New Tractor Insurance

[azuerch]

I'm trying to figure out the best option for insuring my new tractor. I would like something that would cover accidental damage (rollover, tree falls on it, etc) and not just storing it in the shed. I will be doing 98% of work at home but may drive it to neighbors to help out. I don't have a trailer for it so nothing long distance or frequent.

I searched the forums and found some reference to Inland marine policy and contacted CNH for a quote. I also can add a farm endorsement to my home owners policy but i'm not sure which would be the best option. I have attached the two documents. What are your thoughts?

Thanks

 

[ctgoldwing]

I recently contacted my agent about insuring my tractor. As long as it is used on my property, by me and not someone I hire to use it, it's covered on my homeowner's policy - subject to the deductible. I don't take it off my property so for me that's enough. The normal hazards covered on my homeowners are covered on the tractor.

 

[MoKelly]

I recently contacted my agent about insuring my tractor. As long as it is used on my property, by me and not someone I hire to use it, it's covered on my homeowner's policy - subject to the deductible. I don't take it off my property so for me that's enough. The normal hazards covered on my homeowners are covered on the tractor.

Would that include rollover damage? Or other damage caused by you v. an act of God?

MoKelly

 

[hube2]

I had to add insurance for damage to the tractor and rollover insurance to my homeowners insurance, I have a loan and the loan company required it.

 

[ctgoldwing]

Would that include rollover damage? Or other damage caused by you v. an act of God?

MoKelly

Good question, one I didn't specifically ask. She did say it would be treated like any other valuable on the property. ie if a tree or lightning knocked down my 120' radio tower it would be covered, just like the tractor would if it was hit.

I'll call on Monday and ask about a roll over.

These are things you should ask your agent. We live in different states with different governing laws about insurance. Our insurance companies are probably different (mine is Central Insurance) and no doubt your policy is different than mine.

btw I do all my communications with them via email and save everything

 

[MoKelly]

Good question, one I didn't specifically ask. She did say it would be treated like any other valuable on the property. ie if a tree or lightning knocked down my 120' radio tower it would be covered, just like the tractor would if it was hit.

I'll call on Monday and ask about a roll over.

These are things you should ask your agent. We live in different states with different governing laws about insurance. Our insurance companies are probably different (mine is Central Insurance) and no doubt your policy is different than mine.

btw I do all my communications with then via email and save everything

My homeowners only covers damage due to acts of God. Like you said - tree falls on it after a storm, lightning, flood, tornado, fire while parked - that stuff. No coverage if damage occurs while operating.

That’s just my insurance. I was curious if other homeowner policies are different.

MoKelly

 

[JethroB]

I have my tractors and shop scheduled on a farm policy (endorsement?). I am fortunate to have an independent insurance agent that I trust to recommend the better insurers
(Auto Owners currently) and coverage I need. Annual Premiums on the tractors run about 3% of cash value. PDI coverage on and off my property and in-transit including liability. Rollover is included. For Hire work is a big no-no but helping out a friend or neighbor is fine. YMMV.

 

[dodge man]

I just went through my State Farm agent for mine. Like already said homeowners wouldn’t cover wrecking the tractor during use, I will probably drop it once the tractor is paid off.

 

[hube2]

I just went through my State Farm agent for mine. Like already said homeowners wouldn’t cover wrecking the tractor during use, I will probably drop it once the tractor is paid off.

Yep, as soon as it's paid off all the extras will be taken back off. Damaging something else, like the house with a rock or something is covered by the homeowners.

 

[STCL01]

You really need to look at an Inland Marine Policy. I have mine through Farm Bureau. It's relatively cheap for the year, and I have all my equipment and attachments on it. It's less than $1000 a year about $70,000 worth of property on the list. Homeowners will not cover damage you inflict while working it. Also, at least here in Texas, the deductible on the Homeowners policy is usually 1% of the value of your home. $150,000 house and it's a $1,500 deductible. My deductible is $250 on each piece of equipment. So if I need it for the tractor I've already paid for the policy just by the deductible savings. By the way Farm Bureau was the best price I found when I shopped it. Your mileage may vary.

 

[JethroB]

You really need to look at an Inland Marine Policy. I have mine through Farm Bureau. It's relatively cheap for the year, and I have all my equipment and attachments on it. It's less than $1000 a year about $70,000 worth of property on the list. Homeowners will not cover damage you inflict while working it. Also, at least here in Texas, the deductible on the Homeowners policy is usually 1% of the value of your home. $150,000 house and it's a $1,500 deductible. My deductible is $250 on each piece of equipment. So if I need it for the tractor I've already paid for the policy just by the deductible savings. By the way Farm Bureau was the best price I found when I shopped it. Your mileage may vary.

Does that include commercial or for hire use? The equivalent for me @$70k would be $200 with a $1k deductible.

 

[STCL01]

Does that include commercial or for hire use? The equivalent for me @$70k would be $200 with a $1k deductible.

No. I"m just farm and ranch. My guess is that you are going to have to have a different policy for commericial. You need to contact your insurance provider and see what your options are.

 

[Beaver Cove Deere]

I live life by: "If I break it, I own it".

Homeowners insurance covers the stuff I CAN NOT control.

 

[hube2]

No. I"m just farm and ranch. My guess is that you are going to have to have a different policy for commericial. You need to contact your insurance provider and see what your options are.

I checked into this when I got my tractor. I thought I could do "emergency snow removal" as there is a big call for this around me whenever we get a big storm. The cost of the liability insurance I need to do this made it not worth it for something I'd do part time.

 

[scaredychicken]

I was so glad to have Kubota-arranged insurance, when I had a claim recently. It was an option to going with homeowner's insurance policies, when I bought the new tractor. They took over the claim and dealt directly with the dealership throughout the process. Covid slowed things down a bit, but I just paid the deductible (and taxes). Transport for 1 hour, to / from the dealership, was part of the claim.

I think Homeowner's insurance would work, but I think it would be more complicated in the event of a claim. Tractor insurance providers know tractors. just my thoughts.

cheers, CK