Insured value at Notes end

[dragoneggs]

KTAC, I can see your standing behind what YOU SELL. Insurance is a business, business's need to make money. I'm a consumer, I need to be Smart how I spend my money, never used or needed additional Tractor Insurance, so I'm ahead of the game. What I saved by not purchasing unnecessary Insurance, I can put that money towards a new tractor. I'm a firm believer, if an item or service is a good deal it will sell itself,the fact someone needs to point out why this insurance is better than any other insurance make me wonder! Happy Thanksgiving.

I don't buy insurance on very many things... but certain terms/conditions require the purchase of insurance. For typical appliances and commodities, I believe in buying quality and not purchasing insurance. The money saved will pay for the one or two unfortunate items that need to be replaced earlier than anticipated. For expensive items such as expensive cars, houses, big ticket tractors, it might be a smart play unless you are financially secure and can afford to repair or replace without concern. In my case, I probably would not have bought any insurance on my tractor as it is not used for business but since it is financed... and I don't officially own it... it is required.

To your point about why someone would "point out why this insurance is better than any other insurance make me wonder!" I will respond directly to that. This info can be valuable to those in the market... especially when you don't have a choice to insure or not.

 

[Kubota 2007]

Dragoneggs

To your point about why someone would "point out why this insurance is better than any other insurance make me wonder!" I will respond directly to that. This info can be valuable to those in the market... especially when you don't have a choice to insure or not.[/QUOTE]

This is just my point, you do have a choice to insure or not, I contacted my homeowners, supplied them with a insurance required forum supplied by Kubota, and my insurance carrier signed off on all, indicating my homeowner's did cover all of Kubota's requirements to finance. I do carry an additional Umbrella Policy only because of the amount of land I own. Kubota Insurance I'm sure is great for some, but when purchasing a tractor many people are told they Must purchase this insurance to finance, I'm proof you don't. Your insurance covers more than you know,agents play it safe by saying "no".

 

[dragoneggs]

Dragoneggs

To your point about why someone would "point out why this insurance is better than any other insurance make me wonder!" I will respond directly to that. This info can be valuable to those in the market... especially when you don't have a choice to insure or not.

This is just my point, you do have a choice to insure or not, I contacted my homeowners, supplied them with a insurance required forum supplied by Kubota, and my insurance carrier signed off on all, indicating my homeowner's did cover all of Kubota's requirements to finance. I do carry an additional Umbrella Policy only because of the amount of land I own. Kubota Insurance I'm sure is great for some, but when purchasing a tractor many people are told they Must purchase this insurance to finance, I'm proof you don't. Your insurance covers more than you know,agents play it safe by saying "no".

Ahh I think we are on the same page... or at least getting there. You may be correct in that people might be getting 'told they must purchase insurance to finance' and that is misleading. The reality is that you must 'have' insurance covering the tractor if you finance for liability reasons. An umbrella policy that provides additional coverage is one way. Some homeowner's will also cover, some won't, and some you don't want them to depending on their applicability and what they actually cover. Thanks for clarifying.

 

[gkh7890]

Usually, when a vehicle or tractor is financed, the financing co. wants their property covered (it's still theirs until its paid off) and that is why they require insurance....not so much for the liability of its use, but for the value of the tractor (in this case).....KTAC, correct me if I'm wrong?

I too work in the insurance world (though I have my agent's license, I don't sell....I do risk management/safety) and recently attended a continuing education class. One of the topics was "Toys" other than motor vehicles. The jist is that whether or not you are on your property or not, if it can be driven you can could be liable for injuring someone or property with it. I'm w/ Allstate and it is covered as long as it is on my property, not off. Best deal I found was American Family and it as going to be around $170 for $25K valued tractor (SW Ohio area). It was just like insuring a car....except it is a tractor. I do my neighbor's driveways in the winter (like this morning??!!) so I'm w/out insurance when I do that.....I also take it off property 3-4 times to family member's property....I'm at risk then too.

Things to do happen, and it might be worth looking at a separate policy for the tractor......just a thought.

Whatever you do.....best wishes and hope you never "need" to use your policy!!! Merry Christmas!!

 

[dragoneggs]

Usually, when a vehicle or tractor is financed, the financing co. wants their property covered (it's still theirs until its paid off) and that is why they require insurance....not so much for the liability of its use, but for the value of the tractor (in this case).....KTAC, correct me if I'm wrong?

I too work in the insurance world (though I have my agent's license, I don't sell....I do risk management/safety) and recently attended a continuing education class. One of the topics was "Toys" other than motor vehicles. The jist is that whether or not you are on your property or not, if it can be driven you can could be liable for injuring someone or property with it. I'm w/ Allstate and it is covered as long as it is on my property, not off. Best deal I found was American Family and it as going to be around $170 for $25K valued tractor (SW Ohio area). It was just like insuring a car....except it is a tractor. I do my neighbor's driveways in the winter (like this morning??!!) so I'm w/out insurance when I do that.....I also take it off property 3-4 times to family member's property....I'm at risk then too.

Things to do happen, and it might be worth looking at a separate policy for the tractor......just a thought.

Whatever you do.....best wishes and hope you never "need" to use your policy!!! Merry Christmas!!

Yes... I used the word liability in terms of 'being responsible for' payment to the seller! Thanks for the clarification.

 

[KTAC]

gkh7890... "Usually, when a vehicle or tractor is financed, the financing co. wants their property covered (it's still theirs until its paid off) and that is why they require insurance....not so much for the liability of its use, but for the value of the tractor (in this case).....KTAC, correct me if I'm wrong?"

You're correct. From a financing point (Kubota Credit/KCC), a typical homeowner policy does not meet the insurance requirement for financing due to reasons already pointed out (off property protection, accidental damage, during transit, etc). KCC wants the equipment protected since it is the collateral on the contract. They expect the same coverage as you would be required to get when financing a car, a motorcycle, boat, etc.