I avoid insurance except for liability on our cars and liability and fire insurance on our house (and there I go for the maximum deductible). Over the years I've saved more in insurance policies than I would have lost by theft or wreckage. Tractor doesn't have a license plate; on my old tractor (which was registered) I used to get my insurance agent to cover me for the day if I ventured out, but that sort of courtesy is no longer available, so I stay off the road except when plowing the driveway, and then I'm all lit up and very careful.
Anyone insured?
- Thread starter ning
- Start date
twowoode
Bronze Member
- Joined
- Oct 29, 2013
- Messages
- 77
- Location
- Maryville Tennessee
- Tractor
- john deere 2155, Massey Ferguson gc1723eb tlb, ASV rc50, Ford 8n
Our Massey gc1723eb is insured. It was required by the lender. We took advantage of the zero down zero interest loan. The insurance is about $ 300 per year. Not sure if we will continue after it’s paid off. One thought though is with the shortage of equipment and higher prices there will be more theft.
Country Companies has policies and extensions that cover "estate farms", which are farms that don't produce revenue, which I would call a hobby farm. We have our insurance through them and all my equipment is covered under that extension to my normal homeowners. It covers pretty much everything except any mechanical issues, including liability, damage from peril, theft, etc. Pretty much like the coverage you would have on your auto. I can't break out how much it costs just for the tractor because it also covers our barn, buildings, hay loss, livestock death, etc as part of the coverage.
sunandsand
Silver Member
- Joined
- Jan 11, 2020
- Messages
- 247
- Tractor
- Kubota B2601
The homeowner's insurance market in this area is totally nuts (Daytona Beach area). We also have a home which is built so far beyond code that when the time comes for urban redevelopment here, they better bring a tactical nuclear weapon.
Problem is explaining this home to insurance companies is like trying to explain the Space Shuttle to Orville and Wilbur. (That can't fly, it is too big and doesn't even have propellers! OK, watch this . . . but you might want to stand back a bit first.) When you start talking steel frames, their eyes glaze over . . .
Anyway, none of the insurance companies will cover the tractor because they ALSO have a five acre limit (we are on 4.6 so we're OK). "You don't even have five acres, why do you need a tractor?" (We don't mention the 70+ acres we are developing.)
We did get the Kubota insurance for about $20 a month, in case the tractor is stolen (doubtful), or burns (also doubtful) or gets hit by a meteor or something. It is chargeable against the development and comes off our taxes anyway, and it is worth it in peace of mind.
Everyone is vague about liability, though, so I'm very careful and don't let ANYONE within 25 feet of the tractor when I am using it. 50 feet is better.
Best Regards,
Mike/Florida
Problem is explaining this home to insurance companies is like trying to explain the Space Shuttle to Orville and Wilbur. (That can't fly, it is too big and doesn't even have propellers! OK, watch this . . . but you might want to stand back a bit first.) When you start talking steel frames, their eyes glaze over . . .
Anyway, none of the insurance companies will cover the tractor because they ALSO have a five acre limit (we are on 4.6 so we're OK). "You don't even have five acres, why do you need a tractor?" (We don't mention the 70+ acres we are developing.)
We did get the Kubota insurance for about $20 a month, in case the tractor is stolen (doubtful), or burns (also doubtful) or gets hit by a meteor or something. It is chargeable against the development and comes off our taxes anyway, and it is worth it in peace of mind.
Everyone is vague about liability, though, so I'm very careful and don't let ANYONE within 25 feet of the tractor when I am using it. 50 feet is better.
Best Regards,
Mike/Florida
ovrszd
Epic Contributor
- Joined
- May 27, 2006
- Messages
- 33,499
- Location
- Missouri
- Tractor
- Kubota M9540, Ford 3910FWD, Ford 555A, JD2210
Similar situation here. My shop burned with two tractors, two ATVs, two Jeeps and my Dodge Cummins truck.
My homeowners policy covered the smaller tractor that was used to mow the property. The vehicle policies covered the Jeeps and Dodge. A separate policy covered the larger tractor. Nothing covered the ATVs.
