Insurance Insurance Again!!

[firec]

Hello All,

I started a thread a few years ago about insuring my tractor and never found a affordable solution. I have 2 properties about 1/4 mile apart - I keep my tractor durring the summer in the barn but durring the winter move it back to the house and use it to blow the driveway and roadway to the barn. The problem is that the tractor is covered on each property but not on the road. My agent cannot find an affordable way to insure it for damage. I've seen quite a few thread on different type of policys but can anybody give me some company names that I can contact. When I do run the road I have all the lights and slow moving decal but fear some uninsured driver will crash into me and I will be out a tractor. Thanks

 

[jjcc246]

I have statefarm auto/home ins. they do have tractor coverage and I think it was $75 per $1000 of insured value, not cheap. In the old threads about the insurance, "Inland marine" insurance was mentioned. I googled it back then and got a couple of companies that offer it, but they never replied to my requests. I would start with your home insurer and see what they offer or your auto insurer if not the same. They may be able to hook you up with "inland Marine" or steer you in the right direction.

 

[GaryE]

Have you asked your agent about an “Inland Marine” policy? I think I pay about $200.00 per year to insure my tractor and attachments. I have mine through State Farm

Gary

 

[8561]

Assuming you have a standard HO3 homeowners policy (with an edition date of 04/91), as most people do, ask them to put an "all risk" endorsement on your personal property, as opposed to the named perils coverage that comes standard. This will only cost you a few dollars per year. Once they have done that, ask them to show you specifically where in the policy it is not covered when you are going between properties. Assuming the tractor is not subject to vehicle registration, in my opinion, they won't be able to point out where or how coverage would be denied.

 

[firemanpat2910]

I have a state farm inland marine policy. costs less than $200.00 per year,but my tractor is not new,so prices will vary.

 

[LarryRB]

I just renewed my inland marine policy and it went up 7.00 to 407.00 for 39,000 coverage.... This, is about the best price I could find in New England area.

 

[firec]

Thanks for the replys,

I'm currently with a company called Utica National and have tried to have the put the "all risks" on the homeowners also tried to see if they would do the inland marine. My agent is trying to find other companies - she did get a quote from progressive that was more than the coverage of my Suburban. You wouldn't think it would be that big of a deal to add it to your current policy especially since they cover everything I have (except the tractor) I know the insurance companies are becoming very picky - no diving boards on pools or slide, no trampolines on the property, how old is your furnace, roof etc.. (minor rant but it gets frustrating when you think how much money we pay for coverage that hopefully we will never use.)

 

[RobJ]

What is your main reason for insuring? Theft? Mine is on the homeowners and is covered while on the property. I don't plan on leaving it anywhere else. No charge for this. ATV's are different, $100 a year for theft.

 

[8561]

Thanks for the replys,

I'm currently with a company called Utica National and have tried to have the put the "all risks" on the homeowners also tried to see if they would do the inland marine. My agent is trying to find other companies - she did get a quote from progressive that was more than the coverage of my Suburban. You wouldn't think it would be that big of a deal to add it to your current policy especially since they cover everything I have (except the tractor) I know the insurance companies are becoming very picky - no diving boards on pools or slide, no trampolines on the property, how old is your furnace, roof etc.. (minor rant but it gets frustrating when you think how much money we pay for coverage that hopefully we will never use.)

Would they not endorse the policy to all risk for some reason? I can't see why else you would shop the business.

Now for your rant on how much you pay for coverage. Insurance is transfer of risk, nothing less, nothing more. Your paying an organization to take the risk on something happening to your property. I currently have my home insured for about $350,000 on the building and I pay about $550 a year. Thrown in on the policy is $35,000 for other buildings on the property, $245,000 on contents, and $70,000 to pay rent if I can't live in the house because of damage. I also get $500,000 for my liability. Let's say one Saturday afternoon, I repair a faulty electrical outlet. That night, the house burns down because I did a bad repair. My company is going to pay me up to $665,000 for building, contents, and rent. Heaven forbid, my son has a friend sleeping over that night and the friend is severely injured in the fire. There goes another $500,000 liability payment. The company issues $1,165,000 on my $550 policy. Seems like a pretty good deal to me, and pretty cheap transfer of risk.

 

[Marcussen]

Would they not endorse the policy to all risk for some reason? I can't see why else you would shop the business.

There goes another $500,000 liability payment. The company issues $1,165,000 on my $550 policy. Seems like a pretty good deal to me, and pretty cheap transfer of risk.

I wish I could get a policy at that cost, mine is $1200 a year for half the coverage. When I bought my tractor I also bought an insurance policy through Kubota credit. But it's only good until the tractor is paid off, then I go hunting for new policy.