Insurance Insurance on Tractors?

[LBrown59]

Nationwide will cover a tractor with less than 40 Hp under my home owners policy. This is in Ohio so that may vary. The only thing is, it is only covered on my property. In other words, if I'm over mowing my neighbors, it's not covered.

So if you ram your tractor into his car you get to pay the damages of both.

 

[bindian]

Well, I got a couple of quotes yesterday, and I think Allstate might be confused on how to insure it also. I think they did it as if it were a car. I was quoted $1100 for the year. Before that I had called Farm Bureau and was quoted $70 for the year with a $40 membership fee. I asked him two or three times if he was sure, and he said yes. I think I know who I'm going with when I make the big purchase.

Warcat,
I had Allstate for my Ford 3055. They had auto type insurance on it also. The underwriter asked if it could go over 60 mph. I was paying around $60 twice a year for $4-5000 of coverage.
hugs, Brandi

 

[DonWorrell]

I tried to get mine covered by FARM Bureau - no go. Ended up getting insurance through the finance company and have kept the financing primarily for the insurance which I think is about $15/mo. Maybe a little pricey - they also, I think, just do the depreciated value(who knows what that is). Compounding my problem is the tractor is in a different state from my primary residence.

Farm Bureau is funny that way. They have set limits they will follow. I can only get $300,000 liability on my 5 acres from them so I have an additional 1 million umbrella liability from another company. FB would not include my tractor in my home owners coverage but they did cover my tractor as I said above but I do live on the propeerty my tractor is housed. Another person said FB saved them money on the pickup insurance. Well in mky case they were the higest ragte for my automobile and pickup.

So with all that said I say shop and make sure you read the small print.

Don

 

[LBrown59]

Better double check that, depends on where you are- they sure aren't in my state.

Are you sure you can't add it on as a rider?

 

[DB KANSAS]

Just to make sure you are on the right page...
The insurance you got is called physical damage insurance..
That only pays the loan on your tractor off, it will not replace it.
So month 46 of a 48 month note the tractor gets stollen you will not be responsible for the last to payments.

A lot of dealers don't mention this to you.

I asked the salesman at the dealership when I was buying and he said that the coverage covered the value of the tractor not the balance of the loan. He also said that some customers elect to continue coverage after the loan is paid.

DB

 

[specialkkl]

Your in the same boat I was .I bought an inland marine policy for $50 a year from Liberty Mutual. My land in 35 miles a way and I tow it out there. I called my homeowners at the time(AMICA) and asked some questions if I was covered. One person said yes on my own property. Then the next one said I didn't need a tractor that big for my property. At that point I asked when did an operator determine how big a tractor I needed. Watch what questions you ask your insurance because they document everything and bring it back up in a claim whether you actually did it or not. Liberty covers me for everything for $50 on a 2615. And I now have them for my auto and home.

 

[chh]

My tractors and heavy equipment are all covered under my ranch owners policy. Also covers my house and barns as a homeowner and liablity as a property owner. When my father had the property he did not live on it the last few years. The ranch policy covered his house in town even though it wasn't on the ranch. The ranch/farm policy is cheaper than a straight homeowners policy thru the company I use. American Farmers and Ranchers Ins. Co. Their automobile policy is better than anybody else's I've priced too.

 

[FatCop]

Mine's through Farm Bureau also. They said it's NOT covered under homeowners (even used at home, etc. etc.) but a seperate policy for tractor, trailer, implements was a bit under $100 a year.

 

[DJFaninTN]

State Farm told us that we were covered under our home owners insurance.

 

[rback33]

If I had my own tractor at home it would be covered by my FB policy. It is a farm policy and that makes a HUGE difference.

 

[cperky]

I posted this in a similar thread on this site but here is what I have to ad:
I have insurance w Farm Bureau (farm policy). I recently purchased a tractor and went to add tractor to my farm policy. While talking to the agent I learned that the minute I put the tractor on the trailer I lose any coverage for damage to the tractor. I would have liability coverage via my auto policy (farm bureau auto) with trailer rider but NO DAMAGES COVERED FOR TRACTOR IN CASE OF ACCIDENT WHILE IN TRANSIT. If I am driving the tractor down the road and have an accident I would be covered just not on a trailer like cargo. I found a State Auto agent in the area that carried a commercial equipment policy for about the same price as the Farm Bureau policy but I am covered for damages even in transport. This way when I take my tractor somewhere for service and heaven forbid have an accident I dont have to eat the cost of my tractor.

 

[bindian]

I posted this in a similar thread on this site but here is what I have to ad:
I have insurance w Farm Bureau (farm policy). I recently purchased a tractor and went to add tractor to my farm policy. While talking to the agent I learned that the minute I put the tractor on the trailer I lose any coverage for damage to the tractor. I would have liability coverage via my auto policy (farm bureau auto) with trailer rider but NO DAMAGES COVERED FOR TRACTOR IN CASE OF ACCIDENT WHILE IN TRANSIT. If I am driving the tractor down the road and have an accident I would be covered just not on a trailer like cargo. I found a State Auto agent in the area that carried a commercial equipment policy for about the same price as the Farm Bureau policy but I am covered for damages even in transport. This way when I take my tractor somewhere for service and heaven forbid have an accident I dont have to eat the cost of my tractor.

Cperky,
I just sent an email to my Farm Bureau agent asking for clarification on my tractor riding on my trailer that are both on the same Farm Bureau policy.
Thanks for the heads up.
hugs, Brandi

 

[bindian]

I just got this email message from my Farm Bureau agent.
hugs, Brandi
You have coverage on your tractor because your tractor is insured seperately on its own policy. This person does not have an inland marine policy like you do. This post is correct if you dont have a policy on the tractor itself, but you do. FH

 

[Offy]

I have an Inland Marine policy that covers fire, theft collision with another object, vandalism, flood etc. for $17,300 worth of tractor that costs me $121 per year. It is with Equipment Insurance International in Fayetteville N.C. (the tractor and I are in Florida)

 

[Charlie175]

Inland Marine for me also. $112/yr.

Insurance said the tractor was too big to put on my home policy.

 

[sarcsurfer]

I just bought a Mahindra 2516HST and various attachments for just over $16k. Mahindra's finance company had the best rates. I paid $253 for 5 years of coverage and they even rolled it into my loan. Appears to be full coverage... Theft, damage, etc... I have Country Companies Insurance on my property and cars. They couldn't touch this rate. I think I was quoted $145 a year!

 

[MississippiMan]

farm bureau insures my 5525 w/fel, middle buster, 6 ft bushhog, and box blade for less than $100 per year. it covers it for everything i can think of.