I had "replacement" coverage. Contents had some stipulations. Oddly, I only had coverage for $500 in equipment parts inventory. I estimate I had $10K of parts inventory in the shop. What was covered paid very well.
Don't have a clue as to premium costs.
The problem with insurance is you are not going to know exactly how well you are insured until you have a claim. If you don't have one, ask for a complete copy of your policy and what it covers. Pay close attention to the fine print details that discuss what it doesn't cover. Prepare to spend some quality recliner time studying the paperwork. In doing so I found where my policy stated the limitation for parts inventory, after the fact.
If you haven't fogged your brain with legaleze mumbo jumbo concerning your policy then you haven't saw it yet. The receipt you get when you pay isn't what I'm talking about.
I have no complaints about how my company took care of me. The event educated me and I adjusted my coverage somewhat. My total loss was $193,500. That's why I don't track premium costs. I'm way ahead....
Ken Kegris
Bronze Member
I have to have my CK2510 insured separate until its paid for, 100.00 a year. When paid for then my homeowners will pick it up. I have everything insured for more than 80% of value and that will get you full replacement cost. Here a note my homeowners will only insure 100 ft off my property unless I am going to another property that i would own.
Tractor Seabee
Elite Member
- Joined
- Oct 5, 2011
- Messages
- 3,900
- Tractor
- Kubota BX25
Seems like the coverages mentioned in this thread are basically for fire, theft, or catastrophe loss related to those events. I carry the KTAC on my BX past the lien duration. You need to compare the fine print between the KTAC and any other coverage especially related to operational damage. I had an "in the woods operations casualty" that started out to be $5000. The repairing dealer determined that unknown loss of the transmission fan, obviously from woods operations, had overheated the transmission causing damage therein. KTAC authorized its rebuild also. The total bill turned out to be $8500 which they paid minus the $250 deductible. My less than $300/yr premium seemed cheap. At that time I was putting several thousand hours a year on it. By the way KTAC only allows repairs by authorized repair shops. It was a no hassle relationship.
It becomes an economic decision based on your type and durations of operations. After the lien was paid off I dropped coverage on implements except dynamic ones like the rototiller. My current premium is $265/mo for replacement cost of $16K for a 12 year old tractor and no implements covered. My usage has dropped to 50 hrs/yr and nor woods/brush so next renewal I will drop KTAC and rely on homeowners.
Ron
It becomes an economic decision based on your type and durations of operations. After the lien was paid off I dropped coverage on implements except dynamic ones like the rototiller. My current premium is $265/mo for replacement cost of $16K for a 12 year old tractor and no implements covered. My usage has dropped to 50 hrs/yr and nor woods/brush so next renewal I will drop KTAC and rely on homeowners.
Ron
brian9000
New member
- Joined
- May 29, 2011
- Messages
- 5
- Tractor
- Kubota M5040
Insurance can be very complicated and it WILL vary based upon the insurer, but typically they use standardized ISO based policies and make their own adjustments to the coverages. You’re larger insurers (State Farm, Farm Bureau, American Family, etc) typically have a more robust policy, while smaller insurers, like local “Davis County” Mutual or whatever will use a minimal coverage policy.
Unfortunately, YOU have to read the policy because many insurance agents don’t understand what they are selling. Some do, and those are priceless.
The first thing to assess is what type of policy you have vs, what you need. A homeowners is usually good for up to a handful of acres with essentially no farming operations. For this, your tractor is covered like you other personal property, but you may need to increase your coverage amount to have enough to cover everything depending on if it’s stored all together with the house or separate in a shop or barn. But, if you haul your tractor regularly, then you might want to consider an Inland Marine policy/floater to make sure it’s covered in the event of an accident, like blowing out a trailer tire and rolling the thing.
Typically, a farm policy is when any type of farming operations is on your property or property you own. In this case, you’ll likely have a specific coverage for equipment and it may provide for additional coverage when hauling. If not, an Inland Marine would fix this gap in coverage.
Id you use your tractor for work/employment purposes at ALL outside of farming, you have to get commercial coverage, which will get you the option for Inland Marine.
