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

[RWoodman]

I purchased a L2501 with 3 implements about 3 years ago and financed at 0% which required the insurance. Never really thought about it, as I'm a fairly obsessive individual about safety and care of equipment. Well, last fall, was hauling logs and the control arm got caught by a sapling while moving the load and it tipped the loader higher causing one of the logs to fall on the hood of the tractor. I know, very dangerous, just like the owners manual and all those sticker warn, things can fall backwards. The damage was all cosmetic to the hood, although there was an actual hole in the hood from underhood bracket puncture. Looked at it like that for a couple weeks figuring if I should just bump it out and paint it myself, and then remembered I had the insurance. Long story short, submitted the claim, dealer picked up the tractor on a Monday (included in the claim), and I had the tractor back all perfect by Friday. Out of pocket was $250, total claim was about $1300 I believe. Brand new hood. Kept the old one too.

I never purchase insurance on electronics and normal things where they really put the pressure on, but I think that tractors may be an exception to the rule. I would have paid for the repair out of my own pocket if I didn't have insurance, but I think of it as paying for the next 5 years of insurance from the accident. If I never have an accident again, that's even better, but now that I've used it, it appears to be a pretty good value as far as insurance premiums vs. benefits go.

So consider this another good review for KTAC.

 

[RWoodman]

I purchased a L2501 with 3 implements about 3 years ago and financed at 0% which required the insurance. Never really thought about it, as I'm a fairly obsessive individual about safety and care of equipment. Well, last fall, was hauling logs and the control arm got caught by a sapling while moving the load and it tipped the loader higher causing one of the logs to fall on the hood of the tractor. I know, very dangerous, just like the owners manual and all those sticker warn, things can fall backwards. The damage was all cosmetic to the hood, although there was an actual hole in the hood from underhood bracket puncture. Looked at it like that for a couple weeks figuring if I should just bump it out and paint it myself, and then remembered I had the insurance. Long story short, submitted the claim, dealer picked up the tractor on a Monday (included in the claim), and I had the tractor back all perfect by Friday. Out of pocket was $250, total claim was about $1300 I believe. Brand new hood. Kept the old one too.

I never purchase insurance on electronics and normal things where they really put the pressure on, but I think that tractors may be an exception to the rule. I would have paid for the repair out of my own pocket if I didn't have insurance, but I think of it as paying for the next 5 years of insurance from the accident. If I never have an accident again, that's even better, but now that I've used it, it appears to be a pretty good value as far as insurance premiums vs. benefits go.

So consider this another good review for KTAC.

Now, I know that this doesn't address the fine print in the policy, but I guess if I had put some Texan Longhorns on the hood of the tractor and they had been damaged, I guess I wouldn't expect Kubota to replace those.

 

[KTAC]

Now, I know that this doesn't address the fine print in the policy, but I guess if I had put some Texan Longhorns on the hood of the tractor and they had been damaged, I guess I wouldn't expect Kubota to replace those.

LOL! My wife went to UT and we are both Texans so you never know!

 

[fried1765]

there is absolutely no reason to finance anything to have a great credit score. i have never financed anything in my life, i use credit cards constantly, never paid interest, my score is 821.

DITTO !!!

 

[mbhales]

Brian,

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 closed the deal on my new BX23S Friday. The KTAC policy I got includes a list of "covered collateral", consisting of the tractor, pallet forks, auger, and cab that I ordered at time of sale.

 

[sdquick]

When I bought my tractor, my rough calculation was that I could pay cash or put my cash into CD's and the interest would be about the same as the insurance payment over the 5 years. So, even though 0% is not "free", I feel I got good insurance for 5 years for about free.

 

[KTAC]

mbhales... Congratulations on getting a BX23S! The "list of covered collateral" is everything itemized on a retail contract and is covered by KTAC.

Usually, items that are not covered are added after the initial sale or were not itemized on the retail contract in the first place. We've had cases were an item (such as a trailer) was not itemized (aka: hidden) in the KCC retail contract terms and therefore not covered.

 

[wingizzmo]

mbhales... Congratulations on getting a BX23S! The "list of covered collateral" is everything itemized on a retail contract and is covered by KTAC.

Usually, items that are not covered are added after the initial sale or were not itemized on the retail contract in the first place. We've had cases were an item (such as a trailer) was not itemized (aka: hidden) in the KCC retail contract terms and therefore not covered.

Hi KTAC
I am right now in the process of buying a BX2380 , fel 3rd function 60"mmm drive over 60"plow with angle hydraulics I was going to pay cash for the set up but now realize that in doing so I cant take advantage of the replacement coverage of the insurance unless I finace through kubota or can I buy the policy through the dealer for say 5 year coverage and pay cash for the set up and be covered . Is the replacement cost only availible to credit customers only ? and if so could I just finace at 0% the 5 year insurance ?

 

[Fallon]

Hi KTAC
I am right now in the process of buying a BX2380 , fel 3rd function 60"mmm drive over 60"plow with angle hydraulics I was going to pay cash for the set up but now realize that in doing so I cant take advantage of the replacement coverage of the insurance unless I finace through kubota or can I buy the policy through the dealer for say 5 year coverage and pay cash for the set up and be covered . Is the replacement cost only availible to credit customers only ? and if so could I just finace at 0% the 5 year insurance ?

I believe you can get the new tractor policy paying cash or credit as long as you start it when you buy the tractor. You get the other policy if you start it after buying the tractor.

 

[Henro]

Hi KTAC
I am right now in the process of buying a BX2380 , fel 3rd function 60"mmm drive over 60"plow with angle hydraulics I was going to pay cash for the set up but now realize that in doing so I cant take advantage of the replacement coverage of the insurance unless I finace through kubota or can I buy the policy through the dealer for say 5 year coverage and pay cash for the set up and be covered . Is the replacement cost only availible to credit customers only ? and if so could I just finace at 0% the 5 year insurance ?

Why would you pay cash if you can finance at zero percent for the same price?

Granted, a monthly payment does not feel good. BUT years ago I financed my E350 van at zero percent. I could have paid cash. I hated the monthly payment but it made the most sense. Got a little interest on the money over that five years.

Finance it if the price is the same and do not look back. Get the insurance that way. Use their money rather than your own during the finance period.

Only works if you are disciplined I suppose, and do not use that cash for other things in the interim. I was...