Insurance Help

[N80]

My homeowners will cover up to $3000 and my auto (same company, USAA) will cover $3000 worth of towed equipment. Nice to know and nice to have but clearly not near enough for fire, theft, major vandalism, flood etc.

I'm going to talk to the Farm Bureau today. You have to join ($35) but there are other added benefits to FB as well. I called Kubota's underwriter to see if I could add this insurance, they seemed puzzled that I hadn't bought the insurance at the time of financing (I probably should have) but said they'd send me a quote. Never did.

 

[3RRL]

</font><font color="blue" class="small">( If he can't even insure himself how good of a job is he doing for you?)</font>

That explains it...he's probably not a US Marine /forums/images/graemlins/smirk.gif

 

[ruglad03835]

Dave,

What do I need for paperwork to register my tractor in NH? Just a bill of sale?

 

[ruglad03835]

I just got off the phone with my agent. I have Farm, Family, and Home through the New Hampshire Farm Bureau. My tractor is covered to the limits of liability on my homeowners policy as long as it is not used in a commercial operation. It is covered for full replacement value if stolen. I asked him if I took it off my property to plow a neighbors driveway or to dig out the church parking lot would I be covered. He said this is non commercial incidential usage and I would be covered.

 

[MadReferee]

</font><font color="blue" class="small">( What do I need for paperwork to register my tractor in NH? Just a bill of sale? )</font>

That should be it. Your town clerk should have all the information you need.

You should take a look at RSA 261:64 and RSA 261:83 to see if you really need to have plates.

New Hampshire RSA 261 index

 

[N80]

I just talked with Farm Bureau and they will not insure your tractor unless you have another insurance policy with them, even if you are a member. Even the local agent agreed it was stupid and then tried to get me to switch my home and car insurance to them. Um, no thanks. So much for FB. I guess I'll call Kubota's underwriter again.

This has been a frustrating process, even at Farm Bureau, when you ask if they insure a tractor they act like you've asked them to insure the Titanic.

Inland Marine doesn't seem to have their own 'store front'.

 

[MadReferee]

</font><font color="blue" class="small">( Inland Marine doesn't seem to have their own 'store front'. )</font>

Inland Marine is NOT a company. It is a type of policy just like homeowners or automobile. Most insurance companies will write this type of policy. Ask your agent. If he doesn't know what it is then change agents. /forums/images/graemlins/confused.gif

 

[N80]

I guess you're right. I know very little about insurance, but there are certainly Inland Marine underwriters and adjusters groups. So I just assumed that someone must underwrite this type of policy for the mainstream insurers and that the underwriter was some company named Inland Marine.

It seems that the problem is that none of the typical auto/home insurers will give you an Inland Marine policy if you don't have car or auto with them.

I use USAA and I'm not planning on changing despite the fact that they don't do Inland Marine policies. They are way to valuable an asset to drop for that reason.

However, it does gripe the heck out of me that my local county Farm Bureau won't insure my farm implement.

I'm going to call USAA and talk to a higher-up and see what they can tell me. They mentioned something about them getting the policy from another company whan I first started this process, so maybe they can get someone to write an Inland Marine policy for me.

Had I known all this before, I simply would have gotten the Kubota insurance, but my dealer neither explained it or pushed it. Oh well.

 

[flusher]

When I bought my B7510HST last May, my Farmer's agent had fax in a signed proof of insurance form to the Kubota dealer before financing could be approved. And the basic insurance only covers the tractor while on my property.

Don't know if my insurance covers the tractor if I have to tow it to the dealer for repairs (which, thankfully, has not happened, yet). This thread reminds me that I gotta check with my agent pronto on this issue.

