Financing Does Massey financing offer Insurance options?

[NewLight]

If I recall correctly it was roughly $800 for the life of the loan through agco on my 1754, and it covers basically anything and everything imaginable that could happen to it regardless of who is operating it or where it is . No one else was willing to touch it for that much a year or cover much more than theft.

 

[Jonohio]

I just purchased my 1710 and got the MF insurance with the 0% for 84 months. My insurance costs less than $7 per month for full coverage no matter where i'm using the tractor (including transport) with a $500 deductible. I also found out that the tractor reimbursement amount for a total loss is based on current tractor market value.

 

[walker1sg]

I just purchased my 1710 and got the MF insurance with the 0% for 84 months. My insurance costs less than $7 per month for full coverage no matter where i'm using the tractor (including transport) with a $500 deductible. I also found out that the tractor reimbursement amount for a total loss is based on current tractor market value.[/QUOT

Hello, when I first purchased my GC1715 back in August, 2015 my salesman never mentioned insurance until the day of delivery. So I had to get my State Farm agent on the phone to verify my home owner痴 policy. However, when I got home I called State Farm to better understand my home owners policy which was very limited to what they would cover and it had to stay on my property. So I called AGCO and they have insurance and AGCO look my account up and based of the purchase price it was $7.50 a month, I ask what all it covered and she said just about everything. I ask if she could be a little more specific and she said I would receive my coverage plan in the mail but basically fire, thief, flood, rollover and if it fell off the trailer in transport. The only thing is didn稚 cover was if it fell off the trailer and hit another car I would be liable for their damage. Sure enough when I got the policy in the mail it stated all the above and more, great plan. So I would advise anyone to call AGCO if you have a loan with them and get the insurance.

 

[Wolfman]

I'm looking at the Massey Ferguson 1700E line. I called Agco to inquire about insurance, and for $20,000 purchase price of a new tractor I was quoted $1,008 for the 5 year/60 month loan term. This seems pretty high compared to what others on this thread have quoted. I looked at what my insurance cost was for a similar purchase through John Deere in 2012, and the insurance only cost $340 for the whole 5 year loan.

Others on this thread from 2015 seemed to indicate they received insurance from Agco for less than half of what I was just quoted.

Have rates really gone up that much in such a short time?

 

[AxleHub]

I'd like to point out a number of variations.

1. None of us contacted AGCO . . We had our dealers handle it as part of the financing. Is therevavdifference in price from agco to customer vs. Dealer to agco ?????

2. Other posters as well as myself were talking about GC1700 products while you're tslking about 1700 products . . . ???????

3. I find it hard to believe J.D. offer insurance at such a deep discount for the coverage. Is the J.D. insurance comparable to Massey's ? Kubota's Ktac insurance is about 235 orvso PER YEAR for BX product (give or take).

4. No way of knowing what Massey insurance is now . . Mine was quoted for 5 years at 285.00 for that period. Have rates changed for the same tractor price? (Not your tractor price was/is 40% higher).

My point is . . your method deviated from the method each of us acquired our insurance . . Why your price is higher could be any of the points above or a combination of them.

 

[Wolfman]

I'd like to point out a number of variations.

1. None of us contacted AGCO . . We had our dealers handle it as part of the financing. Is therevavdifference in price from agco to customer vs. Dealer to agco ?????

2. Other posters as well as myself were talking about GC1700 products while you're tslking about 1700 products . . . ???????

3. I find it hard to believe J.D. offer insurance at such a deep discount for the coverage. Is the J.D. insurance comparable to Massey's ? Kubota's Ktac insurance is about 235 orvso PER YEAR for BX product (give or take).

4. No way of knowing what Massey insurance is now . . Mine was quoted for 5 years at 285.00 for that period. Have rates changed for the same tractor price? (Not your tractor price was/is 40% higher).

My point is . . your method deviated from the method each of us acquired our insurance . . Why your price is higher could be any of the points above or a combination of them.

Thanks AxleHub.

As for the points that you made:

1. When I called Agco concerning insurance, I asked for the price that would be given to the dealer as part of a new tractor Agco financed purchase. The rate given, I can only assume, will be the same rate that the dealer provides me at the time of purchase.

2. Yes, I might have missed the fact that everyone was talking about insurance for their GC1700 series tractor. List price for a GC1715 w/ loader is about $14,600 and list for the tractor I am looking at is right around $23,000. So the GC1715 should cost about 63% of the 1734E that I am looking at. Based on my quote of $1000, that would mean that insurance for the GC1715 would be about $630. I thought many were saying that there insurance was less - but perhaps this is right after all...

