Insurance question

[flingwing1969]

I'll try them too - KTAC that is. Thanks. I'm not financed, I own everything outright.

 

[George2615]

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]

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]

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.

 

[buckeyefarmer]

Not all homeowners policies will meet the coverage requirements that is needed. When buying the Grand L they wanted coverage for upset and the only way to get that through the home insurer was a separate rider and it was costing close to the price of a street vehicle and that is when we went to the AG insurer. I am sure other states and other insurers will vary.

David

I bought 2 grand L tractors with my homeowners as insurance.

 

[powerstroke444e]

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.

 

[oosik]

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]

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.

 

[flingwing1969]

Thanks for that clarification Cold1313.

 

[jaflores98]

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 .