Insurance for a $7,000 tractor - standalone policy

[dbritt]

I've had progressive for most of my life. My wife had State farm when we got married so we switched to them for a few years. Then she had a wreck and we had to actually use the insurance. What a pain in the rear. Every body shop we talked to had the same opinion of State Farm. We immediately switched back to progressive. We've had a few claims since and have had no issues working with Progressive.

Insurance companies are all good, until you need them. Then they raise your rates high enough, and long enough, that you end up paying them back for what they paid you, plus some. You end up paying on both ends. UNLESS it's a liability claim, which is a different discussion. I take on most of the risk on property insurance myself with high deductibles and mostly just worry about insuring against liability. I carry $2 million liability policy myself. YMMV. I don't think insuring a $7000, 50-year old tractor is worth the premium, especially if you are already willing to take on $7000 risk on your deductible. What's the chances you will lose both the tractor and at the same time have a large claim on your homeowner's insurance? It's possible, but just HOW likely? Just make absolutely sure your liability coverage will cover an accident involving the tractor if you loan it, do work with it for someone else, or are otherwise exposed to a liability claim against yourself that is related to the tractor. I also question the $7000 value of the tractor. I'd think more like $4-5000. the implements don't add much value. I have a '65 Ford 3000 diesel that I'm restoring (the one in my profile pix) and the appraisals I'm getting are for close to $7500, but that's in fully restored, like new condition. Self insure and save yourself a bundle. 15 minutes of consideration could save you way more than 15%.

 

[Bushbunnie]

Mine is worth more then $7000. ($23,000) and in Canada it is too expensive to insure. So it is self insured

 

[prather]

I have mine through State Farm, $30K coverage. Costs $350 a year..... $500 deductible.

What state and what kind of policy? I want to get one on on my 45k tractor. Thank you.

 

[Ricn]

For this low amount of $7000. I would forgo buying insurance and just be self insured. Insurance can be a terrible drain on ones pockets sometimes. I would think a blanket coverage homeowners policy would cover this, I know mine does.

 

[aircommuter]

In Coultlerville you are lucky you have two to choose from.

The entire Sierra foothills is like that. I think the only choices currently available are the California Fair Plan for fir combined with a carrier for other things like liability and theft. They don’t add up to true homeowners policy. I have been able to keep this one through negotiations with the underwriters. I have heard they are not issuing any new ones.
One thing the underwriter told me is people did not want to do the clearing and thinning they wanted.
In fairness though they were often going by poor views taken at bad angles by some person with a phone on a stick and no photographic experience.

 

[JethroB]

I have a 1975 MF 135 scheduled on a farm policy with several other items. It’s valued at $4,000 for $16 per year, all perils. $1,000 deductible though. Sometimes it pays to be old. Auto Owners Insurance.

 

[not2old]

My GC2610 sat outside the first few years I owned it and I added it to my home owner's insurance on a rider for replacement cost. I now park it inside and leave it to be covered on my homeowner's policy as it is no more than 24 horse power. I don't know what the insurance company would say if they knew I also had a 24 HP lawnmower, but both should be covered as I read my policy.

 

[cathy liebchen]

I am trying to help a customer of mine. I am an insurance agent in Texas.

My customer just bought a $7,000 1970s Ford 3000 tractor with a shredder and box blade.

He has his homeowners with me but his deductible is nearly $7K on the home and personal property so it won't do much good to add it there. Also, their homeowners policy is not a farm and ranch.

I could write him an equipment policy (inland marine) like you would for heavy equipment but the minimum premium is high, close to $1,000. If it were is $50,000 tractor I would go this route, no question.

So my question: Is there any companies that someone here would recommend, for just tractor insurance by itself?

Self insure for such a low value

 

[lman]

 

[crhunts]

I’m a homeowner with a tractor, skidsteer, commercial zero turn, and related attachments. Original cost all together of roughly $70k. I have never separately insured them.

In the 23 years of owning equipment, I’ve never had an issue where I would have needed insurance coverage for them. I’ve never worried about not having coverage.

My vote is for the OP is also to self insure. Obviously it’s all based on personal opinion/desires.

State Farm- $24000 coverage for $133/year.