Insuring a tractor

[Dougster]

I just called my Allstate insurance agent and my homeowners policy does not cover the tractor. He could not suggest any one to cover it. I guess I need to find coverage. Kubota sent me a form for KTAC insurance for $150.48 per year or $451.44 for the life of loan. Is there anything out there better?
Cary

Getting private tractor insurance in Taxachusetts is just about impossible except through the manufacturer/seller in conjunction with its financing program... but just make sure this isn't just a loan payback insurance policy that benefits only the seller and not the owner. See if it covers the whole tractor value... or just the decreasing amount of the loan. I'd love to know.

Dougster

 

[bxbuster]

This is an interesting topic indeed and one I can speak on personal experience. I was told on more than one occasion that my tractor was covered under my home owners policy. I was told this by my agent. Fact is this was simply not true. In the back of your policy you will find the details of what is not covered. That appearantyl is more important to read than what is covered as it states the bottom line. In my case I was remodeling my house and in the midst of it I was robbed. The adjuster dertimined that since the remodel was going on for over 30 days the policy was void. Appearanty if you take like say your stove out for more than 30 days your house is considered under construction and your homeowners policy is void. I took it the insurance commisioner here in Minnesota and he sided with company so I took a total loss on all of my tools, tractor, mowers, chainsaws - you name it...

Just thought I would share.

Oh ya, the agents response was this just isn't right......

Thanks for nothing.

 

[Dougster]

This is an interesting topic indeed and one I can speak on personal experience. I was told on more than one occasion that my tractor was covered under my home owners policy. I was told this by my agent. Fact is this was simply not true. In the back of your policy you will find the details of what is not covered. That appearantyl is more important to read than what is covered as it states the bottom line. In my case I was remodeling my house and in the midst of it I was robbed. The adjuster dertimined that since the remodel was going on for over 30 days the policy was void. Appearanty if you take like say your stove out for more than 30 days your house is considered under construction and your homeowners policy is void. I took it the insurance commisioner here in Minnesota and he sided with company so I took a total loss on all of my tools, tractor, mowers, chainsaws - you name it... Just thought I would share. Oh ya, the agents response was this just isn't right...... Thanks for nothing.

The "fine print" truly can suck... and probably more of us here know that through personal experience than I care to think about. I've found that if what the agent says sounds too good to be true, it DEFINITELY is!!!

Dougster

 

[DiezNutz]

... I was told on more than one occasion that my tractor was covered under my home owners policy. I was told this by my agent. Fact is this was simply not true ... In my case I was remodeling my house and in the midst of it I was robbed. The adjuster dertimined that since the remodel was going on for over 30 days the policy was void...

Almost got sick just reading that... very sorry to hear it.
Was your insurance co. Allstate? (understand if you don't want to say...)
Do you think your tractor would have been covered, if not for the remodeling? Sounds like something any of us planning home renovations (myself included) should definitely look into.

 

[ejnichol]

Getting private tractor insurance in Taxachusetts is just about impossible except through the manufacturer/seller in conjunction with its financing program... but just make sure this isn't just a loan payback insurance policy that benefits only the seller and not the owner. See if it covers the whole tractor value... or just the decreasing amount of the loan. I'd love to know.

Dougster

Thats a good point. I just got my Kubota Credit Insurance policy in the mail. I'm reading through it haven't finished. They are very direct about all the things they don't cover. I haven't finished yet, but will share what it says about diminishing payback in realtion to remaining prinicipal.

 

[ejnichol]

I just called my Allstate insurance agent and my homeowners policy does not cover the tractor. He could not suggest any one to cover it. I guess I need to find coverage. Kubota sent me a form for KTAC insurance for $150.48 per year or $451.44 for the life of loan. Is there anything out there better?

Cary

But what are we to do when loan is up and policy expires?

 

[MOPAULY]

My state farm agent told me the tractor is covered under the homeowners, even on a different property as long as I am not using it for commercial work. I don't plan to take it to many places so I figure I'm OK there.

 

[Dougster]

My state farm agent told me the tractor is covered under the homeowners, even on a different property as long as I am not using it for commercial work. I don't plan to take it to many places so I figure I'm OK there.

State Farm here in Taxachusetts (my homeowner's insurance provider for over 30 years) said that I am not covered for the tractor (even for personal use only) and, further, that they would not write a separate policy or rider to insure the tractor. They simply do not offer tractor insurance coverage in this hideous, socialist state.

Kinda funny for an insurance company with the word "farm" in their name.

Dougster

 

[8561]

Doug - I believe State Farm won't because you are using it in your business.

 

[8561]

This is an interesting topic indeed and one I can speak on personal experience. I was told on more than one occasion that my tractor was covered under my home owners policy. I was told this by my agent. Fact is this was simply not true. In the back of your policy you will find the details of what is not covered. That appearantyl is more important to read than what is covered as it states the bottom line. In my case I was remodeling my house and in the midst of it I was robbed. The adjuster dertimined that since the remodel was going on for over 30 days the policy was void. Appearanty if you take like say your stove out for more than 30 days your house is considered under construction and your homeowners policy is void. I took it the insurance commisioner here in Minnesota and he sided with company so I took a total loss on all of my tools, tractor, mowers, chainsaws - you name it...

Just thought I would share.



Oh ya, the agents response was this just isn't right......

Thanks for nothing.

I've had an adjuster's license for 15 years and I've never seen Aan exclusion based on a home under remodel. I know I've seen it covered many times without issue. My only guess is that it was a policy written by a direct writer (State Farm/Allstate/Nationwide or similar), that contains that type of language. If the Insurance Department backed it, I can only assume the policy interpretation was correct. By the way, if you can prove the agent told you wrong, you have an excellent claim against the agent's Errors and Omissions policy.