Insurance Insurance for financed tractor

[Big_Lug]

Can someone give me a name of someone(company) that insures tractors. My bank is requesting me insure my tractor for theft, damages, etc. My homeowners covers liabilty while on my property and while sitting in my barn, but my banker is requesting a seperate policy, and I am not using it commercially, only use is on my property. One Company stated $650.00 a yr.. I found this to be high, I only pay $120.00 yr. for my motorcycle ins. and it driven on the road and has a license plate. Any info would be appreciated. Thanks

 

[MikePA]

Ask your banker why he wants a separate policy? His only concern should be that it's covered.

 

[Iplayfarmer]

That $650 number is what I was quoted for a small commercial policy. That's if I wanted to start using the tractor for hire. Be sure you make it clear to the quoting entity that you are just keeping the tractor for your own personal use.

You might talk to your homeowner's insurance agent and see if you can't add the tractor as a rider on that policy. Your banker probably doesn't need the tractor on a separate policy so much as he just needs it insured against its own value. If he goes to reposess the tractor, He wants to get his money out of it.

 

[Rara Avis]

Can someone give me a name of someone(company) that insures tractors. My bank is requesting me insure my tractor for theft, damages, etc. My homeowners covers liabilty while on my property and while sitting in my barn, but my banker is requesting a seperate policy, and I am not using it commercially, only use is on my property. One Company stated $650.00 a yr.. I found this to be high, I only pay $120.00 yr. for my motorcycle ins. and it driven on the road and has a license plate. Any info would be appreciated. Thanks

Part of the problem is low recovery rate of stolen tractors...and the fact that there is absolutely no requirement for any documentation trail to operate a tractor off-road

 

[greggh]

Farm Bureau

 

[FULLPULL]

I have found the tractor dealers have good deals on coverage on your tractor. Most will get coverage cheaper than you can.
Then your home oweners policy should cover the liability portion. I have a buisness policy to cover both. My home owners will cover the tractor as long as it is on my property for my own use . The banker should go along with that as long as the unit is covered for replacment.

 

[LBrown59]

1*My bank is requiring me to insure my tractor for theft, damages, etc.
My homeowners covers liability while on my property and while sitting in my barn,
2*My banker is requesting a separate policy,

1*All you need to do is add these coverages to your existing homeowners policy.
It's not necessary to issue a separate policy.
2*It is illegal for the bank to dictate who issues the policy.





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[warhammer]

I insure my Kioti with Farm Bureau of Texas. $127 a year with the membership fee. That was way better than any of the insurance companies or the finance company I got quotes from.

Can someone give me a name of someone(company) that insures tractors. My bank is requesting me insure my tractor for theft, damages, etc. My homeowners covers liabilty while on my property and while sitting in my barn, but my banker is requesting a seperate policy, and I am not using it commercially, only use is on my property. One Company stated $650.00 a yr.. I found this to be high, I only pay $120.00 yr. for my motorcycle ins. and it driven on the road and has a license plate. Any info would be appreciated. Thanks

 

[skipro3]

Tell the bank they have their answer; your homeowner's policy covers exactly what and how you are going to use the tractor while it's still being paid off. Instruct your insurance company to write a letter to the finance company to that affect with a copy sent to your attny. If you don't have an attny, then send the copy to you for your records. I'd be willing to bet any contract you signed did NOT include the insurance terms they are now demanding. Instruct the bank to stop the hassle or else.

 

[Rara Avis]

Some home owners insurance companies will NOT insure tractors against theft...at the time I did my insurance work, USAA was one...I had to switch to our Farm Bureau...