I don't need a new tractor, but the insurance company is offering to pay for one

[stamello]

I have a nice problem: my insurance company decided to pay ~ $20K to replace a tractor of mine that was destroyed in a fire. However, I no longer need a tractor. I have asked them whether I can use their payment to buy something else (an RV, truck, four-wheeler etc), but they say that they can only provide the payment for a tractor. Additional info: I have an agricultural exception in my state (I'm in Georgia just outside of Chattanooga, TN ) so I don't have to pay sales tax.
So now I'm trying to figure out the best solution. The insurance company doesn't care if I re-sell the tractor after I get it, so I could just buy a generic John Deere and immediately put it up for re-sale. But before I go that route I thought I'd post here and see if others had better ideas.
I am not interested in fraudulent ideas that try to "trick" the insurance company - they've been fair to me and I want to be transparent and fair with them.
Thanks!

 

[ericm979]

Buy a nice used tractor and then sell it. That way you lose less than if you sell a new one as used.

 

[TheMadOne]

Buy an older used tractor for a decent price. Flip it.

You'll not have to deal with depreciation that way.

 

[tcreeley]

Any tractor places that sell RV's too? Buy the tractor and trade it in (pre-discussed).

 

[TheMan419]

Find someone who wants a new tractor. Go to dealer with them and buy it and immediately resell it to them at the same price.

 

[stamello]

Buy a nice used tractor and then sell it. That way you lose less than if you sell a new one as used.

Thanks - I guess a new one seemed safer to me because then I'd still have a warranty in case anything went wrong, but you're right in pointing out that I'd lose more in depreciation.

 

[stamello]

Find someone who wants a new tractor. Go to dealer with them and buy it and immediately resell it to them at the same price.

That would be ideal. I don't know anyone who needs a tractor though...

 

[stamello]

That's worth considering - thanks!

 

[unbidden]

I have a nice problem: my insurance company decided to pay ~ $20K to replace a tractor of mine that was destroyed in a fire. However, I no longer need a tractor. I have asked them whether I can use their payment to buy something else (an RV, truck, four-wheeler etc), but they say that they can only provide the payment for a tractor. Additional info: I have an agricultural exception in my state (I'm in Georgia just outside of Chattanooga, TN ) so I don't have to pay sales tax.
So now I'm trying to figure out the best solution. The insurance company doesn't care if I re-sell the tractor after I get it, so I could just buy a generic John Deere and immediately put it up for re-sale. But before I go that route I thought I'd post here and see if others had better ideas.
I am not interested in fraudulent ideas that try to "trick" the insurance company - they've been fair to me and I want to be transparent and fair with them.
Thanks!

Is the insurance policy "tractor" specific like KTAC or Ultragard? 'or is it covered under your home owners? If home owners insurance, you insured the tractor; one would assume that you should be compensated for your loss.

 

[SirMaxwell]

I have a nice problem: my insurance company decided to pay ~ $20K to replace a tractor of mine that was destroyed in a fire. However, I no longer need a tractor. I have asked them whether I can use their payment to buy something else (an RV, truck, four-wheeler etc), but they say that they can only provide the payment for a tractor. Additional info: I have an agricultural exception in my state (I'm in Georgia just outside of Chattanooga, TN ) so I don't have to pay sales tax.
So now I'm trying to figure out the best solution. The insurance company doesn't care if I re-sell the tractor after I get it, so I could just buy a generic John Deere and immediately put it up for re-sale. But before I go that route I thought I'd post here and see if others had better ideas.
I am not interested in fraudulent ideas that try to "trick" the insurance company - they've been fair to me and I want to be transparent and fair with them.
Thanks!

1) Buy a couple year old, low hour, used Tractor. Wash, wax, detail and service (yea really), then sell it.
2) Buy a nice Sub-Compact TLB. Use it for mowing, and any other little Honey-Do's.
3) 1 or 2, and raffle it to your friends here on TBN.

1 - will keep all your investment, plus.
2 - will give you the coolest lawn mower in the neighborhood
3 - will spread the joy

You find yourself in the rarest of conundrums. Enjoy it. :cool2:

btw - I'm not sure why they are 'forcing' you to buy a tractor. It should not matter to them, and not sure they can require it. No different than a car, they determine an amount, they cut a check, and care not where the money goes (unless you are fighting the amount, and getting extra for various repairs etc etc). I think you may want to look into this a little deeper.