flingwing1969
Platinum Member
- Joined
- Jun 2, 2008
- Messages
- 688
- Tractor
- LS G3038, JD GT275, and Bolins H16
I'll try them too - KTAC that is. Thanks. I'm not financed, I own everything outright.
Insurance question
- Thread starter bluefin650
- Start date
- Views: 9554
George2615
Super Member
The biggest advantage of KTAC is locking in the rate for the full term of your loan. You can't include CNH insurance in your loan so you run the risk of your insurance rate going up each time you file a claim. With KTAC, your insurance rate is locked in regardless of how many claims you file during that term or until you pay it off.
Regardless if you purchase KTAC insurance in your loan or you elect to buy an annual policy (for equipment you own outright), KTAC's goal is to keep a Kubota customer buying Kubota so we try our best to make a bad situation (filing a claim) as painless as possible. Besides, I don't think CNH wants you buy another Kubota so we have more of a vested interest...
I did not finance my tractor but I did lock in my PDI insurance price for 5 years with CNH. I'm not sure what brands they will insure besides NH, LS, Cat. If I recall correctly I think Eric got his Kioti insured through them. Don't know about Kubota? Based on some of the prices here and on other threads that I've seen I would suggest the NH, LS crowd to call CNH.
TxBigRed
New member
I used Texas Farm Bureaub for tractor, fel and grapple for $105 a year. $250 deductable. It doesn't cover commercial work, just on my property.
PILOON
Super Star Member
Insurance requirements can be funny.
I had a small ($25K) mortgage on a property and suffered a water damage event.
As a contractor I did the repairs myself and the settlement was easy and fast but naturally they paid with a check. (very rapidly I will add)
The bank was major PO'd as the check did not include them as payee.
My response to them was they did not pay the premiums but I did.
LOL the insurance settlement was more than the mortgage.
Bet if they were named I'd have had to wait 30 days B4 seeing the money.
I had a small ($25K) mortgage on a property and suffered a water damage event.
As a contractor I did the repairs myself and the settlement was easy and fast but naturally they paid with a check. (very rapidly I will add)
The bank was major PO'd as the check did not include them as payee.
My response to them was they did not pay the premiums but I did.
LOL the insurance settlement was more than the mortgage.
Bet if they were named I'd have had to wait 30 days B4 seeing the money.
buckeyefarmer
Epic Contributor
I bought 2 grand L tractors with my homeowners as insurance.
powerstroke444e
Veteran Member
Most reputable Mutual companies have a policy for small farms or estates that will cover equipment on the property and trailering to dealer for service. Most ag or farm policies will cover transportation between farm or insured location. The big BUT is commercial work or work for hire almost all exclude any commercial exposure.
If you spend 10,000-75,000 on a vehicle you would call your insurance agent, so call and talk to them about your tractor or bobcat if they don't know what to do find one that does.
If you spend 10,000-75,000 on a vehicle you would call your insurance agent, so call and talk to them about your tractor or bobcat if they don't know what to do find one that does.
oosik
Epic Contributor
When I bought my Kubota M6040 new in 2009 - State Farm did not have "tractor" insurance. However - it is covered under my State Farm homeowners insurance policy - as long as its on my property. That's all the coverage I need. Nine years now with the Kubota and only been off-property once.
cold1313
Gold Member
If you didn't include KTAC with your financing when you closed - then you are in a slightly different boat. This is direct from KTAC - I just spent a ton of time researching this.
If you financed with Kubota and got KTAC at the same time! (Not a week later, like I tried) then if you total out your machine - you get a brand new machine - perfect! Machine is 5 years old and you total it? Brand new machine!
However...if you got KTAC any other way - i.e. I tried to purchase it a week later, then you fall into a different situation if you total out your machine. Total out a 5 year old machine, you get a check for a machine that has depreciated 5 years. i.e. NOT a brand new machine.
This is direct from the Director of Operations at KTAC - He replies on this forum sometimes.
I totally understand why they do this, I think KTAC was great, just wish I got it when I purchased my machine. However, since it would be a depreciated value, I will go the route of a stand alone policy with State Farm.
