kthompson
Elite Member
- Joined
- Sep 12, 2008
- Messages
- 3,509
- Location
- South Carolina
- Tractor
- Kubotas B2710, M6800, L6060 cab, Volvo EC excavator, 2 ZTRs and various implements.
Will begin with I am a licensed insurance agent. Also a small framer and equipment owner. Will not say this is 100% true for every company nor in every state but think you will find on a homeowner policy as rider or even the base policy the coverage is not as broad as the coverage with a tractor company's insurance company. If all you are worried about is total theft or total fire loss the home owner policy probable will cover it fine. The question you get into is what if a tree falls on it or you damage it while using it or as has been pointed out off your property or being used on anothers property. At same time you may find none of these include any liability coverage.
I am not familiar with the company mention contract, whose agent told him it was replalcement cost for his tractor...I suggest you find the coverage in the policy yourself and read it or ask the agent please show that to me in the policy.
Also on some insurance sold by the dealers as part of a loan, expire when the loan is paid in full. Also if you buy an implement or attachment (ie FEL) they may have limits in the insurance per each item. I say this from first had experienced, bought used tractor and fel and it was insured by a major tractor company insurance and when they wrote up the bill of sale the placed a low value on the fel and showed the tractor as almost the full purchase price. FEL got totalled can not quote their policy but it was something like this: will pay nor more than the purchase price, no more than the current valuve and there was a third situplation but the lowest value was the one they adjusted off of.
Not beating up any insurance company but from my experience an agent who sells home owners often has very little true knowledge on such riders for they sell them so often. Think about it, what percentage of home owners even own a tractor or four wheel or such? Then of that precentage what precentage worries about having them insured? Before you think that is a high precentage say 5% just ask yourself how much do you own in guns or your wife in jewerly and are you sure how that is covered and what limits your policy has in it? No matter how you bought it did those limits and the option to buy additional and the price ever mentioned to you?
Along the same line in my state most of the big name companies will not insure you house if you have more than five acres of land at least on the same deed. Some will not even if the house is on seperate deed from the additional land. They just are not set up for the rural landowner and the risk they bring which is greater than the house in the subdivsion.
If you have a tractor you use off your land or have it on the road I strongly suggest you look at your liability just as your car on the road. Not aware of any homeowner, auto poicy that will extend that coverage. Think you will onl find that in stand alone liability coverage. If you own land and equipment you really ought to consider that coverage also.
In all this each persons need is different so homeowner will work for some and the tractor company for others and stand alone will be best for others.
I am not familiar with the company mention contract, whose agent told him it was replalcement cost for his tractor...I suggest you find the coverage in the policy yourself and read it or ask the agent please show that to me in the policy.
Also on some insurance sold by the dealers as part of a loan, expire when the loan is paid in full. Also if you buy an implement or attachment (ie FEL) they may have limits in the insurance per each item. I say this from first had experienced, bought used tractor and fel and it was insured by a major tractor company insurance and when they wrote up the bill of sale the placed a low value on the fel and showed the tractor as almost the full purchase price. FEL got totalled can not quote their policy but it was something like this: will pay nor more than the purchase price, no more than the current valuve and there was a third situplation but the lowest value was the one they adjusted off of.
Not beating up any insurance company but from my experience an agent who sells home owners often has very little true knowledge on such riders for they sell them so often. Think about it, what percentage of home owners even own a tractor or four wheel or such? Then of that precentage what precentage worries about having them insured? Before you think that is a high precentage say 5% just ask yourself how much do you own in guns or your wife in jewerly and are you sure how that is covered and what limits your policy has in it? No matter how you bought it did those limits and the option to buy additional and the price ever mentioned to you?
Along the same line in my state most of the big name companies will not insure you house if you have more than five acres of land at least on the same deed. Some will not even if the house is on seperate deed from the additional land. They just are not set up for the rural landowner and the risk they bring which is greater than the house in the subdivsion.
If you have a tractor you use off your land or have it on the road I strongly suggest you look at your liability just as your car on the road. Not aware of any homeowner, auto poicy that will extend that coverage. Think you will onl find that in stand alone liability coverage. If you own land and equipment you really ought to consider that coverage also.
In all this each persons need is different so homeowner will work for some and the tractor company for others and stand alone will be best for others.
