Insurance Deere financing plans... insurance?

[Ramairfreak98ss]

so on the deere credit app, it asks for my name and address of my insurance agency? IS this my house agency or auto policy? Why do they ask this? Do they require insurance on the tractor? If this is anything similar to our NJ auto policiies, there is no way im paying more than $20 per month just so this thing can sit in the garage until im ready to use it on my property or a job lol.

Im considering smaller tractors too such as a small sub compact in the 11k range plus loader. The JD 2520 is around 17k with loader and the JD 3320 is around 21k with loader. Im considering both but with 3yr payments on 0% of $440 for the 2520 and $550 for the 3320 unless i put more down, its already a lot per month. Im also buying a new truck by this winter so i cant have 2k in payments per month.

 

[RollTideRam]

Deere wants the tractor covered for your sake. Some homeowners policies will cover it. Mine would only cover it under a 10% clause. 10% of my 90k policy would only cover my tractor for 9k. I financed my tractor for 5 years, and the Deere insurance was about $100 per year. It cover the value of the tractor not the loan balance. It will also cover my gator and tractor implements that I financed with the tractor. All will be covered until the last payment is made. JC

 

[Ramairfreak98ss]

well thats not so bad then, $12 a month i can handle, but remember here in dirty jerzey any insurance is through the roof.

 

[cast_and_blast]

It's your homeowners policy - Deere needs to make sure that the unit is covered until you have it paid off.

Call your agent to find out what is covered, how much is covered and what the exceptions are. Mine is covered with some exceptions on my American Family policy.

Scott

 

[Shawk]

The JD insurance is next to nothing on my 2520... it's $120-130ish for the entire 36 month period it's financed for. Initially I was told that our home owners insurance would cover. However after my 2520 was delivered JD called to inform me that a home owner's policy was NOT sufficient coverage. So you may want to give JD a call direct.... Good luck

 

[cast_and_blast]

Hi Shawk -

What about your insurance was not sufficient for JD?

Scott

 

[CurlyDave]

I have separate insurance on my tractor from State Farm. On a $40k machine it is less than $400 per year. It also covers liablity.

The agent explained to me that the tractor was covered under my homeowners policy while it was on my own property. If I drive it out in the street to offload a heavy delivery from a truck, or onto my neighbor's property it is not covered at all.

If your tractor is stolen, you might not like it, but it isn't the end of the world. If your neighbor is helping you do something, or you are helping him, and there is an accident, your liability could be a huge amount. Think bankruptcy huge. Check liability coverage, both on and off your property, before you buy.

If you go with the JD coverage ask about liability.

 

[joebobharley]

The JD insurance that I purchased is just for physical damage only and that's all I was offered. NO liability. Most likely due to way the tractor was listed as bought which was for personal use only. Maybe if it had been bought under a comercial use type loan instead of personal the insurance would cover some sort of liability? I don't know but if so, I'm sure it would be quite a bit more expensive. My cost for 72 months of loan coverage was only $478.00. That comes out to something like $6.63 per month of coverage. Now I'm sure that this is a disaster type policy only (I have not received the paperwork for the coverage from Deere at this time so I don't know the details), but you still can't beat that price with a stick. Again, no liability, but I won't be doing anything off property to need any.

Richard

4320 Cab FEL R4's