Insuring a tractor

[x703jko]

I was told that by my agent initially as well. Bu when I read the fine print in the financing agreement I found that collision and upset were not covered and are required for Kubota financing.

I specifically asked the agent if my homeowners covered damage to the tractor caused either by use or act of God or any other calamity, and he said "yes".

I'll check my policy.

 

[RobJ]

I specifically asked the agent if my homeowners covered damage to the tractor caused either by use or act of God or any other calamity, and he said "yes".

I'll check my policy.

was told that by my agent initially as well. Bu when I read the fine print in the financing agreement I found that collision and upset were not covered and are required for Kubota financing.

If you roll it down the hill, let it fall off your trailer, that is what the comp is for. Same as a financed car, you must carry comp to cover the loan. Just like in a car when the financing is over you can keep the full coverage or drop it. At that point you own the tractor. Mines covered under homeowners for claims and reasons stated. But if I burn it up by spilling hot diesel on it...it's all mine.

Rob

 

[8561]

If you roll it down the hill, let it fall off your trailer, that is what the comp is for. Same as a financed car, you must carry comp to cover the loan. Just like in a car when the financing is over you can keep the full coverage or drop it. At that point you own the tractor. Mines covered under homeowners for claims and reasons stated. But if I burn it up by spilling hot diesel on it...it's all mine.

Rob

Why would your homeowners deny coverage for a fire loss to your tractor?

 

[RobJ]

Why would your homeowners deny coverage for a fire loss to your tractor?

IMO, because it wasn't an act of God, theft, criminal act, etc. It would fall unde a comp coverage. If someone burns down my garage, lighten, etc, with my tractor, it's covered.

In the example I gave it's like driving down a road and hitting a tree in your car. If you have comp, you are covered, if you have liability only, zippo.

Another case is I have insurance coverage on my ATV's, they are not covered on my homeowners. They are insured for about $100 a year, stolen, fire loss, etc. i could pay more for a coverage that if I crash it jumping 3 busses they'll be covered (comp)...but I don't want to pay more and I never intend to jump any busses.

 

[ericbx1500]

Just called my agent (Allstate) he tells me that my homeowners won't cover the tractor. He's going to quote me a rider to cover loss of the tractor etc.

My umbrella liability will cover any liability claims from the use of the tractor.

I'm wait to hear from him on the rider. I'll let you know what he tells me.

My allstate agent told me I'm covered under my policy? Could it be different (underwriters) depending on which state your in?

 

[8561]

IMO, because it wasn't an act of God, theft, criminal act, etc. It would fall unde a comp coverage. If someone burns down my garage, lighten, etc, with my tractor, it's covered.

In the example I gave it's like driving down a road and hitting a tree in your car. If you have comp, you are covered, if you have liability only, zippo.

Another case is I have insurance coverage on my ATV's, they are not covered on my homeowners. They are insured for about $100 a year, stolen, fire loss, etc. i could pay more for a coverage that if I crash it jumping 3 busses they'll be covered (comp)...but I don't want to pay more and I never intend to jump any busses.

Comp is an auto coverage. Unless you have your tractor specifically insured on a personal auto or a commercial auto policy, comp doesn't apply. Your tractor is personal property, covered as personal property under your homeowners policy. That means it is covered for the 13 named perils (maybe a slightly different number depending on the policy form) covering personal property. Fire is always one of them. "Act of God" or not is irrelevant, as is comp coverage, again unless for some reason you have it on an auto policy.

 

[x703jko]

My allstate agent told me I'm covered under my policy? Could it be different (underwriters) depending on which state your in?

If I understand my policy correctly, the tractor is covered as long as I use it on my property for non-commercial purposes.

 

[ericbx1500]

If I understand my policy correctly, the tractor is covered as long as I use it on my property for non-commercial purposes.

Thats what my agent told me. Are you still getting a rider? There is no need for one.

 

[DiezNutz]

If I understand my policy correctly, the tractor is covered as long as I use it on my property for non-commercial purposes.

If it makes you feel any better, your Allstate agent and my Allstate agent are telling the same story (so either they're both right or both wrong ). As long as the tractor is on the property, it's covered under HO. Apparently Allstate's coverage was enough to convince KCC to stop bugging me about insurance (once they were designated Loss Payee), and I haven't heard from 'em since.

