Insurance Insurance

[vicar]

My recollection of a recent thread on the availability of insurance for tractors not used commercially such as my BX24 , is that it is not available beyond what may be covered by my homeowners, or what was offered by Kubota when I financed the purchase.

I have been asked by a friend to do some work at his house--about 5 miles away--and I'd like to do it, but I'm concerned that once I leave my driveway I have no coverage in the unlikely event that the tractor is damaged in transit.

Has anyone found a company that would provide coverage when off premises?

John

 

[seapea]

My recollection of a recent thread on the availability of insurance for tractors not used commercially such as my BX24 , is that it is not available beyond what may be covered by my homeowners, or what was offered by Kubota when I financed the purchase.

I have been asked by a friend to do some work at his house--about 5 miles away--and I'd like to do it, but I'm concerned that once I leave my driveway I have no coverage in the unlikely event that the tractor is damaged in transit.

Has anyone found a company that would provide coverage when off premises?

John

Generally speaking, your homeowners will cover your tractor if it is used *solely* for maintenance of your property. It can be located off your property, just like belongings stored at rented storage unit are covered. The coverage is for losses caused by things such as acts of nature (but not hurricanes, earthquakes, or floods), fire, vandalism, and theft. Collisions are not covered.

Keep in mind that different companies and different states can have different rules. Some may not cover tractors over a certain size. Some may have different off property rules. I have State Farm, and if you take the wording of the policy literally, if I *ever* use my tractor for something other than maintenance of my properly, then it is *never* covered again, even when used at home. This makes it even harder to help a neighbor, because technically I would no longer have any insurance for the tractor once I have used it off the property (not just while it is used off the property).

That being said, you can get tractor specific coverage from most insurance companies that will cover your tractor when it is loaned, rented, or used off the property. It can also provide collision coverage. Just ask your homeowners agent and see what they offer. For this type of coverage, including collision damage, I was just quoted $208 with $500 deductible for coverage on a $16,000 tractor. Note this policy did not provide any liabilty coverage.

 

[SnowRidgeME]

My agent has added my tractor and implements to my homeowners via an 'inland marine property floater' and liability coverage via a 'Off premises liability coverage for motorized land conveyance'. I gave him s/n and costs.

$338 added

 

[cschlaps]

I first added the tractor to my homeowner's policy as a bare minimum...cost me an extra $120 per year to cover theft, fire, etc... But when I asked if it would be covered while on my trailer going to the dealer for service, it would not be because it would be located off the property.

So I called Kubota Insurance and set up a policy there for $240 per year, and they cover the tractor no matter where it is. That seemed pretty reasonable to me given the size of the investment verses the relative risk while on the road.

Chris

 

[Chuckanut]

That thread you mentioned, spurred me to talk to my Country agent. He made it simple for me to understand. IF the tractor is on my property its IS covered at 100% and if it is off my property it is covered at 10%. So that makes my tractor (and implements) worth $750 off my property.

He did say I could get additional insurance that would cover the tractor every place for additional money. I decided that I will leave my tractor on my property and keep my hard earned money.

So now if anything ever happens IT IS ON MY PROPERTY.
Well except for the occasional ride out to the mail box and snow plowing out to the county road, Of course.

 

[Blk88GT]

My homeowners insurance covers me as long as I am not doing a commercial (read: taking payment) job with it. Cost was $100 for the year.

 

[mpegg]

I also have state farm and when I bought my tractor I asked my agent about insurance. We added it to my home owners policy. I did raise the value, just in case I would have a complete lost on everything. Then we talked about what was covered and when, it took him a couple days to get back to me, because he had to call corp. office to get an answer. It came back as, If its on my property its covered, If I take down the road and I use my light and smv sign, Its covered. If I take it to a neighbors house and use it and DO NOT CHARGE its covered. If I would damage something other than my tractor and I am NOT CHARGING, I am also covered under my home owners and liability policy.

 

[cperky]

I have insurance w Farm Bureau (farm policy). I recently purchased a tractor and went to add tractor to my farm policy. While talking to the agent I learned that the minute I put the tractor on the trailer I lose any coverage for damage to the tractor. I would have liability coverage via my auto policy (farm bureau auto) with trailer rider but NO DAMAGES COVERED FOR TRACTOR IN CASE OF ACCIDENT WHILE IN TRANSIT. If I am driving the tractor down the road and have an accident I would be covered just not on a trailer like cargo. I found a State Auto agent in the area that carried a commercial equipment policy for about the same price as the Farm Bureau policy but I am covered for damages even in transport. This way when I take my tractor somewhere for service and heaven forbid have an accident I dont have to eat the cost of my tractor.