Someone mentioned umbrella policy. Those are typically for liability and not property coverage. Sure it will cover you for a liability issue while operating the tractor, but will do nothing for fixing/replacing your tractor if you roll it over or it’s stolen or burns up. But umbrella policies are in addition to a homeowners or farm policy, so you will likely have some property coverage under those. Just don’t misunderstand an umbrella policy, it is only for liability.
ATV and UTV are a lot different situation since they are titled and they can be licensed for road use. A homeowners policy and farm
Policy will only cover these when used to service the premises. If they leave the premises, there is no coverage for the property. The real catch is if you mention that you took the ATV/UTV to a friends to go hunting one time and then have it stolen on your property later, but mentioned that you used it for something else besides servicing the premises, your coverage could be denied. It’s best to keep them on your property or have a separate policy all together like you have for an auto.
Again, you have to understand what you have and what you need and have a competent agent. If they tell you something is covered, then make them send you an email stating so. Then you at least have an agent commitment that the insurer will have to honor.
I know it’s a complex post, but this just scratches the surface. Good luck!
Unfortunately, YOU have to read the policy because many insurance agents don’t understand what they are selling. Some do, and those are priceless.
The first thing to assess is what type of policy you have vs, what you need. A homeowners is usually good for up to a handful of acres with essentially no farming operations. For this, your tractor is covered like you other personal property, but you may need to increase your coverage amount to have enough to cover everything depending on if it’s stored all together with the house or separate in a shop or barn. But, if you haul your tractor regularly, then you might want to consider an Inland Marine policy/floater to make sure it’s covered in the event of an accident, like blowing out a trailer tire and rolling the thing.
Typically, a farm policy is when any type of farming operations is on your property or property you own. In this case, you’ll likely have a specific coverage for equipment and it may provide for additional coverage when hauling. If not, an Inland Marine would fix this gap in coverage.
Id you use your tractor for work/employment purposes at ALL outside of farming, you have to get commercial coverage, which will get you the option for Inland Marine.
Someone mentioned umbrella policy. Those are typically for liability and not property coverage. Sure it will cover you for a liability issue while operating the tractor, but will do nothing for fixing/replacing your tractor if you roll it over or it’s stolen or burns up. But umbrella policies are in addition to a homeowners or farm policy, so you will likely have some property coverage under those. Just don’t misunderstand an umbrella policy, it is only for liability.
ATV and UTV are a lot different situation since they are titled and they can be licensed for road use. A homeowners policy and farm
Policy will only cover these when used to service the premises. If they leave the premises, there is no coverage for the property. The real catch is if you mention that you took the ATV/UTV to a friends to go hunting one time and then have it stolen on your property later, but mentioned that you used it for something else besides servicing the premises, your coverage could be denied. It’s best to keep them on your property or have a separate policy all together like you have for an auto.
Again, you have to understand what you have and what you need and have a competent agent. If they tell you something is covered, then make them send you an email stating so. Then you at least have an agent commitment that the insurer will have to honor.
I know it’s a complex post, but this just scratches the surface. Good luck!
Budweiser John
Platinum Member
The cost of the premium is not the issue. If you purchase a 50K piece if equipment and do not insure it you’re being stupid.
A major barn fire in 1983 and the resultant settlement hassles tought us the value of doing business with a reputable company and spending time to record and document all farm and home equipment.
although located with in a half hour from a metropolitan area a 911 call is 20 minuets on a good day and as such, we are very **** about fire protection and absolutely allow no smoking anywhere on our property or buildings. Security is also job one and nothing is left out and all buildings are secured when we are off the farm.
B. John
A major barn fire in 1983 and the resultant settlement hassles tought us the value of doing business with a reputable company and spending time to record and document all farm and home equipment.
although located with in a half hour from a metropolitan area a 911 call is 20 minuets on a good day and as such, we are very **** about fire protection and absolutely allow no smoking anywhere on our property or buildings. Security is also job one and nothing is left out and all buildings are secured when we are off the farm.
B. John