Insurance question

[Dahammer]

<font color="green"> 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. </font>

That was the same as in my policy...sounds like there is absolutely no instance where a disappearance would not be unexplained (just file a police report /forums/images/graemlins/confused.gif ) so I wonder what the whole *point* of that exclusion was?? You are right, it sounds real funky.... /forums/images/graemlins/confused.gif /forums/images/graemlins/confused.gif

What I would like to see is this: Your tractor has theft coverage...

 

[GreenMtnMan]

<font color="blue"> That was the same as in my policy...sounds like there is absolutely no instance where a disappearance would not be unexplained (just file a police report ) so I wonder what the whole *point* of that exclusion was?? </font>

Like legalese, insurance-speak is a language all it's own. /forums/images/graemlins/confused.gif No wonder it takes years to become an insurance underwriter. The Sentry rep was adamant that it was covered for theft. I figure even if there's a problem claiming theft on this policy my homeowners insurance will cover it anyway.

 

[Henro]

This may or may not relate...

But some years ago, my daughter had her mountain bike stolen while at college. She had locked it by the FRONT wheel, and it had quick release hubs.

The next morning she came out and all that was left was the front wheel...

My home owner's insurance covered the loss...less the deductable.

Why? I'm not sure. I don't think it should have, but it did...

So my guess is that the homeowners insurance MIGHT be good enough to have on my tractor(s)...

 

[surfran]

OK I guess I need to add my two cents as I went through this a couple of months back as well. Here is the link to my thread about getting my new BX1800 and most of it really deals with the insurance issue.

To also add to the story, I have Allstate and a good friend also has Allstate and has for over 10 years. He owns a Ford 1720 (I think). Anyhow, we were discussing in the office one day and he said his Allstate covered it. I of course begged to differ according to my agent who explained the "All Risks" issue that upset/collision was not covered. So he calls his agent and the agent tells him he thinks it is covered but will check. Well the agent never called him back, but the other day my friend had to talk to him about something else and remembered to ask. The agent apologized as he was incorrect and the Upset/Collision is not covered. So my friend has been thinking he was covered for about 10 years for this type of thing and would have been VERY suprised if something had happened. He has a very hilly property also.

To make an already long story short, you can't just take what the agent says as correct, you really need to read the policy to find out what is and isn't covered.

The other important part that my Allstate agent let me know is that during trailering, your vehicle insurance will cover any damage that might occur to another vehicle, property etc, but would not cover the cost to fix/repair etc your machine!!!

With all that said, I ended up with a very reasonable Agriculture: Inland Marine policy though Erie and Niagra for $75/yr that covers the listed items (I had to give serial numbers on tractor and implements I wanted covered) up to value declared. It is not Replacement cost, but it at least gives me coverage including trailering up to 100 miles from my property which I do about every weekend during summer to my other property.

That is my story for Allstate Homeowners in NY. I am sure things very by region also, but I would specifically ask the questions even though you may not want to hear the answer, because it is much easier to hear it now then it would be to hear it if something happened and you weren't covered.

Good luck,

 

[MikeD]

Randy- You have made a very good point on agents. They sell the policy they do not apply it to claims. I can not tell you the number of times I have handled claims for insureds who had a agent tell them there was or was not coverage and the agent was wrong. Read the policy yourself. Most homeowners policies insure contents including tractors used to service the premises on a named perils basis. This means the policy says exactly what it will pay for. These descriptions of covered perils are listed in the policy. The first one is fire and so on. You can endorse the policy to provide all risk coverage for contents. This means that everything that could damage the property is covered unless it is excluded. The exclusions are listed in the policy. If the policy is endorsed like this then upset of a tractor would be covered.
The homeowners policies cover the tractors at the insured premises and away from the premises. This will change in the next year. The insurance industry is changing the policies so you will not have property or liabilty coverage for tractors removed from the premises. Mow you neighbors yard and you have no coverage while in his yard.
Kubota requires all risk coverage when they have a loan out on a tractor.

 

[gsganzer]

Thanks for everyone's input. I opted for the Kubota insurance. The inland marine (personal articles) policy from State Farm was more expensive. The Kubota insurance covers everything and includes "like for like" replacement.

Lawyers and insurance companies! I think they're both someone's idea of a cruel joke. /forums/images/graemlins/grin.gif

 

[fivestring]

"Lawyers and insurance companies! I think they're both someone's idea of a cruel joke."

/forums/images/graemlins/grin.gif From the shallow end of the gene puddle...

 

[frank_f15]

my insurance said i am covered for all, as long as i am not hiring out for commerical work, but what they say and how they pay off is 2 different things. lets hope none of us have to find out how well we are covered. /forums/images/graemlins/cool.gif
gentelmen lets not make broad statements about people. my oldest daughter is a lawyer, all she does is put child molesters and child abusers, and wife beaters, in prison. /forums/images/graemlins/laugh.gif but i do like to hit her all the time with lawyer jokes /forums/images/graemlins/grin.gif and if i am not mistaken there are quite a few lawyers on this forum.

 

[MadReferee]

I think the three questions to ask your insurance agent/company are:

1. Does my coverage include replacing my tractor (what percentage of actual cost) if someone rips it off while it is on my property (usually covered) and off my property (usually not covered)?

2. Does my coverage include replacing or repairing my tractor if I destroy it or seriously damage it by rolling it over or crashing it (usually not covered)?

3. If I have coverage for #2, do I also have coverage to retrieve the tractor from the back forty and cleanup and environmental damage I might have done (usualy not covered)?

I included #3 because this item could get rather expensive if you have to have a D3 dozer clear a new trail so the 10 wheel tow truck can get to the back forty. And lets not forget the EPA especially if you roll it into a creek and spill diesel and hydro fluid.

Best to ask now and not later after the fact.

 

[fivestring]

That would make her a prosecutor. Different breed of lawyer. Kinda like a bobcat is a different breed from domestic short hair. /forums/images/graemlins/grin.gif Can live with them. Can't live with ambulance chasing, hot coffee spilling personal injury lawyers.