 

[RobJ]

Comp is an auto coverage. Unless you have your tractor specifically insured on a personal auto or a commercial auto policy, comp doesn't apply. Your tractor is personal property, covered as personal property under your homeowners policy. That means it is covered for the 13 named perils (maybe a slightly different number depending on the policy form) covering personal property. Fire is always one of them. "Act of God" or not is irrelevant, as is comp coverage, again unless for some reason you have it on an auto policy.

I guess you're right. For the folks who finance a tractor I figure there is some sort of comp coverage or comp type coverage that's not connected to their autos. I bet Kubota offers it since they also hold the paper on a financed tractor(or Kubota Bank ). In the event you roll the tractor down a hill and total it they'll still get paid for the loan.

I paid cash for my $5000 tractor so I didn't need any extra.

As far as the fire question. So are you saying under the coverage you mentioned above, if I decide to burn an ant bed that's directly over my tractor and it burns up my tractor that insurance will pay? No wonder we pay such high rates! On the flip side maybe that's the same named coverage if someone is welding in their garage, walks out and a spark sets the place on fire burning up the tractor (and the garage contents). In this case the structure suffered the loss and the contents are considered personal property. But I think I went through this with my ATV's they are not considered personal property.

Guess I'll have to check my agent emails again.

Rob

 

[8561]

Rob - I think you've got it. ATV's are not personal property under the homeowners and they would not be covered. However, your ant bed example is absolutely covered. Remember, there is no exclusion in the policy for stupidity.

 

[DiezNutz]

Rob - I think you've got it. ATV's are not personal property under the homeowners and they would not be covered. However, your ant bed example is absolutely covered. Remember, there is no exclusion in the policy for stupidity.

I'd like to think it's because the underwriters believe that if we're financially responsible enough to buy a tractor, intelligent enough to know how to operate and maintain it, appreciative of how lucky we are to have it, then we're not going to be dumb enough to destroy it if we can possibly help it. That's probably my own little fantasy, as I imagine even though all that may be true, they're looking purely at the numbers and statistically speaking tractors may have historically been a fairly low loss risk. Can't figure out why else they'd be so "generous" with their coverage.

 

[x703jko]

....Are you still getting a rider? There is no need for one.

Confirmed today that I don't need to do anything. Tractor is covered under homeowners.

 

[8561]

I'd like to think it's because the underwriters believe that if we're financially responsible enough to buy a tractor, intelligent enough to know how to operate and maintain it, appreciative of how lucky we are to have it, then we're not going to be dumb enough to destroy it if we can possibly help it. That's probably my own little fantasy, as I imagine even though all that may be true, they're looking purely at the numbers and statistically speaking tractors may have historically been a fairly low loss risk. Can't figure out why else they'd be so "generous" with their coverage.

Think more along the lines of a homeowner who takes pride in homeownership and is willing to spend not only their disposable cash but their free time as well on home maintenance are probably the types of folks who do a good job taking care of most home maintenance, do preventative things to help protect their property in general, etc.

 

[TobyH]

But I think I went through this with my ATV's they are not considered personal property.

Rob

In NY ATVs are registered (supposed to be) with the DMV. Tractors are not. Could be the difference.

 

[RobJ]

In NY ATVs are registered (supposed to be) with the DMV. Tractors are not. Could be the difference.

In Texas I think they are like dirt bikes. You can title them if you want. I think a dealer will title them when they are new. If you purchase used you don't have to unless you want to pay the taxes.

On my old jon boat and motor (1970), I have a title on the boat and one on the motor. I think nowadays you can only get one.

 

[Agent007]

My agent told me that i have a limitation of 10K$ if my tractor is stolen! So i need to take a seperate insurance for it. Is that normal?

 

[8561]

My agent told me that i have a limitation of 10K$ if my tractor is stolen! So i need to take a seperate insurance for it. Is that normal?

No. Make him show it to you in the policy.

 

[Cap-n-Cray]

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

 

[DiezNutz]

I just called my Allstate insurance agent and my homeowners policy does not cover the tractor

Time to find a new agent? If you've read the whole thread, all of us w/Allstate have reported that the tractor is covered, no limit, as long as it is being used to maintain your property (while on the property). It might be a regional thing, but I wouldn't take his no for an answer... push him harder.