Insurance insurance?

littledog · May 3, 2003

have been doing research on insuring a new JD 4310. My homeowner policy seems to be at this point the cheapest to add it on, but any info on other options would be appreciated. The Farm Bureau came to mind but havn't followed through yet. Package deals sound ideal, autos, home, and farm equip. too, so i'm open to all ideas. thank you

ps. looking for "nickodemus"/"nicodemus"? the name is unique and would like to share some info with you.

Bird · May 3, 2003

If you do a search on the word "insurance" you'll find enough to keep you reading all weekend, since this topic has been discussed so much. /forums/images/graemlins/laugh.gif Talk to your insurance agent and read carefully, whatever you do. Adding it to your homeowner's policy may be the cheapest, but in some, if not all, cases it only covers things like fire, theft, storm damage, etc. and may not cover collision, upset, overturn, or cover the tractor if it's off your property.

JDGREEN4ME · May 3, 2003

I insured mine thru my JD dealer. The policy was less than $190 to cover the term of the loan.

GaryG · May 3, 2003

Kubota wants $161 per year on a BX22 with Tiller and Box scraper. That is supposed to cover replacement cost if anything happens to the tractor. That is cheaper coverage than my homeowners would give me. They basically did not want to add a rider on for the tractor.... So I will probably go with Kubota....

Anonymous Poster · May 3, 2003

This is nearly an impossible question to answer because insurance laws vary from state to state.
In NY, Homeowners insurance covers all property maintainence equipment, so my tractors and equipment, as long as not licensed for the road, are covered.
The best advice I can give you is READ your policy. You may already be covered, but I never met an insurance agent who wasn't willing to sell an additional policy. Comission is generally 50% of the first year's premium, with only 2 to 5% when you renew.

FamilyFarm · May 3, 2003

My homeowner's policy is like many others - the tractor is covered as long as I don't take it off my property. I simply increased my coverage amount by about 20 grand, which didn't change my premium but a few dollars for the year.

Terry

frank_f15 · May 3, 2003

my homeowners ins. covers my tractor, if it get burnt, stolen, or anything else AS LONG AS IT IS NOT OUT FOR HIRE. i am even covered if i am doing free work for a friend and dammage something. least thats my agent tells me, different states have different laws,. i checked it out preety carefully, but u never know how those things go, just hope i never need to find out.

MossRoad · May 3, 2003

Mine is covered under homeowners when on our properties. It is covered under auto when transporting by trailer to and from our properties. It is not covered on my neighbor's property, little league, church, in-laws, etc... even if it is not for hire. To get coverage on this, I would need to purchase additional insurance for a little under $600.00 per year, that would cover the tractor and all attachments and $100,000.00 liability, as long as it wasn't for hire. That's $50.00 per month to be a volunteer /forums/images/graemlins/mad.gif

I'm still looking into other options.

bmac · May 4, 2003

My agent tells me that adding a rider to cover the tractor costs approximately $1 per $1000 of tractor value. I.E., a $20,000 tractor would cost about $200/year for comprehensive coverage.

jwstewar · May 6, 2003

</font><font color="blue" class="small">( My agent tells me that adding a rider to cover the tractor costs approximately $1 per $1000 of tractor value. I.E., a $20,000 tractor would cost about $200/year for comprehensive coverage. )</font>

My math may be off here, but we've either got an extra zero or we are missing one. $1 per $1,000 for a $20,000 would be $20 a year. That doesn't sound to unreasonable......

Jim