Insurance JD insurance question

jmt1271 · Jul 5, 2006

i bought the JD insurance when i purchased my tractor, without researching it first. it was cheaper than my ins company(all-state). but i am having trouble finding info on my coverage. can anyone give me the basic details about my coverage? is it covered if i drive it to the gas station to fill up and get hit by a car? if i am doing non-commercial work to help a friend and roll it over is it covered? etc.... thanks.

Redneck_Randy · Jul 5, 2006

By law the insurance company has to send you a policy. If you just bought the tractor it may take about 2 weeks to get to you. If it's been longer then that I would call your dealer and get the JD insurance company phone number and call them.

gordon21 · Jul 5, 2006

Call the JD finance division and tell them you want a copy of the policy. I had to do that after waiting about 3 months. It arrived a week later in the mail. The service from JD finance itself is great. The insurance part needs some serious improving.

NoMo · Jul 5, 2006

I called just last week to see what coverage I have on my tractor. According to the woman I spoke with, it's covered for any loss of any kind. She said that if it fell off the trailer going down the highway, was stolen or lost in a fire that I was covered. Those were the specific questions I had. You should definitely call and ask your specific questions.

JESSE1 · Jul 5, 2006

Just be aware that you can only get insurance from JD while the tractor or implement is financed. When it's paid off you're on your own.

jmt1271 · Jul 6, 2006

THANKS ALOT GUYS.

BloomingtonMike · Jul 6, 2006

NoMo said:
I called just last week to see what coverage I have on my tractor. According to the woman I spoke with, it's covered for any loss of any kind. She said that if it fell off the trailer going down the highway, was stolen or lost in a fire that I was covered. Those were the specific questions I had. You should definitely call and ask your specific questions.

Get a policy, save it, keep everyting in writing.

tb1472000 · Jul 6, 2006

They didn't offer insurance to me when I purchased a 2520. It was financed with the 3 year 0%. How much does the insurance cost?

Thanks,
Bruce

jdbower · Jul 6, 2006

tb1472000 said:
They didn't offer insurance to me when I purchased a 2520. It was financed with the 3 year 0%. How much does the insurance cost?

I got the same deal. It probably varies by state whether it's required or what it costs, but I show a premium of $173 for my 2520 plus attachments.

Nuru · Jul 6, 2006

Your homeowner's policy should also cover it. Mine did in the North East.

jdbower · Jul 6, 2006

Nuru said:
Your homeowner's policy should also cover it. Mine did in the North East.

I'd certainly call to check. My guess is that the states where it's typically covered JD Credit doesn't require the insurance. Assuming a homeowner's policy covers an undeclared 5-figure tractor is a big risk, see this link for some more information:
http://www.tractorbynet.com/forums/showthread.php?t=81636

Nuru · Jul 12, 2006

jdbower said:
I'd certainly call to check. My guess is that the states where it's typically covered JD Credit doesn't require the insurance. Assuming a homeowner's policy covers an undeclared 5-figure tractor is a big risk, see this link for some more information:
http://www.tractorbynet.com/forums/showthread.php?t=81636

I declared it and my insurance co said it was fine in another state. I have not checked with my current Insurance firm, yet. They probably will charge me for it now.

gunmaker · Jul 13, 2006

I contacted my homeowners Ins Co (NJ Manufacturers) and was told that my 2520, considered personal property because it is not registered for the road, is fully covered under the personal property section of my homeowners for liability and damage to the extent of my coverage. The coverage applies wherever I happen to use it, whatever I happen to be doing with it, as long as I am not receiving compensation for doing so. No extra cost.

Hootie · Jul 13, 2006

Be aware, some (most) policies sold by the various financing entities are "single interest insurance". This means that it covers only the amount of your loan.

deerhunterf350 · Jul 13, 2006

gunmaker said:
I contacted my homeowners Ins Co (NJ Manufacturers) and was told that my 2520, considered personal property because it is not registered for the road, is fully covered under the personal property section of my homeowners for liability and damage to the extent of my coverage. The coverage applies wherever I happen to use it, whatever I happen to be doing with it, as long as I am not receiving compensation for doing so. No extra cost.

I have State Farm Home Owners in Missouri, The Tractor is covered when on the Property that the HO Policy Covers. It is covered under the "Insured Personal Property" of the HO policy. It DOES NOT cover the Tractor while being Transported, Also if the Tractor is parked at a Friends House a mile down the Road and stolen, OH WELL, it was not on my propery.

My Automobile policy which is also with SF covers any damage that the Trailer or Tractor may do to others Property while in transport, but the Tractor is not covered as for as repair/replacement in case of accident.

I would have to take out another Policy, forgot what the Agent called it , but basically is it is a Commercial Hauling/Transportation Policy that is written for the Exact item that is being Transported.

BillyP · Jul 13, 2006

Hootie said:
Be aware, some (most) policies sold by the various financing entities are "single interest insurance". This means that it covers only the amount of your loan.

Hey Hootie, how's it going? I bet it's just as dry in DeQueen as it is here in Eagletown. Do you still have the Young farm or did the new owners go with another company?

The JD insurance, with a total loss, pays fair market value.

Nuru · Jul 16, 2006

Yep, that was the same story for me.

Nuru · Jul 16, 2006

deerhunterf350 said:
I have State Farm Home Owners in Missouri, The Tractor is covered when on the Property that the HO Policy Covers. It is covered under the "Insured Personal Property" of the HO policy. It DOES NOT cover the Tractor while being Transported, Also if the Tractor is parked at a Friends House a mile down the Road and stolen, OH WELL, it was not on my propery.

My Automobile policy which is also with SF covers any damage that the Trailer or Tractor may do to others Property while in transport, but the Tractor is not covered as for as repair/replacement in case of accident.

I would have to take out another Policy, forgot what the Agent called it , but basically is it is a Commercial Hauling/Transportation Policy that is written for the Exact item that is being Transported.

That is interesting as most of the time, if you happen to be hauling something and get into an accident, the insurance firm covers your personal property loss. But hey I could be wrong on this, but you might have a case to push them on it, if yhour tractor got hurt.