KTAC vs Erie Insurance

[pburchett]

With my last payment on the tractor coming up soon I was looking at continuing insurance coverage. I was comparing KTAC and Erie insurance for tractor coverage.

My 2016 Kubota MX5200HST is valued at $29,650 according to KTAC.

The KTAC policy will cost $670 per year and the Erie policy is $110 per year as a homeowner endorsement.

Each policy has a $250 deductible while Erie only pays 80% of the actual cash value. I did find some unusual things like infidelity and secretions are not covered! I am still a little confused about part 11. C. 1) and the wording about compaction and grading , so I presume that is their way out of overturns (grading) and sinking up (compaction)?

So far I have only managed to get the tractor stuck, bend the grill guard and front weight bracket and break a rear tail light. I don’t abuse my equipment but I use them as needed. I live on very hilly land but I use the seat of my pants and a little common sense as a clinometer and so far have never turned over.

I guess I am more worried about barn fire or a barn collapse in wind more than me breaking the tractor. I do trailer it a couple of times a year on some very poor, curvy, hilly and narrow roads to another property I own which is 60 miles away.

I know the $670 is not a lot in terms of replacement parts, but I still hate to pay it. Any suggestions or comments on the Erie policy?

 

[crazyal]

Do you ever take your tractor off of your homestead? Even a trip to the dealer for service work may not be covered under a homeowner policy. The Erie policy would most likely cover rolling over your tractor but it's not likely to cover engine damage where the KTAC usually covers everything.

 

[tradosaurus]

I have Texas Farm Bureau homeowners policy (similar to yours) that covers tractor, implements, and UTV. KTAC is more generous but I took the risk that the Kubota's 2 year warranty plus my homeowners would be all I need.

 

[nybirdman]

I have an Inland Marine policy;it covers theft,loss from fire ect.,the way I understand Kubota's covers this +warranty for breakage ect.
That's where the price difference is.

 

[LS Tractor Owner]

If it were me, KTAC would be the way to go.... covers EVERYTHING! I wish I could get it for my tractor!....

 

[JethroB]

A farm policy might be an option if you qualify. Mine covers my equipment on and off my property for physical damage, upset (rollover) fire, theft, liability, etc. at depreciated value. Tractors are scheduled and cost about $3 per $1,000 of value per year. ($30,000 = $100) For hire work is a big no-no.

 

[pburchett]

Here is what I have found:

Erie Insurance on the homeowners police $110 a year. Does not cover as much as KTAC.

KTAC $670 a year. $15.31 per $1000 value of loader & $22.50 per $1000 value of tractor.

Underwritten by Ohio Indemnity Company.





Now the new stuff:

CNH Physical damage Insurance is as follows:

Underwritten by Wesco Insurance Company

$200 Deductible policy = $370 per year

$500 Deductible policy = $321 per year.

$10.52 per $1000 on tractor and $12.43 per $1000 on loaders.

Looks as if CNH also covers the clean-up of pollutants (diesel and oil spill) along with tires and tubes.

I am going to call and get a Policy from Wesco Insurance Company.

I did call a few (10) close New Holland dealerships and talked to them about their experience with the CNH insurance. Some dealers tried to steer their customers to their local agent to keep the money in the community or had never received a claim, or complaint or had any issues getting the equipment fixed with the CNH insurance. One person I spoke to even did the appraisal and estimates for their shop.



I’ll post more when I learn more.

 

[Grandad4]

Those CNH numbers don't make sense. The $300 deductible policy (i.e. which pays more), is way cheaper than the $500 deductible (that pays less). Or am I not reading that correctly?

 

[ning]

"Grading and compaction" I take this as if damage occurs because the equipment was on land that gave way unexpectedly (slump/slide).

The context around "secretion" implies they mean something like "you're lying about something or deliberately keeping secrets and as a result damage occurred", though I can't find a definition of the word that covers something like that.

Curious, and I'd ask for clarification of these before signing up.

Re $200 vs 500 deductible cost - looks like there's an extra digit on the $500, otherwise the numbers sound right.

 

[Fuddy1952]

I've been with Erie 45 years and happy with them. You'll save $560/year with them.
Everything here is covered by Erie and I added an umbrella policy.
It's of course your decision. Just my opinion.