Insurance for tractor and attachments

[future_vision]

When I bought my Kioti DK6010 part of the financing included the insurance. After nearly a year of paying on the tractor I am wondering if that is actually the best way to go. It only covers the tractor and attachments I bought from Kioti. I have since bought other attachements and have a mill that I feel I should also cover. Is there a better way to go about insuring these items?

 

[Chewwy]

My insurance comes in several different calibers.

 

[future_vision]

Probably should note that the equipment is on a property we are working on clearing and not at our current home.

 

[Hoss710]

I have a policy that's a boat policy. but it can be used for a tractor no mater who's property its on. it's a stated value. it's good for everything from theft, usage , and hauling.

 

[future_vision]

I have a policy that's a boat policy. but it can be used for a tractor no mater who's property its on. it's a stated value. it's good for everything from theft, usage , and hauling.

Where did you get this from? Are you talking about Inland Marine Insurance?

 

[Hoss710]

Yes thats what I have through Nationwide.

 

[STCL01]

You need an Inland Marine Policy. It's not really a "boat" policy as stated above, but that's just what it is called. We have ours through Farm Bureau. Found them to be the cheapest and best by far.

 

[Williy]

I payed $300 2022 for Tractor, loader, cab, backhoe, 72 inch
rototiller, land plane and brush hog.

willy

 

[future_vision]

I payed $300 2022 for Tractor, loader, cab, backhoe, 72 inch
rototiller, land plane and brush hog.

willy

$300 total or $300/month?

 

[TCowner]

I think there is issue with insurance on our tractors that always needs to be clarified with the insurance agent.

When I was seeking insurance on the tractor when we built our house 30 years ago my State Farm agent told me that had coverage on my tractor for any use around the home. This would take care of fire, theft, overturn, at long as it was being used on the property. He clarified that it would not be covered if taken off the property. That exclusion included when used on public property.

I, like many of us, need to be on the public right of way when plowing snow next to the road. I use adequate lighting and my hazard flashers all of the time but I don't think one can rule out the possibility of an potential issue with a motor vehicle. He stated there is no liability or physical damage coverage if this takes place on the right of way.

I'm sure many would suggest that the chance of having an issue while on the public right of way is so unlikely that it is not worth worrying about.

About ten years ago I was mowing in the bottom of the road ditch with my JD 1026R when a car driven by an impaired drive went by me at about 50 miles per hour missing me by about five feet. The driver steered back toward the roadway, sheared off my mailbox and post, and ended up on the opposite side of the highway in a field driveway. So while this is a freak of nature incident it reminded me that it can happen.

I should add that he also stated that transporting to and from the dealership for service or repair is not covered.

I was able to find a company who could write a policy for a farm that eliminated all of these exclusions and we added coverage for a small amount of custom work if I decided to help a neighbor with some snow removal or lawn mowing. I think it only added about $25 per year.

 

[future_vision]

Thanks. So you have a farm policy and not a inland marine policy? Who is your provider. Perhaps they service my area.

 

[zzvyb6]

I have a Farm & Ranch policy from State Farm. Took pictures & inventory of all the main stuff (car lift, tractors, lawn mowers, furnaces, water heater, etc.) Just paid 100% for new tankless heater, furnace repair, surge protectors, etc as a result of an electrical surge on wires across the road. (~$7k).

 

[Beaver Cove Deere]

My tractor is insured thru my HO policy. It took so doing that my former agent couldn’t handle as it was well above his pay grade. Totally useless and brain dead.

Called the agent at a local agency that I also had ties to with the same carrier and it was not a problem at all. I was much more concerned as the house it was at was only used 2 long weekends a month so a lot of sitting in the garage was the norm.

I don’t hire out and only use it on my property unless a friend asks for a hand then I’ll run it around the corner to his place.

 

[Torvy]

Inland Marine policies are literally for transport. You will find ignorant or unscrupulous agents who will tell you it covers your farm and equipment. That would be a half-truth.

Inland Marine Insurance: What It Covers, How to Get It - NerdWallet

Inland marine insurance is business property insurance covering materials and equipment in transit or away from primary locations. It also covers special items.

www.nerdwallet.com

 

[Hoss710]

Inland Marine policies are literally for transport. You will find ignorant or unscrupulous agents who will tell you it covers your farm and equipment. That would be a half-truth.

Inland Marine Insurance: What It Covers, How to Get It - NerdWallet

Inland marine insurance is business property insurance covering materials and equipment in transit or away from primary locations. It also covers special items.

www.nerdwallet.com

Than I have the correct insurance. my tractors are stored at my daughter's farm. I have the policy for vandalism and for theft. As beautiful a area it is where she lives. its 2 miles from a very bad area that is known for both vandalism and stolen equipment. my concern was how to cover either situation. and it sounds like it's what I need to cover it in those circumstances.

 

[Torvy]

Than I have the correct insurance. my tractors are stored at my daughter's farm. I have the policy for vandalism and for theft. As beautiful a area it is where she lives. its 2 miles from a very bad area that is known for both vandalism and stolen equipment. my concern was how to cover either situation. and it sounds like it's what I need to cover it in those circumstances.

Not likely. Unless you are a business and your daughter's farm is a job site, your inland marine policy would not cover loss. They would likely seek to sue your daughter's insurance as her homeowners would cover your property stored on her land. (Typically)

 

[Hoss710]

I am a business owner. and yes her place is indeed a jobsite.

 

[Williy]

The $300 was for the year for tractor with cab loader & backhoe
and the rototiller and brushhog and land plane
The price will probably jump this year
willy

 

[Hoss710]

I'm paying 687.00 a year for a tractor and attachments valued at 35k. I need to find it somewhere cheaper if possible.

 

[Dundertaker]

I went through the same rodeo with my agent: "It's covered by Home owners"...but not if you leave your yard...and after HUGE Deductible...also goes against your total contents.
Bought a commercial Policy for about $500 per year covers the machine, me, liability, Property Damage, etc...no one else. Trailer had to be insured separate. This solved all my problems since I'm not "contracting out" but if I wanted to help/charge I'd be covered and mainly if it gets damaged or stolen I have protection. I won't be doing "favors" if I do use the machine outside of a handful of people...i.e. "I'm happy to help you out, but it's going to cost $200 for me to bring it over and $100 per hour to do the work..." and if they're willing to pay and I can handle it I'll still be "losing money".