Insurance question

[gsganzer]

I'm in the process of buying a Bx2200 w/ 60" mmm, FEL and box blade using Kubota's 3yr/0% financing. Part of the finance agreement with Kubota requires insurance on the tractor. I have State Farm homeowners and auto and assume it would be covered under my homeowners, just like the tools in my workshop etc. I inquired with State Farm to confirm this and talked to an idiot. She instead said I'd need a personal property policy for $182/yr to cover the tractor. A lawn or garden tractor would be covered under the homeowners, but she wasn't sure about the BX. Has anyone else dealt with this and can enlighten me? I told them to double check and I'm awaiting a return call from State Farm.

 

[GreenMtnMan]

I went through this when I bought our JD 4310. Our homeowners insurance through Amica would cover any theft or "acts of God" coverage to the tractor, but it was not "All Risk" (aka "All Peril") coverage which is what Kubota would require. In particular, it wouldn't cover the tractor if it was used off our property, or if it was damaged while trailering it, or if it was damaged in an accident. I ended up buying a policy through John Deere, which at $129 for the entire three year loan term covers anything that happens to the tractor with a $500 deductible. Very reasonable I thought. I don't know if Kubota offers insurance this reasonable but it's worth asking your dealer about it.

 

[gsganzer]

Is that $129.00 a year? Or for the entire loan term? Kubota does offer something like that. I was just checking my homeowners first to make sure I wasn't buying something I already had.

 

[Dahammer]

<font color="green"> I ended up buying a policy through John Deere, which at $129 for the entire three year loan term covers anything that happens to the tractor with a $500 deductible. </font>

I don't know if I had the same coverage, I had the standard Policy and paid about the same. My policy had this as an exclusion of coverage: We will not pay for a loss or damage caused by or resulting from one of the following, (b) Unexplained disappearance. I *think* John Deere only insures for physical damage, not theft (comprehensive). I would check from someone who knows insurance and see if you are covered for theft.

 

[Henro]

When I bought my b2910 last year my State Farm agent told me it was covered if I use it for the maintenance of the property. He said an ATV would be covered it it was used with a mower on the back for property maintenance, but not if it was just for recreation.

Looks like tomorrow [or the next day] I will be taking delivery of a BX2200...I better call and see what the deal is on two tractors...both are used for property maintenance...ond don't leave the property...

I suppose in the end it depends on whether or not Kubota will accept homeowners insurance. My dealer did not mention insurance...I was approved for the zero percent financing on the bx...insurance never came up...It was not even listed on the quote for the tractor...

Let us know what you end up having to do. Would be a shame to spend an extra hundred plus if you already had the coverage.

 

[GreenMtnMan]

The $129 covered all three years.

 

[GreenMtnMan]

Kubota requires All Risk coverage, and I think most homeowner policies don't provide that type of coverage. For example, if you roll the tractor the damage typically wouldn't be covered. Homeowners covers for theft, acts of God, that type of thing but not accidents.

 

[Whiskey]

gsganzer:

The wifey called our home owners policity company (alstate) and it's covered as long as it remains on the property. They sent us a letter stating this and we passed a copy on to the dealer when we singed the paper work.

I have no problem with that as I don't plan on moving it, when and if service become a problem I'll let the dealer pick it up and it's a good way to tell the folks around that ask me, why I don't want to mow there property!!!!!!!!

Whiskey

 

[GreenMtnMan]

Whiskey, I'm curious - did Allstate specifically say that it was covered for "All Risk" or "All Perils"? I'm not an insurance expert, but our Amica rep said that those are the key words to look for. Our homeowners policy will cover the tractor, but it won't cover it for "All Risk" which is exactly what Kubota required on the Kubota loan application.

 

[jwstewar]

We have our homeowners insurance through Motorist Mutual. At first they were saying it was covered, but then I pushed a little bit harder and found out they would have covered up to $6,000, but that wouldn't come close to the price of my NH 24D w/ FEL/MMM. Costs us $60 per year for $18,600 in coverage that will cover everything - as long as it is on my property. If I'm transporting somewhere my truck insurance will cover it - until I unload it off the trailer - which I don't have yet. I was more worried about trips to the dealer.