Insurance Tractor insurance

[1930]

Just what I experience.

Ive learned when buying and financing a new tractor its required to get insurance.

Ive learned go thru my own insurance carrier, over the life of the loan Im saving 1000 bucks and I have better coverage.

I have State Farm BTW and Im sure that makes a difference.

Dealer was gently pushing insurance they offer with the finance plan

 

[YLee Kioti]

Farm Bureau here and keep tractor in the shop.
They cover machine and all implements by serial number.
Piece of mind as well.
Glad you got it all covered.

 

[atsah]

Massey insured mine for $600. If you're saving a grand you must be financing for 72 or 84 months?

 

[1930]

Massey insured mine for $600. If you're saving a grand you must be financing for 72 or 84 months?

Yes, I guess it comes down to how much your putting down and where you want the payments

 

[oosik]

My State Farm homeowners policy covers my tractor while on my property.

 

[TractorNH]

My State Farm homeowners policy covers my tractor while on my property.

A BIG word of caution.....Homeowners policies only cover the tractor for the stated perils like fire, theft, vandalism, lightning strike, damage if a tree falls on it, stuff like that. They DO NOT cover damage to the tractor while you are using it like if you roll it over or in the case of a cab tractor, break a window. If you're using your tractor and crash it into your house or garage, damage to the building is covered but damage to the tractor is not.

I have a State Farm policy specifically on my tractor. My agent recomended it, a "Personal Articles" policy. This type of policy is basically like scheduling coverage on the specific item for a specific value AND you can insure just about anything with it....jewelery, collectibles, guns, tractors, and even implements like that expensive grapple or 3 point snowblower. It also covers the tractor wherever it is, not just on my property. My policy for $40k of coverage was just under $500 for the year with a ZERO deductible. It would have been about $375 with a $500 deductible or $325 for a $1000 deductible but given I have a cab tractor with lots of expensive glass I opted for the zero deductible. Pretty much the only thing it doesn't cover is mechanical breakdown. It also doesn't provide liability coverage so if you need that too then you would need to look at an "Inland Marine" type of policy.

 

[Jchonline]

[I think it is safe to say every policy could be different, so each should check theirs closely. I considered USAA for my tractor vs Kubota KTAC. To get the same coverage USAA was about $50 more a year (it was a secondary insurer). They also did not cover me taking the machine off my property and using it, which I will do. KTAC was the best option for me.

 

[Texasmark]

Just what I experience.

I have State Farm BTW and Im sure that makes a difference.

Dealer was gently pushing insurance they offer with the finance plan

Once I learned that the dealer got a 2% kickback if I used his insurance co. Subsequently when I financed things it was with my carrier and included extras at a lower cost.

 

[jeff9366]

A BIG word of caution.....Homeowners policies only cover the tractor for the stated perils like fire, theft, vandalism, lightning strike, damage if a tree falls on it, stuff like that. They DO NOT cover damage to the tractor while you are using it like if you roll it over or in the case of a cab tractor, break a window. If you're using your tractor and crash it into your house or garage, damage to the building is covered but damage to the tractor is not.

I have my third tractor, second new Kubota. I maintain KTAC/Kubota insurance on my tractors after they are paid off. I have had one FEL damage claim on each of the two Kubotas, each claim exceeded what I paid in KTAC premiums over the six years of the combined two loans.

I put on 250 - 300 engine hours per year. The greater hours, the greater risk of having operator error damage.

A neophyte tractor owner is probably three or four times more likely to suffer operator error tractor damage during the first 200 hours of operation than an experienced operator in any 200 hour span.
1. Adrenaline is pumping. 2. Neophyte operator does not know what he/she does not know.


Accidents are accidents and they do happen.

KTAC is very easy to deal with.

KTAC covers transportation for repair.

 

[jeff9366]

You have proposed ways to pay less for a new tractor in several threads. We all want a fair price.

Settle in mind your comprehensive operating cost for a compact tractor will be $25 per engine hour, or close to it, assuming you use Kubota fluids, filters and parts but perform all labor yourself, valuing your time at zero. This excludes implements. There are numerous threads in the archive on compact tractor hourly operating costs.

