But they do not cover liability. I’m less concerned about a total loss on a $20,000 tractor and more concerned about a kid running into the parked tractor on a neighbor’s property and the neighbor sueing for $2,000,000.
Insurance For Home Use: Compact Tractor?
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But they do not cover liability. I’m less concerned about a total loss on a $20,000 tractor and more concerned about a kid running into the parked tractor on a neighbor’s property and the neighbor sueing for $2,000,000.
It's difficult to convince a lawyer to sue someone for two million dollars when you're not obviously worth that much and if your insurance policy doesn't cover that amount.
You can always put the tractor under an LLC and make it it's own entity and protect yourself. Lawyers charge a lot of money to dig and find out what and who owns what and most parents who have a dumb kid aren't going to pay for it.
Tractor specialized insurance is probably best.
You can always put the tractor under an LLC and make it it's own entity and protect yourself. Lawyers charge a lot of money to dig and find out what and who owns what and most parents who have a dumb kid aren't going to pay for it.
Tractor specialized insurance is probably best.
Threepoint
Veteran Member
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It's a a type of insurance. Historically the "inland" counterpart to ocean marine coverage. Covers goods, equipment and other property being transported over land.
ZTMAN
Silver Member
During the recent purchase of our BX, the fellow told me the KTAC insurance is a price per $10,000 of the purchase price. I believe he said $13/10k. The deductible is only $250 with five year replacement thereafter actual cash value. Well worth the price IMO. Most hos have a higher deductible and cover less
PILOON
Super Star Member
Few years back I had checked with my insurance and they confirmed that homeowners covered me (up to an acceptable limit to me) like with any other possessions.
HOWEVER I read this year's policy that clearly defined changes and discovered that , YES, still covered BUT not if I had a FEL
My take was that the original coverage was intended to be for smaller ride on mowers and not for CUT's but being not clearly defined they used the FEL definition.
Originally they merely used HP to define the limits. Stands to reason that a FEL CUT can cause more damage risks and also do not depreciate as fast as a ride on mower.
Back then theft was my bigger concern than it is now. (LOL, I never take the key out now)
HOWEVER I read this year's policy that clearly defined changes and discovered that , YES, still covered BUT not if I had a FEL
My take was that the original coverage was intended to be for smaller ride on mowers and not for CUT's but being not clearly defined they used the FEL definition.
Originally they merely used HP to define the limits. Stands to reason that a FEL CUT can cause more damage risks and also do not depreciate as fast as a ride on mower.
Back then theft was my bigger concern than it is now. (LOL, I never take the key out now)
Fallon
Super Member
KTAC is great & better than other options I could find when I looked. Just be aware KTAC with a new machine is a different policy than on a used one. Coverage on a new machine will replace it with a new machine. Coverage that starts on a used machine only covers the insured value. Or something like that.
I have a marine policy on my BX2680. It is covered by The Erie Insurance Exchange (don't know if that company is nationwide or not, but it is in Eastern USA)...
I've had car and homeowners with them since my first vehicles in the late 60's...
I was under the impression that my homeowners would cover my tractor at my residence and my vehicle insurance would cover it during transportation to my other property. WRONG, and I have checked with other companies to make sure I was getting good advise from Erie Insurance. Other companies indicated the same information...
This insurance issue applies to tractors of sizes larger than those consider just lawn mowing tractor...
My tractor is now insured along with the implements. They want serial numbers from each implement as well as the tractor. It is covered for fire, theft, and damage from an accident by the marine insurance policy. My vehicle insurance covers my liability should the tractor fall off of the trailer and hit another vehicle...
Good-luck...BCBSLICK
I've had car and homeowners with them since my first vehicles in the late 60's...
I was under the impression that my homeowners would cover my tractor at my residence and my vehicle insurance would cover it during transportation to my other property. WRONG, and I have checked with other companies to make sure I was getting good advise from Erie Insurance. Other companies indicated the same information...
This insurance issue applies to tractors of sizes larger than those consider just lawn mowing tractor...
My tractor is now insured along with the implements. They want serial numbers from each implement as well as the tractor. It is covered for fire, theft, and damage from an accident by the marine insurance policy. My vehicle insurance covers my liability should the tractor fall off of the trailer and hit another vehicle...
Good-luck...BCBSLICK
Just got my new tractor and went down the same road.
Adding to my home owners policy was inexpensive, but with a high deductible.
I ended up insuring the tractor only with State Farm, fully covered for theft, accident, or breakdown at slightly above $200 per year.
Adding to my home owners policy was inexpensive, but with a high deductible.
I ended up insuring the tractor only with State Farm, fully covered for theft, accident, or breakdown at slightly above $200 per year.
