Insurance Kubota Insurance

[Junkman]

If coverage is for the term of the loan, then once you have paid it off, you no longer have insurance because the term of the loan has expired. That is how I would read that....

 

[BillyP]

Yeah Junkman, that's the way JD's insurance works. I'm sure they're all the same.

Although, if you pay it off early, you're entitled to a pro rated rebate.

 

[Junkman]

In paragraph 1, 2, & 3 the give it to you...... in 4, 5, & 6, they take it away and in 7 through 12, they deny that it ever existed and if by some slim chance that it did exist, it no longer exists because of some thing that you have done. That is the way I see all insurance contracts today!!!!!! acts of God, terrorism, war, etc are all exceptions... In short, it has to be stolen when the moon is full and so is the gas tank!!! LOL.... Junkman

 

[rdam]

Thanks for checking. I checked with my Big Name insurance company who I've been with for 17 years, who carries ALL my insurance. They said "sorry, can't help you" with tractor insurance or "barn" insurance on the "unoccupied" land.

Once there's a dwelling, they'll be happy to help me.

The "barn" may have to go uninsured. The tractor will be covered by Kubota.

 

[icat]

In this case Junkman, you would be incorrect. The "term" of the loan is defined as 60 months in the contract. The insurance policy addresses the issue of an early payoff by stating that the coverage will remain in effect for the original term of the loan. The purchase price of the insurance varies depending on the length of the finance contract. As such, I paid for 60 months of coverage and that's what I get, irregardless of when I pay off the loan. All in all, for $14.33 a month, it's a pretty good deal. While I am sure there are less expensive alternatives, this one works for me. I also don't think I'll have any trouble, if there is a claim, when it comes to determining the value of the tractor.

 

[Junkman]

This is one of those times that I am glad that I am wrong. All of the policies that I have seen that accompany a time payment contract the insurance expires with the pay off date. Sure wish that I could have kept the life insurance contract that came with my mortgage.... it was $4 or $5 a month for $100,000 during the term of the loan. Paid off the house early and was not able to assume the life insurance contract according to the bank... said something about it being a "group policy" that they have....

 

[icat]

Well, I've learned a thing or two on this thread as well. One other item in the insurance contract - it states that you must let Kubota know where the tractor is located if, and I repeat if, it is not at the address listed on your contract. Mine isn't and I'm getting with the dealer to make sure they followed through on this point. If they dropped the ball (after all they did deliver to the farm), then I'll notify Kubota and give them the details.

I guess the main point here is to make sure you read your contract carefully.