kubota insurance

reeltime · Jun 25, 2011

i bought a 2620 with kubota insurance i am trading up to a b3300 my ? is will i get reinburst for the 3.5 years left on it thanks in advance

CHDinCT · Jun 26, 2011

If you used the Kubota financing, the amount of unpaid insurance will be included in your loan balance, but when you trade up, you won't owe for the unpaid insurance, only the loan. KCC will adjust the payoff amount to remove the unpaid insurance. I think that's what you mean by getting reimbursed, unless you paid for all of the insurance up front, in which case, you get back the "un-used" insurance premium. So, either way, the answer is yes, basically.

KTAC · Jun 27, 2011

CHDinCT is correct. When you (or the dealer taking your trade) calls in for a payoff, the "refund" you receive is already subtracted from the quote given. Since the insurance was part of your loan, we simply apply the refund to your account. Congratulations and I hope you decide to insure your b3300 with us! :thumbsup:

reeltime · Jun 27, 2011

thanks all and yes will use the kcc again

missingstexas · Jun 30, 2011

Sorry for the hijack... I have a related insurance question. I'm getting serious about selling my B26, my dealer has offered to sell it for me on his lot. I paid cash for it used and this is my first tractor, so I didn't even know about the insurance last summer when I bought it. My question is, how do I value the unit for the quote on the insurance? I have an idea of price I'd like to get, but I have no idea on what it's value is for replacement. My dealer suggested an asking price, I could go with that number, but would that price be acceptable to the insurance company if something terrible were to happen on the lot waiting to sell (we have hurricanes and thieves)?

KTAC · Jul 1, 2011

missingstexas - Insurance companies use the market value for determining how to pay on a theft claim or total loss unless it has a replacement option. If the dealer tells you it is worth $25k but, at the time of loss, the market shows the equipment to be worth $20k then you will probably get $20k minus your deductible. Typically, dealers are good about knowing the value since that is their business so you are probably fine with using their price. I would check to make sure your insurance covers your equipment when it's on the dealer's lot for sell (not sure if you have KTAC Insurance or some other policy). I can tell you a typical homeowner policy will not cover it.

Brian

missingstexas · Jul 1, 2011

Thanks Brian- I'm going to look into it further. I must admit, I'm normally VERY insurance averse, but I'm hearing too many good things about KTAC to not consider this. I think this would be a small price to pay if I don't have to worry about some nut not valuing my property sitting on a dealer's lot.