Insurance KTAC Insurance: who's read the fine print?

[falfrenzy]

Hello everyone! I am the director for KTAC (and KCC) and can tell you the language on the policy is to protect KTAC from those of you with wild ideas. For example, if you modify it for tractor racing, KTAC isn't going to cover it when you flip it going 80MPH. Also, the policy only protects what you paid to insure which means you can't put thousands ($) of add-ons and expect them to be covered under a policy you only paid premium for the tractor. Get a new policy by calling us so everything is insured. In addition, the ability to investigate the equipment simply means having your local Kubota dealer take a look at it, take some pics and send them in with the estimate to repair. KTAC takes great pride in keeping Kubota customers buying orange. Even though I oversee KTAC and KCC, I am more of a tractor guy than an insurance salesman although I have plenty of insurance licenses. Do yourself a favor and search for all posts regarding KTAC and you will see we have an extremely high positive view from Kubota owners. Have a great New Year!!!

Brian Carter

Brian,

Your response is appreciated, and quite surprising to be honest. The intent of the policy is understood, policy wording is a little confusing, in my opinion.
Are all claims investigated by Kubota dealers, or do you have traveling adjusters?

Also, a question about content of your above post:
"Also, the policy only protects what you paid to insure which means you can't put thousands ($) of add-ons and expect them to be covered under a policy you only paid premium for the tractor. Get a new policy by calling us so everything is insured."

Are there types of add-ons that are not insurable under KTAC? By stating "add-ons" are you referring to bolt-on/clamp on accessories like light bars, radios/music devices, bucket grapples, custom remote hydraulic lines (custom meaning not offerred by Kubota on that particular model)?

Do you differentiate "add-ons" from 3 Point Hitch implements?

Thank you in advance.

 

[Gator6x4]

Brian,

Your response is appreciated, and quite surprising to be honest. The intent of the policy is understood, policy wording is a little confusing, in my opinion.
Are all claims investigated by Kubota dealers, or do you have traveling adjusters?

Also, a question about content of your above post:
"Also, the policy only protects what you paid to insure which means you can't put thousands ($) of add-ons and expect them to be covered under a policy you only paid premium for the tractor. Get a new policy by calling us so everything is insured."

Are there types of add-ons that are not insurable under KTAC? By stating "add-ons" are you referring to bolt-on/clamp on accessories like light bars, radios/music devices, bucket grapples, custom remote hydraulic lines (custom meaning not offerred by Kubota on that particular model)?

Do you differentiate "add-ons" from 3 Point Hitch implements?

Thank you in advance.

I just don’t think KTAC would cover damage done or breakage of a 3 Point Hitch Implement. Owners responsibility and accountability has to be factored into warranty or insurance repairs on tractors or vehicle ownership.

 

[oldballs]

I'm guessing that if the attachment was listed in the policy, then it would be calculated into the cost and therefore covered accordingly.

 

[RickB]

I just don’t think KTAC would cover damage done or breakage of a 3 Point Hitch Implement.

You would be quite wrong about that. There is a Landpride rotary cutter at my workplace waiting for me to write a loss estimate right now.

 

[TMGT]

Brian,

Your response is appreciated, and quite surprising to be honest. The intent of the policy is understood, policy wording is a little confusing, in my opinion.
Are all claims investigated by Kubota dealers, or do you have traveling adjusters?

Also, a question about content of your above post:
"Also, the policy only protects what you paid to insure which means you can't put thousands ($) of add-ons and expect them to be covered under a policy you only paid premium for the tractor. Get a new policy by calling us so everything is insured."

Are there types of add-ons that are not insurable under KTAC? By stating "add-ons" are you referring to bolt-on/clamp on accessories like light bars, radios/music devices, bucket grapples, custom remote hydraulic lines (custom meaning not offerred by Kubota on that particular model)?

Do you differentiate "add-ons" from 3 Point Hitch implements?

Thank you in advance.

When I asked about it, and what Brian said reflects that, is that the premium can cover other "accessories" or add on's but they must be included in the premium.

In other words, let's say you bought a L2501 bare tractor with KTAC, then later added a loader (kubota or aftermarket), then a aftermarket sun shade, 3pt tiller.

If something happens to the tractor and it damages the loade, sun shade and tiller they be covered unless you add them on to be covered when you purchase them.

Knowing what I know now I should have kept it when I paid off the tractor. Still looking into adding it back once I start using the tractor again.

 

[MessickFarmEqu]

It covers implements the are on the contact. If they are not on the contact, they are not covered.

It was asked if there are adjusters, there are not. Its complete loss coverage, not a deprecated amount. There is no need for an adjuster. If it's broke, we make you hole, if its a complete loss.. you get your entire amount back.

In the world of insurance, KTAC is almost too good to be true.

 

[falfrenzy]

It covers implements the are on the contact. If they are not on the contact, they are not covered.

It was asked if there are adjusters, there are not. Its complete loss coverage, not a deprecated amount. There is no need for an adjuster. If it's broke, we make you hole, if its a complete loss.. you get your entire amount back.

In the world of insurance, KTAC is almost too good to be true.

Appreciate your feedback, but I think you are over-reaching a little with your closing statement. KTAC is available (to my understanding as a consumer) as Replacement Cost policy, for new tractors and used equipment is eligible for a Actual Cash Value policy subject to depreciation/valuation of the tractor at the time of loss.
If I'm incorrect, please advise.

 

[MessickFarmEqu]

Appreciate your feedback, but I think you are over-reaching a little with your closing statement. KTAC is available (to my understanding as a consumer) as Replacement Cost policy, for new tractors and used equipment is eligible for a Actual Cash Value policy subject to depreciation/valuation of the tractor at the time of loss.
If I'm incorrect, please advise.

Your absolutely correct. All the policies we sell are replacement cost, the actual value policies have to be bought direct.

 

[atitus74]

When I got my tractor I decided to pay cash and not finance, as there was a requirement for insurance I was not sure that I wanted it. After all the great feedback that I have heard about KTAC I decided that I wanted it after all and I got it direct from KTAC. But, as falfrenzy pointed out, unless you are financing with Kubota what you get is NOT a full replacement policy. In that regard I do have some regret. If I could do it all over again I would most definitely finance the tractor for the longest period that I could get with 0% because as long as the financing agreement is in place, your KTAC policy will remain as Total Loss Coverage, no depreciation. I wish my dealer had pushed me a little more toward doing this as I think its a big advantage.

 

[falfrenzy]

When I got my tractor I decided to pay cash and not finance, as there was a requirement for insurance I was not sure that I wanted it. After all the great feedback that I have heard about KTAC I decided that I wanted it after all and I got it direct from KTAC. But, as falfrenzy pointed out, unless you are financing with Kubota what you get is NOT a full replacement policy. In that regard I do have some regret. If I could do it all over again I would most definitely finance the tractor for the longest period that I could get with 0% because as long as the financing agreement is in place, your KTAC policy will remain as Total Loss Coverage, no depreciation. I wish my dealer had pushed me a little more toward doing this as I think its a big advantage.

0% financing is not truly 0%, I would imagine you realize that?

But, that extra cost does buy peace of mind during the financed period, I understand where you're coming from.