Insurance Insurance needed to finance through Kubota?

[seapea]

</font><font color="blue" class="small">( (For $660 a year personal articles policy, I can cover $24,000 worth of tractor and equipment off my property, and also get better coverage when on the property (ie. not just for the "named perils.))

That is a little high.

Have your agent look into a Commercial Inland Marine policy. This type of coverage is relatively inexpensive and will cover your tractor, implements and many other things both on and off your property. It's cost, for me anyway, is $15 per $1000 of coverage. For others it has cost less.

Do a search here on TBN for "Inland Marine" and you will get a wealth of info on that type of policy.
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I just checked with my agent again, and the $660 is for an Inland Marine polcy. He said it's $27.50 per $1000. The really frustrating thing is that I don't get a discount even though I have homeowners that will cover most tractor claims, plus an umbrella liability policy. $660 is also what the policy would cost me if I didn't do any business with State Farm and didn't have any other insurance that covered the tractor.

I should also clarify one thing I said early. I said the tractor was covered under my auto insurance when being transported. It turns out to only be covered for liability, but not for any loss. But then I started asking questions like: what if I'm transporting a piece of furniture to a storage unit. Isn't that covered? He thought it was, but then could not tell me why it would be covered and my tractor would not. He'll be doing some more research.

 

[willywildes]

I have the o% financing. dealer asked if i wanted the Kubota insurance. I said no. signed the form declining insurance from Kubota. and was on my way. Allstate say it's covered but Kubota never asked.

 

[BX23Seattle]

My homeowners provides coverage while on my property for things like fire, theft, vandalism.

My auto insurance provides free "liability" coverage for towing trailers behind my truck. If my tractor falls off while trailering it and hits the car behind, I am protected from the liablility aspect regarding damages to the injured party behind me but I am on my own for fixing my busted up Kubota. No collison coverage for my trailer or anything that I have on it.

My homeowners covers my personal property (including my Kubota) anywhere in the world but is limited to the same perils as if the loss took place at my home (fire, theft, vandalism) No collision coverage on my homeowners policy which is standard in the industry as far as I know.

If you use your tractor for any "business purpose" and don't have other ins. you really better read your policy. My homowners limits coverage for personal property to $500 while away from my residence premise. And I only have $5,000 in coverage while on my residence premise for any property used in any manor for any business purpose.

This is an HO-9 policy with broader coverage than the standard HO-3 policy form.

 

[MadReferee]

</font><font color="blue" class="small">( I just checked with my agent again, and the $660 is for an Inland Marine polcy. He said it's $27.50 per $1000. )</font>

Boy that's high. I have been told my rate was high but that is outrageous.

However the Inland Marine policy is the way to go if you ever take your tractor off property. It doesn't cover liability but does cover just about everything else including fuel spill cleanups.

Where are you located? Have you tried other agents with other companies?

 

[seapea]

</font><font color="blue" class="small">( Boy that's high. I have been told my rate was high but that is outrageous.

However the Inland Marine policy is the way to go if you ever take your tractor off property. It doesn't cover liability but does cover just about everything else including fuel spill cleanups.

Where are you located? Have you tried other agents with other companies?
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I live in the SF Bay area. Although an expensive area to live, I've never noticed insurance rates to be much higher. In fact, when I first moved out here from Michigan my car insurance rate went down. I'll be checking other insurance options.

 

[seapea]

My State Farm agent sent me a new copy of my homeowners policy, so I read through it and the auto policy. Here's what my homeowners policy says:

<font color="red">Section I - Coverage B - Personal Property - (1) Property Covered:</font> <font color="brown">We cover personal property anywhere in the world.</font>

The only possibly relevant limitation I could find was 10% of my total coverage, which won't be an issue in my case.

<font color="red">Section I - Coverage B - Personal Property - (2) Property Not Covered:</font> <font color="brown">We do not cover ... (c) any engine or motor propelled vehicle or machine, including the parts, designed for movement on land. We do cover those not licensed for use on public highways which are: (1) used solely to service the insured location...</font>

This is both good or bad. It looks like my tractor is insured wherever it is, so for example, it would be covered for theft while at the dealership for repairs. It's even covered at my neighbors house, presuming I never use it there. /forums/images/graemlins/frown.gif In fact, it looks like if I ever use it off the property, it is forever not covered, even when on my property. I saw a previous post that also brought this up.

Of course all of the above coverage is just for theft and some commonly "named perils". Driving into a pond or otherwise doing damage would not be covered without an "inland marine" policy..

Now I have to ask, what about attachments? It seems the attachments would be covered, even if used off the property, since they are not a "motor propelled vehicle or machine". For this reason, I probably only need an "inland marine" policy for the tractor itself, and not the attachments, which will save me about half.

As for coverage during transport, it looks like my auto insurance only covers liability (ie. tractor falls off and damages something). It does cover the trailer itself, but the only mention of contents said that clothes and luggage are covered.

 

[Henro]

<font color="blue"> In fact, it looks like if I ever use it off the property, it is forever not covered, even when on my property. I saw a previous post that also brought this up. </font>

I've heard this comment before and would like to hear more discussion on it.

Somehow I have difficulty believing that there would be no way to reset the clock.

For example, what if I used my tractor off my property, sold it to someone, then bought it back? Would I be excluded form having coverage because the first time I owned it I used it off the property?

Somehow it is hard for me to believe that if my tractor was stolen off my property, that coverage would be denied because I happened to use it years before to clean up one of my trees that fell onto the neighbor's property...

Then again I not naive (did I spell that right?) enough to think this would NOT be the case in TODAY'S world... /forums/images/graemlins/frown.gif

Would writing a check for the next year of coverage reset the clock?

Anyone? What I am most interested in is the theft insurance. I can take responsibility for accidental damage...

 

[8561]

Henro - here is your answer:
http://www.faia.com/scriptcontent/fa_custom/education/edlibrary/mowers.cfm

Forget the fact this is the Florida Agents Association web-site. This article is a re-print of the national agent's website and I have seen the man who wrote it speak. This is the current correct interpretation.

Given what has been previously posted about the most recent version of the State Farm homeowner's policy, it appears they have adopted similar language with the same meaning. I agree it is hard to believe and defies some form of common sense, but it's a fact.

 

[RobTky]

Are you realy insured? I had State Farm until three days ago, they don't pay. If you plan to work the tractor you will need more than home owners insurance. I came within a breath of not taking the JD insurance, because mu agent told me that I was fully covered. Then something told me to go with the JD insurance too. If I had not of taken the JD insurance I would be out $25,000.00. /forums/images/graemlins/frown.gif

 

[seapea]

What happened to your tractor and why wasn't it covered by State Farm.