Insurance question

[BillyP]

Dahammer, I have the JD insurance. $272. for 5 years of coverage, on a JD 4610 and 460 FEL. It covers everything except liability, as long as you're in the US and Canada.

it would have cost me $138. a year to add to my farm policy


JD insurance

 

[jimg]

When I purchased my 29D NHC asked that my insurance company send them a binder (I believe that was the term) which I think indicates the intent or ability to insure the thing(s) in question. After talking w/ my agent they did something different (but acceptable to NHC) b/c a tractor isnt specifically covered under my home owners policy. The only 'nit' is that Im not insured off of my property. Also they covered the implements on the loan as well.
jimg

 

[GreenMtnMan]

I dug out my JD policy and called Sentry Insurance (the JD carrier) to verify. It is covered for EVERYTHING except these exclusions:

1. Seizure or destruction of equipment by government agents.
2. Damage caused by Atomic weapons
3. Damage resulting from acts of war
4. Delay, loss of use, loss of market (?)
5. Unexplained disappearance upon taking inventory
6. Wrongful conversion or dishonest acts by the policy holder
7. Voluntary parting with the property by the policy holder
8. Damage to wheels, tires, tubes unless the damage was caused by an accident that damaged other parts of the equipment
9. Faulty material or workmanship
10. Normal wear and tear
11. Overheating or freeze damage unless it occurs while in the custody of a carrier for hire.

I asked about number 5, unexplained disappearance, and they said if a police report is filed for a theft the disappearance is not unexplained, so theft is covered. Sounds funky but that's what they said. If there is a problem with theft my homeowners will cover it.

Deductible is $500 for personal use or $1000 if used commercially.

 

[etgjr]

I just bought a 4330HST with a bunch of implements. I have State Farm insurance and all of the tractor stuff is covered by my homeowners policy as long as it is at my properties or in transit between them. One exception is the trailer, in transit between properties it would not be covered. I would need a policy on it. My $1000 homeowners deductable applies.

Kubota credit accepted this as insurance for the financing.

Hope this helps.

-Ed

 

[Henro]

I just checked with my insurance agent's office. He wasn't in by the woman I spoke with said the tractor would be like any piece of personal property, covered against theft, fire, and so on.

This would be up to the limits of the personal property value covered by our home owners policy. We have something like $200K of personal property coverage...probably four times more than we need...Well, at least three times I bet.

Anyway, I wasn't smart enough to think to ask about an accident where I rolled the tractor, or if it caught fire on its own...

Guess I will write down all my questions and call again sometime...

 

[fivestring]

But, Bill.....
You have a spare!
/forums/images/graemlins/grin.gif

 

[Glenn9643]

When purchasing tractors in the past I have been offered (encouraged) insurance through New Holland and Massey Ferguson. In both cases the insurance was limited to paying off the loan amount, and would have been for the life of the loan. This insurance is for the benefit of the loan company only. I purchased a separate policy through Farm Bureau for the amount of the tractor and implements I wanted covered for a reasonable amount. This policy will cover the value of the tractor/implement that may be stolen or damaged as long as I keep it in force. I felt that this route was cheaper and better for me. If something were to happen after a year or so the "value" will still cover what I owe on the equipment despite depreciation because I have a substantial cash investment in it up front.

 

[MadReferee]

When I purchased my tractor (paid cash) I contacted my insurance agent (who also owns a Kubota) and inquired as to what kind of insurance I already had and what did he recommend. He said to get Contractors Equipment coverage which is essentially what is called a Commercial Inland Marine policy.

This policy covers loss of the tractor and all my implements as long as I or one of my employees or family is using the equipment. Coverage is for while on my property, transportation to another site, and while on another site. Equipment I borrowed and equipment I rent to perform a job is also covered.

Losses covered include roll overs, crashes, explosions, theft as long as its not mysterious, certain damage done by the covered property such as pollutant cleanup caused by a covered loss, charges for rental equipment used to temporarily substitute for damaged equipment, fire dept. charges, removal of damaged equipment, etc.

This is not general liability coverage, just coverage for my equipment and certain actions that may have occurred during or just after whatever caused the loss to the covered property.

The cost of this coverage was $15 per $1000 of declared equipment value. Deductible is $250. I declined the $5 terrorist coverage surcharge.

 

[SageBrush]

Commercial Inland Marine policy

Thats what I have for my tractor and implements. The same coverage with Alfa was much higher in price. Allstate asked me what a Kubota was and never gave me a price quote, said they didn't cover tractors /forums/images/graemlins/confused.gif

 

[ChemEng]

I just purchased and had delivered a Massey Ferguson GC2300 that I financed through Massey Ferguson for 60 months. I never even thought about insurance until the guy delivered it. He went over the final paperwork for me to sign and asked me for my homeowner's policy number. I didn't have it handy, so he just asked for the company and the agent's name and number. He said that he would call them. Just for my own peace of mind, I called my agent the next day. She said that as long as I used it on my property, then it was covered under my current homeowners policy. Evidently Massey Ferguson was satisfied also because I still have the tractor and have since received my payment book. /forums/images/graemlins/frown.gif