Hmm. June? I hope so. I was actually looking into all that last night and that ktac insurance.
A few days ago I contacted my insurance agent and asked about a tractor and if it was covered under my normal homeowners from theft. They said it was absolutely not covered on or off property. If I wanted insurance on property it would be $90 per year and the only thing that covers is theft if it's in locked garage. If on trailer or outside, not covered. If I want liability insurance on and off property that was over $500/yr. My agent really rubbed me the wrong way and I'm in process of changing agents or insurance companies or both. He has been on me for years about getting lIability for my recreational land. 99% of the time I'm the only one that goes out there and I wouldn't sue myself if I get hurt so what's the point. He asked if I store anything out there and I said yes, I have a plastic $200 menards shed to keep shovels, a few tools and some extra clothes etc. Nothing of value and if someone feels the need to steal any of it they obviously need it worse than I do. I don't have any bear traps or anything so what could they do? Pinch themselves in the door or with a pliers? Unless whoever trespasses is one of those intentional hot coffee spillers trying to make a buck I don't see the point of liabilit insurance. My agent said because of my improvements and structures on the land liability is required or I will be dropped from my homeowners insurance. He said unless I remove my improvements from the land I am in breach of contract and will be dropped unless I pay backpay to insure it back to the date of improvements which was many years ago. After contacting another agent who contacted the insurance company I was told that was an unethical lie. I am now really questioning my current coverage and if my agent was even looking out for me or just trying to make as much commission as possible. New agent said he'd recommend liability on it but backpay and dropping me for not covering it is just wrong. He said he can't force me to buy insurance I don't want. He thought that might actually be illegal. Pretty frustrating considering my current agent is/was a lifelong friend I graduated with and worked with at our first jobs.
Anyways. Back to the tractor. Ktac insurance covers way more than the homeowners or liability insurance at a better price so that's a no brainer especially if I buy a new tractor. Wife hates the idea of new tractor with a passion
If the 0% lasts until June, most of my major yard work should be complete by then. I'm tempted to just rent a backhoe bx asap when the ground thaws at about $200 for a single day and beat the snot out of it. See if it's what I want or need and hopefully pull the trigger or not on a new one after I get some real seat time. At $200 it won't be a huge waste of funds and it would save some wear and tear on my new one if I got the initial learning mistakes out of the way using the rental. Maybe I can also have my grandpa try it out and use that to try and get him to go in on one with me before june.
If a new one comes along for a smoking deal I might bite but I can get a new bx23s for roughly $225 a month plus $25 a month insurance for 7 years with $4k down. I wouldn't be strapped for cash. The thing I most question is what happens if I want to sell or downgrade once my backhoe work is done and I still have a few years left on loan? That's another main reason I like owning things. If I want to sell I can just do it. What hoops will I have to jump through and who is likely to buy it for what it's worth if they can get new and do the same on a loan?
