Help cant find insurance

bobp823 · Nov 21, 2015

Im buying a IR BL370.My bank wants there name as the lien holder with the insurance.The only problem is i cant find anyone that will inursure this without having a business.What do you guys use for insurance ??

ray66v · Nov 21, 2015

If you are not in business, your homeowners insurance may cover you for theft, and fire loss, while it is on your property. Mine does.

I am not sure if they will allow a lien holder. Talk to your agent?

The bank may also waive that requirement, if you explain all that to them.

smstonypoint · Nov 21, 2015

Just curious. Are you saying that you can't obtain an "Inland Marine" policy on the equipment?

Steve

Steppenwolfe · Nov 21, 2015

smstonypoint said:
Just curious. Are you saying that you can't obtain an "Inland Marine" policy on the equipment?

Steve

Ditto, ask your insurance agent for an inland marine policy. No big deal to get.

Looking4new · Nov 21, 2015

State Farm will flog a Inland Marine policy. At least they did it for me.

Other than paying the bills I am not connected with State Farm in any way.

kthompson · Nov 21, 2015

First you will find your options will vary from state to state due to state laws and also the companies there. Here State Farm I do not think would cover a tractor period. May be wrong. If you are dealing with a dealer they may have a recommendation, if not working with a dealership talk with dealerships for they often offer the coverage. Sentry Insurance does insure equipment at reasonable price (customer of theirs) Farm Bureau Ins also does but again this varies so much from state to state you need to check in your area. You may can call your State Department of Insurance for who is licenses to sell that coverage. Your lender may also have a source for this coverage.

stuckmotor · Nov 22, 2015

Have you tried the agency that insures your house? It was easier for me to get farm liability with the agency that carries our homeowners insurance.

WoodChuckDad · Nov 23, 2015

Virginia here. I use State Farm for my tractor insurance. Inland Marine policy as was already mentioned. Makes it much easier for me to sleep at night since the thing is 100 miles away. (and they charge me extra because of that).