when to let go of tractor insurance

[Code54]

Erie said they cover my tractor, kept at home.

We also have Erie and they said they will not cover my MX5100, BX25 or mini ex and only cover a little riding tractor. We have an inland marine policy also and it is fairly cheap - around $300 for the machines and implements.

 

[Tractor Seabee]

In addition to everything else I carry a $5M blanket liability w/100K property damage that covers everything I do anywhere I am. It is very cheap when you have a Auto and HOI policies with the same company. Todays court awards are scary. You can get sued over anything it seems. One claim can wipe you out for life and put you on the street.

Ron

 

[oosik]

That IS a chunk of change. My homeowners policy(State Farm) covers my tractor and implements while on my property. That's all I need because the tractor never leaves my property.

 

[Storm56]

We also have Erie and they said they will not cover my MX5100, BX25 or mini ex and only cover a little riding tractor. We have an inland marine policy also and it is fairly cheap - around $300 for the machines and implements.

I do not post much anymore because I do not like to type, but there is misinformation here that I can just not let slide.

I owned an Erie Insurance agency for 22+ years, have sold it and retired 6 years ago.

For starters Erie has 3 levels of home policies, for simplicity I will refer to them as basic, mid, and premium. The basic and mid cover personal property on a NAMED peril basis, think fire, lightning, theft, vandalism etc. The premium covers personal property on an ALL RISK basis, with only the named exclusions, acts of war, nuclear perils, intentional acts, earthquake and one or two others that may escape me at the moment.

Erie does not in ANY manor limit what you can use to maintain your property so the comments about they would not cover my BX etc are simply wrong. During my tenure as an agent we paid several claims where policyholders had losses on very expensive tractors from fires etc.

What is limited is BUSINESS personal property, things you make money with. So if you charge your neighbor to mow his field or dig a ditch, all bets are off. There is then a limit of $5,000 for BUSINESS personal property.

Now personal property has a limit which is stated on your policy. In the event of a total loss there is a distinct probability that you could exceed that limit and perhaps fall short but you can increase that limit to be sure you are covered.

Erie covers you for liabilty and physical damage on and off your premises. Where the misunderstanding comes in is dependent on what level of policy you have, remember when I referred to basic, mid and premium? Basic and mid policies will not cover your tractor if you are towing it and run off the road, however the premium one would.

I have 4 tractors, the biggest is an 80 HP 4WD and numerous attachments, and I do not have any riders for them. I do not use any of them for business. I do favors for friends and neighbors but will not accept any money. I have a premium policy and sufficient personal property coverage in the event of a total loss.

There are agents out there looking to get all the premium dollars they can, and some that just do not know their business. Covering an expensive tractor on an inland marine rider is not a bad thing, but not always necessary.

 

[Jstpssng]

I do not post much anymore because I do not like to type, ...

...There are agents out there looking to get all the premium dollars they can, and some that just do not know their business. Covering an expensive tractor on an inland marine rider is not a bad thing, but not always necessary.

Will you have liability coverage though? It isn't a point for some; yet even if you plow your driveway, you are spending time in the road.

 

[Storm56]

Will you have liability coverage though? It isn't a point for some; yet even if you plow your driveway, you are spending time in the road.

I covered that, yes you have liabilty coverage on and off premises. Most insurance companies have a clause that spells this out and in that clause is a statement referring to "vehicles subject to motor vehicle registration". Tractors are not subject to that. They will also specifically name items that they will NOT cover such as ATV's, UTV's, motorcycles, snowmobiles etc.

 

[Jstpssng]

I covered that, yes you have liabilty coverage on and off premises. Most insurance companies have a clause that spells this out and in that clause is a statement referring to "vehicles subject to motor vehicle registration". Tractors are not subject to that. They will also specifically name items that they will NOT cover such as ATV's, UTV's, motorcycles, snowmobiles etc.

Thanks. My marine policy did not have it, which is why I dropped it and put it on my commercial auto policy.

 

[Storm56]

Do not forget, the bulk of my posts refer to personal use! Business is another matter!

 

[Storm56]

Thanks. My marine policy did not have it, which is why I dropped it and put it on my commercial auto policy.

You may want to check that a premium is being charged for liabilty on your tractor, if not then you do not have it. I could not do that in PA. Liability for a piece of equipment came from a BOP, business owners policy.

 

[big bubba]

thanks for all the informed replies. going back to my original post, have decided to let go of my $441 annual premium as the tractor is in a secure place, don't work in woods, non commercial use, etc. my homeowners will not cover as the tractor is not used @ my primary residence.
of course each situation is different, & a matter of personal choice. tractor long since paid off.... thx again for the responses