Anyone insured?

[ning]

I saw another thread about ktac in the Kubota forum, and I was curious if any tractor owners have insurance on their tractor (ie non-ktac)?

If so would you mind telling:
- why do you have it
- what does it cover
- about how much does it cost
- for what tractor

Reason I ask is probably obvious from this post - I don't have insurance (other than some nebulous "your homeowner insurance probably covers your tractor" but covers it for what?) and I'm curious if I should get some.

 

[CloverKnollFarms]

I’m curious too... I don’t insure my ZTR or ATVs

 

[Doughknob]

Search. Other posts discuss this......

 

[jk96]

Mine is through American Family insurance. $500 deductible. Coveres damage, theft, damage done by me off property, etc. 2019 Kubota L6060. Worth more than any car I own and I keep insurance on those so same reason. Accidents happen.

 

[WM75Guy]

All my tractors, trailers, UTV, and implements are covered under my Texas Farm Bureau AgVantage policy. It covers loss or damage. Mechanical issues are not covered.

 

[CloverKnollFarms]

If so would you mind telling:
- why do you have it
- what does it cover
- about how much does it cost
- for what tractor

Reason I ask is probably obvious from this post - I don't have insurance (other than some nebulous "your homeowner insurance probably covers your tractor" but covers it for what?) and I'm curious if I should get some

Sounds like it’s of little value if you are working on your own property and stored in your own barn.

 

[4570Man]

I’m GC and I currently have insurance on my equipment. It cost me about $15 per thousand of value annually. I was considering dropping it. With only 1 machine it’s likely to work out in your favor with but I currently have 3 machines, and several trailers. Taking the gamble that I only lost one machine to fire or theft the break even time is considerably shorter. If the equipment was always stored on my property which in my case it’s not I probably wouldn’t pay it.

 

[LouNY]

Mine is through my home owners farm policy, comprehensive and liability on my tractors and equipment.
My side by side is insured on the same policy as my motorcycle, but just liability.

 

[swreeder]

I have a rider on my homeowners for comprehensive and liability, its hardly any additional cost per year for the tractor. For my UTV I have a separate policy for comprehensive, theft and liability.

My neighbors barn burned down a few years ago. He lost two tractors and an ATV along with everything in his barn. After that incident I spent a good amount of time making sure I was covered both from loss and liability for all my equipment.

To me its a small price to pay vs the losses that can occur when something goes wrong.

 

[Torvy]

For now we have an umbrella policy in addition to our homeowners. We'll get a specific rider on that when we purchase.

 

[K5lwq]

Texas Farm Bureau. All my equipment and trailers $250 per year. Covered on or off my property as long as not hired out.

 

[ericm979]

I talked to my insurance agent. The tractor (and impements? I forgot to ask) is covered when it's on my property. The UTV is not, so it has its own policy.

 

[Diggin It]

If you have a loan, the financer probably requires insurance to cover the loss. Your homeowner's should be enough, but may need a rider. Basically fire or theft, maybe storm damage. Probably liability if someone gets hurt by it on our property.There won't be any mechanical breakdown coverage or loss/liability if off your property.

 

[Shenandoah MF1760]

I don't live where I keep my Tractor and UTV, and while I keep them both in a shipping container my implements are all outside. Insurance covers theft and damage.

 

[hslogger]

I gotta 20K rider on my L400 Kubota. Thousand dollar deductible. It's in my whole policy and dunno what I am paying specifically on it but don't care. I keep it in a 20 by 48 enclosed shed valued alone at 29K, and that is insured as well, same deductible. Fourteen years ago a tree fell on my old shed, It got smashed. I had replacement value on the old shed which was pretty crappy but did the job. My old tractor before this one was in there and suffered only slight damage. I was lucky to have a crane come in and remove the damaged shed without making the problem worse.

I have alot of respect for fire and weather events, the insurance is well worth it for me.

 

[Thomas]

Our homeowners insurance covers theft fire even if I was transporting tractor etc.etc.,but ownly mrs. and I can operate tractor.

 

[grsthegreat]

i have commercial coverage offered thru start farm, on mine. its handled thru inland marine as i recall. it has low deductible. i did this because i haul my tractor off of my property occasionally.

i couldnt tell you how much it costs, because it is lumped into my total commercial policy. i can say my entire commercial polict is about $108 per month. but that handles my shop, my work truck, my business, my tractor, and business liability policy.

 

[grsthegreat]

Our homeowners insurance covers theft fire even if I was transporting tractor etc.etc.,but ownly mrs. and I can operate tractor.

i doubt it does. cant say for sure on yours, but when i checked around to about 6 different companies, none covered ANYTHING once it left the property.

 

[ning]

A brief chat with my homeowner's insurance company (USAA) tells me that my tractor is covered for theft & what you'd call "comprehensive" for car insurance on my land as long as it's stored on my (insured) property and not used commercially, subject to the policy deductible.

That deductible, of course, is close to the value of the tractor, but it's up to the adjuster to determine the pay out.

My son had a bicycle stolen from the garage of an apartment he was renting, and they covered the entire replacement cost of the bicycle (they actually gave more than we'd paid for the bicycle, with no fraud involved!) with no deductible applied - I'm guessing this is where the adjuster's judgement comes in.

 

[Jims1025R]

My larger John Deere tractor and excavator were insured for loss. My two ATVs, two airplanes, smaller John Deere, and Honda riding mower were not insured. When my hangar burned to the ground last summer, with the tractors, an airplane and ATV inside, I was sure happy that I'd insured the tractor! And, the insurance company was good enough to cover the smaller John Deere for loss under my house policy.

I'm not planning to have another fire, but then I wasn't planning to have that one either. Everything is insured now!