I just wanted to clear that up, as I feel people who buy KTAC after the fact, assume they will get the same policy as those who purchased it when they closed. Hopefully this saves someone some heart burn down the road.
If you financed with Kubota and got KTAC at the same time! (Not a week later, like I tried) then if you total out your machine - you get a brand new machine - perfect! Machine is 5 years old and you total it? Brand new machine!
However...if you got KTAC any other way - i.e. I tried to purchase it a week later, then you fall into a different situation if you total out your machine. Total out a 5 year old machine, you get a check for a machine that has depreciated 5 years. i.e. NOT a brand new machine.
This is direct from the Director of Operations at KTAC - He replies on this forum sometimes.
I totally understand why they do this, I think KTAC was great, just wish I got it when I purchased my machine. However, since it would be a depreciated value, I will go the route of a stand alone policy with State Farm.
I just wanted to clear that up, as I feel people who buy KTAC after the fact, assume they will get the same policy as those who purchased it when they closed. Hopefully this saves someone some heart burn down the road.
flingwing1969
Platinum Member
- Joined
- Jun 2, 2008
- Messages
- 688
- Tractor
- LS G3038, JD GT275, and Bolins H16
Thanks for that clarification Cold1313.
jaflores98
New member
- Joined
- Jun 24, 2019
- Messages
- 3
- Tractor
- none
Also in a ktac situation . Does the dealer have flexibility on the pricing of this policy. I was quoted 1707 for my BX23S. Seems high to me over 350 per year .
cold1313
Gold Member
I don't believe so. My dealer said he makes $15 off KTAC, so he didn't care one way or another if I got it. As long as I had insurance on it, since it is financed.
Tractor Seabee
Elite Member
- Joined
- Oct 5, 2011
- Messages
- 3,905
- Tractor
- Kubota BX25
Most folks seem to stop reading coverage at the fire and theft aspects. KTAC covers any casualty not due to neglect, illegal actions, wear and tear, and maintenance. I banged my BX around in the woods and did considerable damage on two occasions few days apart. KTAC paid the whole claim of over $8K. I had to pay the $250 deductible for both occasions. Required a HST overhaul due to broken fan that caused overheating of the HST. The HST problem was detected by the dealer shop after the initial estimate,and during repair assessment for parts ordering, dealer called KTAC and they covered. I never saw a bill except for the deductible. They cover off site use as long it is not for hire. When I have it at my church doing work it is covered. MY USAA auto insurance covers it when it is on the trailer with KTAC as second payer of any residual.
Easiest insurance claim I ever experienced except my USAA coverages. I have found no insurance with the coverage of KTAC. Probably not an economic good thing for those who use their tractor for an overgrown lawn mower at <50 hrs/year. My 2011 BX has 1500 hours of tough use on it. Kept KATAC for the ensuing years since pay-off. It is actually no cost for many years to come.
My current coverage is a depreciated value of $16,895 is $264. Transportation is limited to $1K and recovery (like out of a canyon) is limited to $5K as part of the $16K total coverage. To me that is cheap.
Always compare apples to apples.
Side issue: All manufacturers of HST should include a fluid temp gauge. After one fan casualty maybe KTAC should include the temp gauge in the repair. That would save the a lot of money down stream. I have some maintenance repairs to do that require removing the floor. Plan to look at where I can put a temp sensor while all is open.
Ron
Easiest insurance claim I ever experienced except my USAA coverages. I have found no insurance with the coverage of KTAC. Probably not an economic good thing for those who use their tractor for an overgrown lawn mower at <50 hrs/year. My 2011 BX has 1500 hours of tough use on it. Kept KATAC for the ensuing years since pay-off. It is actually no cost for many years to come.
My current coverage is a depreciated value of $16,895 is $264. Transportation is limited to $1K and recovery (like out of a canyon) is limited to $5K as part of the $16K total coverage. To me that is cheap.
Always compare apples to apples.
Side issue: All manufacturers of HST should include a fluid temp gauge. After one fan casualty maybe KTAC should include the temp gauge in the repair. That would save the a lot of money down stream. I have some maintenance repairs to do that require removing the floor. Plan to look at where I can put a temp sensor while all is open.
