Buying insurance

Anonymous Poster · Mar 20, 2002

I just purchased a $20,000 tractor and would like to put some insurance on it. Just wondering what type of insurance you use and maybe cost. Also anything I should include or exclude from the policy.
Thanks Ken

MikePA · Mar 20, 2002

Check with the agent for your homeowner's policy. In many cases, your homeowner's policy will cover the tractor if you are using it on your own property.

frank_f15 · Mar 20, 2002

as mikePA said, check with your agent, i did and my tractor is covered under homeowners, as long as u are NOT using it for hire. even if i am doing a favor for neighbor and have a mishap, it will be covered as long as i am not charging for work. any ins. people on here that would like to respond? would be interested in hearing from u.

EdKing · Mar 20, 2002

I have mine on my homeowners policy, theft, damage, and liability, cost about $120 extra a year.

Ed King

Arkie · Mar 20, 2002

Up until last month, i only had insurance coverage under my homeowner's. I believed that it only covered loss for theft,or if damaged by some natural event such as a tornado , wind storm,etc. My homeowner's has a $500 deductable too. For $95 a year with a $100 deductable, i have an inland marine policy on my tractor that covers everything.If i damage my FEL, it's covered,if i flip or roll it over,it's covered,even if i ruin a tire.My implements are covered also,believe it or not with $0 deductable. Policy is with my county Farm Bureau agent. Neighbor is an agent for them. I thought it would be $95 well spent.

PaulinSD · Mar 20, 2002

Since mine are used for business, I insure my 1 ton dump truck, 2 trailers, 2 tractors and all attachments for $950/ year. I also carry contractors insurance, which covers the operation for $300/year.

Paul

flipado · Mar 20, 2002

i just purchased my first tractor.
L3010 hst , r4s,foldable rops, fel, block heater.
my agent and insurance co. will insure it under my homeowners only for liability. i have to purchase an extra policy to get full 100% coverage ,@ $2.75 per $100 value.
this can get rather expensive. the reason being that it is partialy financed through kubota, and their would be a lien holder.
any hints, on other ins. co. with good and reasonable policies?

wade

EdKing · Mar 21, 2002

My homeowners insurance is through Farmers and Mechanics. It is a farm type policy, which means it covers my house, barn, and sheds. It also has provisions for adding on equiptment, livestock, etc. When I got my tractor I just went to my agent and had them add my tractor. Covers everything, including me damaging the tractor (rollover, hitting tree, etc.), and like I said, just another $120 a year on the policy cost.

Ed King

Anonymous Poster · Mar 21, 2002

I have an Inland Marine Policy on my tractor with State Farm. I have an unusual situation right now because I live in Chattanooga, TN and the tractor is stored at my daughter's property in Spring Hill, TN. (We own property next to hers that we will be building on this Spring). I had GEICO insurance on my home and autos and they did not have any insurance riders that would cover my John Deere 4300. I had to cancel all my insurance policies with GEICO (homeowners, auto, umbrella, etc.) and find a new insurance company. I checked with State Farm and Farm Bureau. Based on the total insurance costs and because the State Farm agent was a personal friend, I went with State Farm. State Farm's homeowner's policy would not cover the entire cost of my tractor (bought it new last Fall) because it was at a different location than my primary residence. It was short by over $5000 - $7,000. So I purchased an Inland Marine Policy with them that covers everything totally whether it be theft, accident or whatever.