3. I rechecked my finance paperwork - and sure enough for my 2012 John Deere 5045D, the line item for insurance shows $340 for the 5 year period covering the loan. The insurance is the same as what other tractor companies offer/require. Fully covered on and off my property, while trailering, etc. I remember when purchasing the tractor the salesman going on and on about what a good rate it was - but I just figured he was trying to sell the insurance - I guess it was a really good rate.

4. Not sure.

Thanks again for the input!

 

[AxleHub]

Wolfman,

You posted: "1. When I called Agco concerning insurance, I asked for the price that would be given to the dealer as part of a new tractor Agco financed purchase. The rate given, I can only assume, will be the same rate that the dealer provides me at the time of purchase. "


Calling AGCO and asking for the dealer insurance pricing is no differentbthan calling and asking AGCO for dealer pricing on thevtractor . . its not logical or reasonable in my opinion. As I mentioned in my recent post . . the insurance comes thru the dealer thru Massey . . . not thru AGCO. AGCO is a large company of many parts. It owns insurance companies/finance companies.

Clearly I don't understand why you would contact AGCO and not your Massey dealer. Are you trying to finance thru a bank or credit union on your own? Of course then you wouldn't get the same pricing either because the insurance is designed to work in conjunction with any of the Massey financed options.


New topic: you wrote: "The insurance is the same as what other tractor companies offer/require."

Insurance policies are as different as people . . they have varied abilities and methods and coverages. The Massey coverage on my gc1715 is much different than a rider I could have gotten on my homeowners . . and its much different than Kubota's ktac insurance too.

Insurance rates may have changed a little . . but its obvious your effort to contact AGCO is a much more likely explanation than just the cost difference of our tractors . . and AGCO certainly is not going to give you a dealer rate unless you are a dealer of Massey product for a Massey finance loan.

Just my opinion.

 

[Hitechredneck1]

I was planning on using my homeowners, but decided to see if my insurance company (USAA) offered any tractor type of insurance. I compared what AGCO quoted and then what USAA offered. AGCO came in cheaper (around $7.00 a month, for the life of my loan) and USAA came in around $10.00 a month. The policies were basically the same with one major difference. USAA gave replacement cost while AGCO is based on market value at time of loss. For $3.00 more a month I decided to go with USAA. If my tractor is a total loss, I will get a new tractor without spending the difference from market value and sticker price of the new tractor.

 

[Wolfman]

Wolfman,

Calling AGCO and asking for the dealer insurance pricing is no differentbthan calling and asking AGCO for dealer pricing on thevtractor . . its not logical or reasonable in my opinion. As I mentioned in my recent post . . the insurance comes thru the dealer thru Massey . . . not thru AGCO. AGCO is a large company of many parts. It owns insurance companies/finance companies.

Clearly I don't understand why you would contact AGCO and not your Massey dealer. Are you trying to finance thru a bank or credit union on your own? Of course then you wouldn't get the same pricing either because the insurance is designed to work in conjunction with any of the Massey financed options.

Just to clarify, I had asked my dealer how much insurance would be - and he said he had no idea. He said the rate is whatever Agco faxes to him. He looked through some previous sales in order to give me a rough estimate of 'about $1400 for 5 years'. This dealer is an older gentleman, and it looks like he conducts business in the same way he did 30 years ago. Not a computer in his office, just one adding machine with paper tape. I find it refreshing to go into a rustic dealership like this, as opposed to the super slick mega dealerships like I have been using lately - but I realize the penalty for this nostalgia is not the best or most up to date information...

I called Agco Finance and told them that my dealer was not sure what insurance rate I would be offered during financing and called to see if I could speak to someone who would know. They forwarded me out of the Agco Finance dept. and into the Agco Insurance dept. where I explained to the lady my situation and she was very helpful in providing me the rates that I would be given at the time of purchase/financing with Agco.

 

[AxleHub]

Greetings Wolfman,

That helps explain things more logically. But I'd caution that Massey operates all their financing promotions etc. etc. Based on their dealer direct communications (via technology).

Literally that means that promotions and financing rates and everything important is based on those cut over dates. If you get a quote at the end of the month and your dealer is not very very current on those conditions from Massey . . your price or interest rates may not be reliable at the beginning of the month Just so you know

Nostalgia is a great thing for many lessons learned and a period of how we were raised. But a blending of technology into that nostalia business method is an imperative today. As an example, my dealer is a very large dealer big big big. Yet they sell very little insurance . . Almost none I'm told . . and even that small amount is kubota insurance. They had never sold a Massey policy until I requested info on it. They were stunned how good it is and now its a regular thing. My point is . . I mafe them check about it instead of me checking about it . . and they were very grateful.