Tractor Insurance

[mike paulson]

Hey guys, I have a 7 year old Kubota B Series with a Curtis Can. I know it's covered under my Homeowners ins if Stolen from my property or if I have a garage fire ect. But what about Insurance coverage for an accident such as a tree landing on the cab or hood? It never leaves my property but I was wondering what's available as far as insurance. KTAC doesn't insure tractors that are paid of so I've already tried that

 

[Torvy]

Some people get inland marine policies, but those are specifically for transportation of the tractor and may not cover damage caused by nature. Read the fine print on your policy.

Most other policies are business policies since traditionally tractors are used for making a living. In our case, we have an LLC that we use for anything related to our property (except the house and personal vehicles). Even though we will likely never make much, if any, money in our business. It is easier than making a non-profit corporation. A quick internet search found this. Not an endorsement of this brand, just an example of what is out there.

Farm Equipment and Tractor Insurance – Nationwide

What does farm equipment insurance cover? Learn how to protect your agribusiness from specific farm-related risks like flooding, cab glass breakage, and more.

www.nationwide.com

 

[mikester]

The person you need to talk to is your insurance agent. Prepare to dig deep into your pockets they will want all your spare change.

 

[Thomas]

"The person you need to talk to is your insurance agent."

Yes...before you need it.

 

[mike paulson]

Seems to be a real problem. I don't want to start a phony LLC just to get tractor insurance and I've already talked to my ins agent and there's little to nothing available for a small landowner with a tractor. If a tree crushes my garage and my tractor is in it and my 4k cab gets crushed I'm covered by my Homeowners. If it's on my front lawn and a tree comes down on it I'm screwed? Do I pay 700 a year??? After 5 years if nothing happens I'm in over 3k in premiums. I've already had the machine for 8 yrs I think I'll just continue to roll the dice and be careful.

 

[HP942]

Try Farm Bureau, they cover most anything.

 

[WinterDeere]

Most homeowners policies have a cap on single items. Often it's just $2000 per item, meaning you'd need a rider on that policy to cover most tractors. Don't assume that if your barn burns down, the tractor parked inside is covered at replacement cost (or even trade-in cost), because it likely is not.

A tree falling on your barn is an easier scenario, as it'd have to be one heck of a tree with very unique aim, to cause a total loss of the tractor. In this scenario, you're almost always dealing with repair, not replacement.

 

[JohnDeereJoey]

My tractor and mini excavator both are insured with "personal articles" policies. Priced about the same as a car of like value.

 

[5030]

Seems to be a real problem. I don't want to start a phony LLC just to get tractor insurance and I've already talked to my ins agent and there's little to nothing available for a small landowner with a tractor. If a tree crushes my garage and my tractor is in it and my 4k cab gets crushed I'm covered by my Homeowners. If it's on my front lawn and a tree comes down on it I'm screwed? Do I pay 700 a year??? After 5 years if nothing happens I'm in over 3k in premiums. I've already had the machine for 8 yrs I think I'll just continue to roll the dice and be careful.

I consider insurance as a ponzi scheme but still necessary. As we are a working farm, all of our equipment is insured, has to be.

 

[Chewwy]

I have tractor theft insurance of several different calibers.

 

[Stan B]

My tractor and mini excavator both are insured with "personal articles" policies. Priced about the same as a car of like value.

Same here, with State Farm. Covers the "list" I gave to my agent which includes tractors and implements, on or off my property. I had to specifically state I wanted it covered off my property. They wanted a list of items, serial numbers and values (for which I used MSRP). If I recall, the underwriters wanted a copy of the tractor's bill of sale, but none of the implements.

 

[WinterDeere]

My tractor and mini excavator both are insured with "personal articles" policies. Priced about the same as a car of like value.

As riders on the HO policy, or on separate policies? I believe a rider on HO should be (much) cheaper than a vehicular policy.

 

[Stan B]

As riders on the HO policy, or on separate policies? I believe a rider on HO should be (much) cheaper than a vehicular policy.

Not the person you were replying to, but my "personal articles" policy is separate from all other policies. $32k of equipment covered, $500 deductible, ~$300/year premium.

 

[mikester]

Most homeowners policies have a cap on single items. Often it's just $2000 per item, meaning you'd need a rider on that policy to cover most tractors. Don't assume that if your barn burns down, the tractor parked inside is covered at replacement cost (or even trade-in cost), because it likely is not.

A tree falling on your barn is an easier scenario, as it'd have to be one heck of a tree with very unique aim, to cause a total loss of the tractor. In this scenario, you're almost always dealing with repair, not replacement.

Some things like tractors, lawn mowers, golf carts etc fall under your home owners policy. You make a claim like you would any other claim. Be forewarned that making a stupid claim will cost you in the long run in terms of higher premiums. If you want to save money have a high deductible.

Sometimes NOT making a claim is more sensible i.e. I won't submit a claim for a $2K repair with a $1K deductible because I know I will get hosed on premiums later over a period of 10-15 years after the initial claim. Make too many claims - expect to get a notice that you are not getting offered a renewal of your policy.

You can specify items you want special coverage for ie. a new expensive tractor. Be prepared to fork out at least $100 per $10K of insured value.

Remember you are betting the insurance company you might have a claim in the future, and the size of your premium reflects the likelihood the insurer might have to pay out. Insurance is in the business to make money so they can have big bonuses and junkets to exotic locations...not to make sure little Johnny has a better life without worries.

 

[MinnesotaEric]

I have an inland marine policy on my tractor with CNH (or whoever just bought them). It works like a five year put option with annual payments. Call 866-559-6814

 

[WinterDeere]

If you want to save money have a high deductible.

I used to think this too, but both times I priced my HO policy with a high deductible, the savings was under $60/year. Despite me never having a claim, and likely never bothering to place a claim on anything under $10k, I couldn't find much excuse to raise the deductible above the usually-recommended $500-$750.

 

[Torvy]

Seems to be a real problem. I don't want to start a phony LLC just to get tractor insurance and I've already talked to my ins agent and there's little to nothing available for a small landowner with a tractor. If a tree crushes my garage and my tractor is in it and my 4k cab gets crushed I'm covered by my Homeowners. If it's on my front lawn and a tree comes down on it I'm screwed? Do I pay 700 a year??? After 5 years if nothing happens I'm in over 3k in premiums. I've already had the machine for 8 yrs I think I'll just continue to roll the dice and be careful.

The LLC is not phony. If you produce anything and sell it or give it away, I HIGHLY recommend discussing this with an attorney. The LLC is a business entity that protects your personal assets from liability.

 

[AndyMA]

Hey guys, I have a 7 year old Kubota B Series with a Curtis Can. I know it's covered under my Homeowners ins if Stolen from my property or if I have a garage fire ect. But what about Insurance coverage for an accident such as a tree landing on the cab or hood? It never leaves my property but I was wondering what's available as far as insurance. KTAC doesn't insure tractors that are paid of so I've already tried that

According to KTAC website you can by a policy for a paid off tractor

 

[JohnDeereJoey]

As riders on the HO policy, or on separate policies? I believe a rider on HO should be (much) cheaper than a vehicular policy.

Separate policies.

 

[beckmurph]