I grease and fuel my L3560, my Kubota dealer does all other tractor maintenance, including transportation. I have numerous implements. My operating cost is $35 per engine hour.

Research good welding shops early in your tractor ownership. Implements require quality welding regularly.

 

[jeff9366]

Have you considered what Three Point Hitch counterbalance you will use for moderate-heavy Loader lifts?
The two implements commonly used for counterbalance are a Box Blade or a PTO-powered Roto-tiller.
Most tractor owners want to repair roads or till soil for planting something.

Without counterbalance the tractor will pivot on the small front wheels/axle, lifting the rear wheels/tires off the ground with the potential for a tractor rollover.

 

[dodge man]

I just bought a new tractor and financed it for 5 years 0%. I have to insure it and I also use State Farm and its just like someone else said, it won't cover use of the tractor. I had to add the policy to mine, about $250 per year, $500 deductible. I now kind of wish I had just paid cash for the tractor and wouldn't have to insure it, but it is a 20k investment so I don't hate the idea of insuring it.

 

[kthompson]

Tractors do not have a title at least not in our state. They are not registered as a vehicle so not easy to track if stolen. Normally all of same model use same key so key locked is not a sure thing. A small tractor does not require heavy truck nor trailer. On top of that often not used every day so could be missing a couple of days before noticed. A shiny new tractor is easy to spot....if I paid cash for one, or financed would want insurance on it to protect from theft unless have it kept in locked building or secured some other way. On top of that have known of an employee of a tractor dealership that furnished the address of new owners to someone who would steal them after few months old, guess to allow the owner to get use to and lax on safety.

 

[Jchonline]

I just bought a new tractor and financed it for 5 years 0%. I have to insure it and I also use State Farm and its just like someone else said, it won't cover use of the tractor. I had to add the policy to mine, about $250 per year, $500 deductible. I now kind of wish I had just paid cash for the tractor and wouldn't have to insure it, but it is a 20k investment so I don't hate the idea of insuring it.

What are you waiting for? Pay it off this month and drop the insurance.

 

[harrydarwen]

I considered USAA for my tractor vs Kubota KTAC. To get the same coverage USAA was about $50 more a year (it was a secondary insurer).

Nox Vidmate VLC​

 

[SmallChange]

I have Erie insurance for car and home, bundled together. I got some kind of extra rider on the tractor so it doesn't have its own separate deductible if, for example, a tree falls over the barn and destroys barn and tractor both. It seemed quite reasonable in price.

Then when I called to ask about roading the tractor, they told me my car insurance already had me covered for accidents, too. Nice surprise.

 

[MKP]

I have Erie insurance for car and home, bundled together. I got some kind of extra rider on the tractor so it doesn't have its own separate deductible if, for example, a tree falls over the barn and destroys barn and tractor both. It seemed quite reasonable in price.

Then when I called to ask about roading the tractor, they told me my car insurance already had me covered for accidents, too. Nice surprise.

Really?
What insurance?

I'm new on this forum, I'm considering buying a tractor and I hadn't thought of the insurance issue. When I googled tractor insurance typical costs, it was exorbitant!
5000 a year???
If its like that, I can't get the tractor, financing it is stretching me enough.

But if my car insurance policy covers me, I might be good.

M

 

[MKP]

Have you considered what Three Point Hitch counterbalance you will use for moderate-heavy Loader lifts?
The two implements commonly used for counterbalance are a Box Blade or a PTO-powered Roto-tiller.
Most tractor owners want to repair roads or till soil for planting something.

Without counterbalance the tractor will pivot on the small front wheels/axle, lifting the rear wheels/tires off the ground with the potential for a tractor rollover.

I didn't think about counterbalance.
I'm considering buying a New Holland tractor. I need to snow plow, bail gravel\dirt and mow a field. It comes with the bucket but not anything else. The dealership wants an arm and a leg for their implements.
But other places have implements much cheaper.
(It should be noted right here, that I am very devoid of knowledge about farm type tractors). I've operated backhoe's and excavators and loaders quite a bit.

So the advertised weight the tractor is supposed to be able to lift might be compromised without a counterbalance?

M

 

[SmallChange]

Really?
What insurance?

Erie.

Is that what you were asking?