kubota insurance

[Fallon]

I've heard a lot of people questioning the value of KTAC, but never really any answers to real experiences that weren't neutral or positive.

 

[polarred21]

The only experience I have with it was the price quote on a BX25. It goes by dollar value so roughly $20 per month to finance about $20k dollar tractor 0 for 60.That makes total cost about $1200 for 5 years.

As mentioned above, I was told it was great coverage on any property, your brother could borrow and still be covered, etc.

 

[jel1988]

When I purchased my tractor I had a hard time finding insurance for the tractor. My insurance agent said my homeowners insurance would call it a tool and the limits on tools would be less than half of the value of the tractor. The only policy he could get me was a Commercial General liabilty policy and insure it to value on a rider to the tune of a thousand bucks a year. I called my dealer, told him I didn't want to pick up the tractor until I found insurance, he called back 15 minute later even though the finance people didn't require it they would cover it for $17 month. The tractor is covered for theft, fire, vandalism and collision (including 3rd party liabilty), the only thing that isn't covered is breakage.

 

[Cherokee140]

Same with my home owners policy....that is why I had to do the rider for a specific value. It is the same if you have anything of high value in your house. Expensive watches, your wifes rings, bracelets, if you have valuable guns. Collector cars in your garage are usually covered under that specific car insurance.

 

[JOHNTHOMAS]

Just for info. There are different levels of coverage on homeowner policies. HO1 is different coverage than HO4. One policy covers the value of what is lost and that isn't much sometimes, like for a 15 year old shingle roof and used clothes or older model TV. When they burn up your not going to get much money. The better (more expensive HO policy) covers replacement, new roof, new TV, new mower/tractor/tools, after deductible. Also different companies provide different levels of coverage. For example, Kentucky Farm Bureau will for sure cover farm related stuff since it was started as a Farm community directed company. My agent owns farms and tractors and he says mine are covered on my home property but not off the property. He sells a Marine policy (rider to HO policy) to cover those machines that are off the property. Kubota insurance still covers better than my HO policy but it costs for the coverage, wait, that's sort of what insurance is all about.........you give them money now betting you'll have a loss later and how much you want them to pay you back when you do (which determines the amount of money you give them now or monthly) and they bet your not going to have any loss and they have your money while your waiting to see who is right.

 

[Cherokee140]

I do hope nothing happens, but for me all they wanted was the models and SN#'s of all the big bits. My insurance is State Farm and while I have never had a claim I have always felt good with their coverage. They even insured my race car everywhere except for while on the track. They covered it in the paddock, and even on the false grid, they also had the tow rig and motorhome....IIRC it was 1.5m in coverage for the motorhome, trailer and car. They also carry that coverage while it is parked at home. I always thought it was pretty cool the car being covered up to the false grid. Having the tractor covered with them I don't think is going to be any more risky then going with Kubota's insurance. But it is an additional rider, and not covered under the home owners policy.

 

[22rimfire]

Hello, I'm new here, but just bought a BX2370. Checked my HO ins before buying, and yes, it would have covered the K, but only on my property, and I have a fairly high deductible to keep premiums down. So for me the KTAC made sense for those reasons, as well as convenience. My dealer acts as my agent, and picks up/delivers the tractor for any claim work. My policy is $12 a month for the 60 month contract so, only $144 a year. Pretty good deal I thought.

 

[big bubba]

been using KTAC since i purchased tractor 6 yrs ago. looks like a good policy & they work w/my dealer, etc. but.......my premium went up 50% this year from $300 to $450!!!!!!!!!!! outrageous. they claim it was across the board. insurance companies are a real racket next to lawyers :thumbdown:

 

[psdx]

been using KTAC since i purchased tractor 6 yrs ago. looks like a good policy & they work w/my dealer, etc. but.......my premium went up 50% this year from $300 to $450!!!!!!!!!!! outrageous. they claim it was across the board. insurance companies are a real racket next to lawyers :thumbdown:

You said they worked with your dealer which seems to indicate a claim. That might be a contributor to your rate increase.

 

[My Hoe]

Good thread. Subscribed. While I haven't bought yet, I don't recall anything negative about KTAC in previous threads I've read. I'm fairly knowledgeable about insurance, too, having worked as an investigator/adjuster, in heavy bodily injury liability losses, for a CGL carrier.

WARNING--LONG POST. Standard restrictions apply (i.e., if you don't want to take the time to read it, fine, but please don't take the time to b**** about how long it is. Since you're already smarter than me, you can kindly skip it, without comment, right?) :thumbsup:


Some additional, GENERAL insurance info, which I learned in a 90-day course as part of my job as a liability insurance investigator/adjuster, and from an Insurance Law course I took in law school: This is not specific to tractors, but could apply, in a big loss--read it if interested, only, please.