 

[wvmapler]

I work as an adjustor and yes, all the insurance jargon is confusing at times. I have a farm policy thru Farm Family with 1 million in liability. I just purchased a L3400 Kubota and it costs me $ 90 per year for $ 15000 in full coverage with a $ 250 deductible. I don't have to purchase any liability as I already have the 1 million farm umbrela liability policy I have and it covers me even if I am working for someone else on their property. I know some of you stated that you would absolutely not switch to Farm Family, but might be something you would want to look into. They are a tremendous company and have excellent rates. No, I don't work for them but used to for several years when I owned an indepent adjusting firm. I make maple syrup and the liability policy on my syrup operation is great along with the product liability. I know, every little bit adds up, but better safe than sorry in this day of "jerk off" attorneys just waiting like buzzards. From working in claims for 10 years, I have seen about everything. People try to save a few $$$ and it ends up costing them big. The rates that I pay for the tractor are $ 6 per thousand for the tractor and loader.

Hope this helps and if you have any questions, I can try to answer them. /forums/images/graemlins/smile.gif

 

[andrewj]

</font><font color="blue" class="small">( I work as an adjustor and yes, all the insurance jargon is confusing at times. I have a farm policy thru Farm Family with 1 million in liability. I just purchased a L3400 Kubota and it costs me $ 90 per year for $ 15000 in full coverage with a $ 250 deductible. I don't have to purchase any liability as I already have the 1 million farm umbrela liability policy I have and it covers me even if I am working for someone else on their property. I know some of you stated that you would absolutely not switch to Farm Family, but might be something you would want to look into. They are a tremendous company and have excellent rates. No, I don't work for them but used to for several years when I owned an indepent adjusting firm. I make maple syrup and the liability policy on my syrup operation is great along with the product liability. I know, every little bit adds up, but better safe than sorry in this day of "jerk off" attorneys just waiting like buzzards. From working in claims for 10 years, I have seen about everything. People try to save a few $$$ and it ends up costing them big. The rates that I pay for the tractor are $ 6 per thousand for the tractor and loader.

Hope this helps and if you have any questions, I can try to answer them. /forums/images/graemlins/smile.gif )</font> <font color="red"> </font>

i've seen my share of jerk off adjusters. One of the reasons I'd rather be farming. I'm sure you are one of the nice adjusters, as I am one of the nice attorneys. /forums/images/graemlins/wink.gif

 

[grainger12002]

The Inland Marine policy is a fancy name for article floater. You can insure almost anything that doesn't have a place somewhere else on this type of policy. In Conn. coverage follows the unit and runs around $300 depending on value, other states may have a rider for a home policy you will need to call a local agent.

As usual cut and dry does not apply to Insurance.....

 

[N80]

I need to make a correction. My wife was talking to our homeowners carrier who originally told us there was only $3000 coverage for the tractor. That was wrong, and my homeowners will cover the whole value of my tractor. But there are a lot of limitations. First it has to be on the property that my cabin is on. It also won't cover flood damage or accidents while operating the tractor. It does, however, cover theft, fire, vandalism.

This isn't enought to satisfy all of my needs, but its nice to have and doesn't cost any more. I've still got to find an Inland Marine policy somewhere.

 

[GaryE]

<font color="blue"> I've still got to find an Inland Marine policy somewhere.
</font>

I have mine with State Farm.

Hope this helps.

Gary

 

[dmccarty]

</font><font color="blue" class="small">( I just talked with Farm Bureau and they will not insure your tractor unless you have another insurance policy with them )</font>

That must be a local/state issue. My tractor is insured by the NC Farm Bureau and its the only policy I have with them. I'm getting ready to switch home owners and auto to them but they have insured my tractor most of this year.

The home owners insurance from FB was almost half as much for the policy I'm getting through AAA. For the same coverage. The auto policy with FB is about $100 more than AAA.

Later,
Dan

 

[wvmapler]

Andrew,

You hit the nail on the head. I guess I get a little over disgusted with the attorneys here. Our insurance rates are about double of nearly all the states around us and there are more attorneys that about every other business put together. Well, not quite, but they really affect the insurance market her a ton. Either way, there are plenty of bad insurance carriers out there too. Guess the point I was trying to make was that if you have even a mini farm, from a liability and insurance standpoint, you are usually better with a farm policy. You have to be careful with some of these companies as they will insure your tractor or etc., but the minute it leaves your yard, forget it. It is in your policy, but how many people read that. With your background, I am sure you have been down that road before! /forums/images/graemlins/crazy.gif