Ron
PILOON
Super Star Member
Slightly off topic but still insurance.
I own a Toyota MR2 .
Last sunday I discovered a tree dropped its top and made a nice watermelon dent on my rear fender.
*8**%#!
Well I called my insurers and to my surprise they said 'no deductible' just get it repaired and we'll reimburse you!
WOW, WTF, never expected that response. (I noted her name and contact info just in case).
Fully expected that a deductible would apply, but for some reason not.
Now I'm shopping.
I own a Toyota MR2 .
Last sunday I discovered a tree dropped its top and made a nice watermelon dent on my rear fender.
*8**%#!
Well I called my insurers and to my surprise they said 'no deductible' just get it repaired and we'll reimburse you!
WOW, WTF, never expected that response. (I noted her name and contact info just in case).
Fully expected that a deductible would apply, but for some reason not.
Now I'm shopping.
kthompson
Elite Member
- Joined
- Sep 12, 2008
- Messages
- 3,526
- Location
- South Carolina
- Tractor
- Kubotas B2710, M6800, L6060 cab, Volvo EC excavator, 2 ZTRs and various implements.
As an insurance agent for over 30 years you really need to compare policy to policy regardless the type. I have never had Kubota's insurance but have the one JD has (Sentry Insurance if memory is correct) and it covers much more than a rider on a Home Owner policy will. Had two claims on it a Home Owner policy would never cover.
As to the dealership being able to charge a different rate on the insurance not likely. Insurance rates have to be to some degree approved the in the USA that states Department of Insurance and those rates normally are not up for case by case variance. The only way they can normally affect any property coverage pricing is with the coverage or classification of what is being insured. I get assumed how often a person has told me over the years I can buy it less direct or on line or from a different agent and get it lower. To tell them sorry, by our state laws and the companies own rules the price is the price as long as all input is the same. Now if there is options to the coverage some agents only sell price and will drop off any option or all options sadly without even telling you about them.
As to the dealership being able to charge a different rate on the insurance not likely. Insurance rates have to be to some degree approved the in the USA that states Department of Insurance and those rates normally are not up for case by case variance. The only way they can normally affect any property coverage pricing is with the coverage or classification of what is being insured. I get assumed how often a person has told me over the years I can buy it less direct or on line or from a different agent and get it lower. To tell them sorry, by our state laws and the companies own rules the price is the price as long as all input is the same. Now if there is options to the coverage some agents only sell price and will drop off any option or all options sadly without even telling you about them.
KTAC
Advertiser
- Joined
- Dec 21, 2009
- Messages
- 170
Kthompson - You are correct. Our insurance rate is the same nationwide (a dealer doesn't control the pricing). I am also impressed with the knowledge TBN members have of KTAC. Heck... I read the posts to get marketing ideas! :thumbsup: PS - Have a great 4th!!! Brian Carter, Director of Operations for KTAC and KCC.
buckeyefarmer
Epic Contributor
I just took KTAC for the first time on my ZT. I debated about using my homeowners, but decided otherwise. Wish it was available when i got my L5030, i had to do an inland marine to cover it off my property.
Little pricy though, could have added the suspension seat instead.
Little pricy though, could have added the suspension seat instead.
montelatici
Platinum Member
I have KTAC on my L 3700 SU and my BX 24 which are not financed and will soon have it on a new B2601 awaiting delivery. USAA sent me to their "farm" insurance partner, as they would not cover the tractor off site with my home owner's policy with them, and they were much higher for the two older tractors, so I went with KTAC for them as well. They are separate policies, i.e. the older tractors and the financed tractor.
KTAC
Advertiser
- Joined
- Dec 21, 2009
- Messages
- 170
Me too!!! ha,ha,ha...
Fallon
Super Member
I'd need to double check, but I was told KTAC covers you when doing commercial work as well. One of the reasons I went with it over other options. I have a side gig with my machine. It only covers the machine, not any liability stuff. Still need liability insurance for the side gig. Homeowners was on property private use only (and cost more with a higher deductible to boot).
Here are some similar links:
