Tomorrow may be a big day for me /forums/images/graemlins/laugh.gif.The paper work is going to be submitted to Agricredit for my CK20!My dealer says that insurance is needed and that it can be incorporated into the loan.Is Agricredit insurance cost reasonable?Would I be better off looking elsewhere? /forums/images/graemlins/confused.gif
?Insurance?
- Thread starter GerardC
- Start date
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TomK
Bronze Member
My dealer told me he didn't think I needed to get the insurance if the tractor was covered on my homeowners policy for theft and vandalism. Otherwise it was $4 or 5 a month.
Mathey, what all were you insuring? Just the tractor? I had to pay over $400 for the three years for CK20HST, FEL, BH, and boxblade. This also covers the tractor off my property. I hope the price you paid was only for the tractor or I got taken! Thanks, John
Tx_Kioti_Dealer
New member
Another factor could be that one of you paid AG insurance and the other Commercial insurance, there is a big difference there almost twice as much for commercial insurance. But in my opinion Agricredits insurance is fairly priced, 99% of the time cheaper for my customers. Also every piece of equipment financed through agricredit is required to have insurance.
I think I agree with Mathey, it's the backhoe and boxblade in addition to the FEL that costs more. I'm not sure if it's a percentage of the total or not, but the backhoe really raised the bar. I'm fairly sure mine was AG insurance also as I am not in the business. Anyway, I'm not complaining, it's a lot cheaper than my car or motorhome insurance. John
The insurance through Agricredit is based on the total dollar amount of the equipment, and is almost always less than adding a rider to a homeowner policy. Most homeowner policies cover lawn and garden eqpmnt, but not a tractor...so a wise person will look into this AFTER the loan is paid off. Otherwise if Mr. Sneaky does his 2AM shopping at your place and makes of with your tractor, you will probably be out of pocket on the loss.
sweettractors
Advertiser
I think you will get good coverage at resonable rates with Agricredit--Most of our customers go with them on New Kioti Tractor deals and have had no complaints--Ken Sweet
Sweet Farm Equipment LLC *Over 1000 pieces of new and refurbished equipment*
Sweet Farm Equipment LLC *Over 1000 pieces of new and refurbished equipment*
TomK
Bronze Member
I talked to my Ins. Agent yesterday about my new 3054XS (pick it up this week /forums/images/graemlins/smile.gif) and he said I was covered under my home owners policy for theft and damage as long as the tractor is on my property. If I take it to my neighbors and tear up something I'm not covered for liability.
OP
GerardC
Elite Member
Just spoke to my insurance agent. I was told that I AM covered under my homeowners policy 100% as long as it is ON MY PROPERTY and is for personal use only. Guess the neighbors will have to add "KIOTI" to their wish list.
double check with Agricredit to make sure your Homeowners policy covers what they require, as i recall, they were pretty explicit in their requirements, but I may be just plain wrong /forums/images/graemlins/grin.gif
OP
GerardC
Elite Member
I think I'll just go with Ag's insurance. Insurance companies always seem to find a loophole somewhere, i.e.homeowners. If it's incorporated into the loan, it's only a few $'s extra to the payment and I'll know I got the coverage they want.
</font><font color="blue" class="small">( double check with Agricredit to make sure your Homeowners policy covers what they require, as i recall, they were pretty explicit in their requirements, but I may be just plain wrong )</font> I believe Agricredit requires insurance that covers the tractor off-property, so I just went with their insurance. Many providers will cover off-property for homeowner's insurance, many won't. Always best to talk with your agent. John
jimb1724
Silver Member
good information... i am hoping to pick up a machine in the near future and didn't give much thought to insurance.... especially if i go of property to help the neighbors with some work.... thankyou all..... now i have more research to do...
jim b
jim b
TomK
Bronze Member
I picked up my XS yesterday and the dealer just needed my Agent information and policy number. Agcredit will contract my agent to verify and that should be it. I don't plan on using my rig off my property unless my kids buy a new house or something like that.