Third Party Liability Is The Most Important Part!
I can tell you that, though our precious, orange machines are nearest to our hearts (and covered by the FIRST PARTY LIABLITY COVERAGE portions of our policies), the THIRD PARTY LIABILITY coverage is FAR more important than coverage to damage on the tractor, which is FIRST PARTY coverage. (YOU are the FIRST PARTY. and the other guy is one of a number of potential THIRD PARTIES). Without high limits on THIRD PARTY LIABILITY, your savings, house, cars, tractor and a portion of future earnings could be at risk, in a big enough claim.


Third Party Liability Insurance is the CHEAPEST, per Dollar of Coverage...
The good news is, third party liability coverage (i.e., the person or property that might be injured by your or your tractor--and I KNOCK ON REAL WOOD, THREE TIMES, as I write this) is usually the LEAST EXPENSIVE, per thousand dollars of coverage, that you can buy. Typically (say, on a car) your FIRST PARTY benefits (collision/theft/fire/vandalism to YOUR car) is the most expensive. The (FIRST PARTY) losses are smaller, but much more likely to happen, than HUGE (THIRD PARTY) losses in a freak accident (think Life and Limb, which are almost always more money than Property losses), so First Party Liability Coverage tends to cost more, per thousand covered, than Third Party Liability Coverage.


UMBRELLA Policies?
IMO, people should also ask their auto/home (and possibly KTAC?) agents about an UMBRELLA POLICY. That would cover you, or your car, (and possibly your tractor and boat, motorcycle, model airplane, etc..., but check with YOUR INSURER to be sure) say, from the $300K you (should) have on your car, all the way up to, say, $2 million. And it, too, is CHEAP, as it's liability coverage. Typically, but not always, you need the car/house/etc... all with the same co., but not with GEICO, I believe. I think they have looser requirements. I think, but am not sure, that the $2M umbrella only costs $400.- 600./year--but don't quote me--I could be off a bit, but it was hundreds, not thousands, in premiums. And again, you need to meet certain, minimum requirements, in order to be eligible for an umbrella policy.

For example, if you have only the state-mandated minimum of, say, $50K in Third Party Liability on your car, GEICO won't sell you a $2M umbrella--you've got to bring the car up to $300K coverage, first. Then you can have an umbrella policy over the cars, house (and possibly boat and tractor? Not sure).


UNDER and UN-INSURED Motorist Coverage?
Lastly, UNDER and UNINSURED MOTORIST coverage (it used to be called UM/SUM, in NYS, I believe? I'm not sure what it's called now) is VERY smart to have, if your state allows it. But please know that you can't buy more of this than you have in Third Party Liability. It's like a fairness thing?-you can't only cover the other guy (The Third Party) for $50K, then put $300K on yourself, in the event the other guy has no, or not enough, coverage. If you want $300K in UM/SUM for YOU, you've got to provide $300K in Third Party Liability coverage, for OTHERS, via your Third Party Liability coverage.

Historically, many agents used to not advise their clients of this potentially huge issue (and STILL don't, even though it could make them money to sell it!). For example, my brother, recently, was ill-advised, in North Carolina. Last year, he got hit, with the other car at total fault (two fatalities in the other car) and my brother only had $50K in Third Party Liability coverage.

And of course, the other car was UNINSURED. (Apologies to any North Carolina residents--no offense intended).

So he could only use his UM/SUM, to cover HIMSELF, to $50K (because that's all the LIABILITY OR UM/SUM) he had. Unfortunately, his knee injury was probably "worth" more than that (and I KNOCK ON REAL WOOD, THREE TIMES, for his recovery--I'm superstitious, I guess ). And the other injured parties also (apparently, in NC?) reduced his potential settlement. Sucks. His agent should have told him to buy more Liability and UM/SUM. I would have told him (and very well may have), but nobody listens to me anyway, right? (Actually, they sometimes ask, pretend to listen, and then do the opposite, and too often, it seems, live to regret it, if they ever stopped to think about it, which they apparently do not. So if you've read this far, you're probably a step ahead of the masses). :laughing: :thumbsup:

So...I say again--ask about Under and UN-insured Motorist Coverage.


Speak with YOUR CARRIER--Not Your Agent...
In the business, I've been told that agents have two jobs:

1. Take the client's money, and

2. Lie to the client.

Do I believe this? Well, I have had cases where agents did not do their jobs, and actually got sued, themselves, under their "Errors and Omissions" policies. Did they lie, or were they just ignorant? I can't say.

I can say that, while I have no affiliation with GEICO, (other than as a client) GEICO does not HAVE agents--if that tells you anything. I've been quite satisfied with their 24/7 service, and the training of their phone reps., too. I look forward to similar treatment from KTAC--even if I have to deal with an agent--LOL :laughing:

Sermon over. Beer, please?

My Hoe