when to let go of tractor insurance

[big bubba]

am interested in hearing from forum members when they feel annual tractor insurance is no longer needed. currently have M8540 hd12 sp open station that i've insured w/KTAC for 10 yrs since purchased new. long since paid off. very pleased w/KTAC. never filed a claim. they rate the machine around 28k. am currently paying $440/yr for the policy. use is non commercial approx 100 hrs/yr. & not in the woods, etc consider myself a safe operator, park it in a secluded non threatening place, am on good terms w/neighbors.

$440 is a chunk of change. am interested in your own situation and @ what point one might let the policy go.... of course insurance is a gamble & can be looked at as "peace of mind"..... but what are your considerations for continuing your insurance through the years in a low risk circumstance when the machinery is paid off....
thanks in advance

 

[M5farms]

I have 2 tractors and hay baler on my home and farm policy for less than 200 bucks a year . Farm Bureau

 

[Peter 315]

I think your home owners insurance will cover it on your property

 

[DK35vince]

I think your home owners insurance will cover it on your property

Many don't.
My homeowners will cover 1 lawn mower up to $5000.

 

[DK35vince]

I have an Inland Marine policy on the tractor.
Covers the tractor, the loader, the backhoe, all my other attachments and zero turn mower for $164/year.

 

[Fallon]

Insurance isnt worth it when you can afford to replace the item yourself. So if loosing the machine & having to replace it wouldn't bankrupt you or severely impact your life, its not the economical solution in the long run.

Insurance companies are gambling that bad things won't happen to you at rates that pay out more than you pay in on average. They also need to make profit on the transaction & cover their overhead. So if you self insure, in the long run, you pay less overall.

Making payments on a new tractor or buying a new one outright might suck, but if you can reasonably afford to do that if required the odds are you will come out ahead. No guarantees on those odds, but it's better than Vegas.

I have KTAC on mine, but will likely drop it when it's paid off. I never get insurance on any thing under 5 figures... computers, appliances, tools, etc. I can afford to replace them if need be & in the long run I will statistically (not guaranteed) come out ahead. Plus dealing with insurance companies sucks (KTAC MUCH less than the rest though).

Liability is different. Not only are you legally required to have it in many cases (automobile). But most of us can't afford to pay out $100,000 to a million or more. So an umbrella policy for the house & general life stuff or a commercial liability policy makes sense.

 

[Jstpssng]

I have an Inland Marine policy on the tractor.
Covers the tractor, the loader, the backhoe, all my other attachments and zero turn mower for $164/year.

If I'm not mistaken that doesn't include liability insurance.

 

[Peter 315]

Many don't.
My homeowners will cover 1 lawn mower up to $5000.

I think its covered under personal property That's what I was told by liberty mutual ins

 

[Tx Jim]

I have 2 tractors and hay baler on my home and farm policy for less than 200 bucks a year . Farm Bureau

What's the $$$$ value of your equipment that's insured for less than $200?

 

[LouNY]

I have my tractors on a farm policy for the liability as it covers me on the road between farms ect. and $45,000 in equipment coverage changed my premium about $200 a year on my home owners, using a local co-op ins. company