and I contacted them, and they are charging me less then $150 on my brand new LS tractor. They charge about $10 a year for attachments each. Plus if I need to go help a neighbor, I can.

$72 a month is pretty hard to believe. Inless we are talking about a quarter-million dollar piece of equipment. Thats about double what any of my vehicles cost. And more than my homeowners itself. I think the likelyhood of paying a claim on a vehicle is far greater than a tractor. So thats just nuts.

 

[senecak19]

Interesting read. I'm about half way through paying my Kubota off and after reading all this, I'm in no hurry to pay it off since I have the KTAC insurance as well (0% financing). Leave it to this place to inform me once again (I contemplated ridding of the monthly payment and paying it off). Love this site.

 

[gordyy]

that $72 a month seems a bit high to me also.
I have two scuts mow and blow snow for hire.
I pay about 70 per month with a 1000 deductible for coverage on both tractors and $225000. of liability insurance on any property I may damage, also with a $1000. deductible on the liability. The deductible was the key, anything less than the $1000. mark and the cost doubled, I guess the insurance guys figure if you spend that kinda $$$ on the equipment your not really going to go out of your way to smash it up.
and the $1000 kinda takes throwing a rock thru a window out of their worry.

 

[LD1]

that $72 a month seems a bit high to me also.
I have two scuts mow and blow snow for hire.
I pay about 70 per month with a 1000 deductible for coverage on both tractors and $225000. of liability insurance on any property I may damage, also with a $1000. deductible on the liability. The deductible was the key, anything less than the $1000. mark and the cost doubled, I guess the insurance guys figure if you spend that kinda $$$ on the equipment your not really going to go out of your way to smash it up.
and the $1000 kinda takes throwing a rock thru a window out of their worry.

Even $70/month for business liability seems high to me.

$1M liability for landscape type business should be $40-$50/month with $1k deductible

 

[RandyT]

The liability insurance is cheap. what you are paying out the nose for is the value of your equipment.

I pay around $400 a year for my business liability for $1,000,000 but $1000 a year to cover $35000 in inventory, plus another $300 for my 2005 DK45S with bushhog M346 loader, on my business inland marine policy.

 

[LD1]

Covering your equipment is optional. If it is 100% for business, then yea, it is probably a good idea.

But my equipment is dual purpose. I use it for personal use as much as business. And is always stored on my "personal" property. Therefore it is covered under my homeowners policy (as long as it is on my premises.) I know some homeowners dont necessarily cover equipment. But I know mine does. ITs listed on the policy. And since I never leave equipment on site, my agent agreed that it would be a waste to have coverage on it on a business policy as well. So I opt for liability only.

 

[Looking4new]

My Inland Marine policy is a 'all perils' policy. About the only thing that is NOT covered is an act of war. The Kioti was covered for $20,900.oo until I told the agent I wanted it covered for $31,000.oo, the price I paid for it. She asked where the $20,900. number came from and I told her that was the amount that was financed, because I put 10 G's down.

 

[henryswe]

The one thing not mentioned is when you haul your tractor. Your auto policy will cover liability of the trailer but not the tractor itself, that is why I went with KTAC. I tried to get insurance for that with my insurance company and was told that they don't have the ability to insure the load on the trailer. KTAC has that provision written in their policy.

 

[txturbo]

I don't know why everybody's KTAC rates are increasing unless the tractor is paid off and not under KTAC financing anymore. I know when I purchased the insurance when buying the tractor, the dealer told me this rate was locked in for the life of loan. Never had a rate increase and tractor is about paid off. I would imagine if I keep the insurance after payoff it will probably jump quite a bit.

and your dealer is also a salesman....