Insurance Kubota insurance??

[8561]

Henro - its "All Perils." /forums/images/graemlins/smile.gif /forums/images/graemlins/smile.gif

 

[8561]

I'm sure many of you understand this clause that Dave quoted but for those that don't: You will get the cost to repair the tractor or it's actual cash value if heavily damaged, assuming it has depreciated. For example, if the Kubota you paid $20,000 for 2 years ago is damaged beyond repair, you will get the Actual Cash Value, which is probably closer to $15 - $17,000. I don't believe you will get the $20,000 you paid nor will you get the current price (probably $21 or $22,000). You will get the tractor's ACV. If your tractor holds it's value exceptionally well and the ACV is greater than the retail price when you bought it, then you would be entitled to the retail price figure on the day you originally purchased it. This is all subject to deductible and any other provisions of the policy that apply. That is my interpretation of the clause Dave quoted. I put this out there so that you are hopefully more informed to what you are entitled to and have a better understanding of what to expect.

 

[NY_Yankees_Fan]

I hope the coverage is not with Kemper Insurance Co, as they are out of business or soon will be.

From the web site below:

The Kemper Insurance Companies consist of Lumbermens Mutual Casualty Company (LMC), American Manufacturers Mutual Insurance Company and their affiliated companies. Current operations include the run off of substantially all remaining property/casualty business. While no new insurance is being underwritten, policyholder claims under all policies are being handled under the terms of the contracts.
Historically, the Kemper Insurance Companies marketed, primarily through independent insurance agents and brokers, most types of personal and commercial property and casualty insurance in all fifty states, the District of Columbia, U.S. territories and possessions and selected foreign markets, including Canada and Mexico. The Company's most significant product lines historically included workers compensation, automobile coverages, commercial multi peril, inland marine, directors and officer liability, professional liability, excess casualty, surety, warranty and homeowners insurance.

In 2003, facing continued capital constraints and a series of downgrades from various rating agencies, Kemper made the decision to substantially cease its underwriting operations and voluntarily entered into run-off.


link

 

[gsxr1100]

I got my insurance on my BX22 for ZERO..Nice rider /forums/images/graemlins/smile.gif

I has to be wrong but kubota bought whatever paperwork my insurance sent them. I love it....

 

[BillyP]

I know for a fact my homeowners wouldn't cover my tractor, unless I added it to my policy. The cost of adding would have been $6+ per 1,000 per year.

Just because someone here says theirs will, doesn't mean yours will /forums/images/graemlins/wink.gif

 

[Cabledog]

Mr Henro,
Maybe I didn't make it clear if you finance through Kubota you sign a form AGREEMENT TO PROVIDE PHYSICAL DAMAGE INSURANCE in the bottom right of this form it shows coverage fire-theft,collision,upset.......By signing this form you agree to purchase this coverage.... /forums/images/graemlins/grin.gifI don't know what kind of homeowners policy you have with State Farm but my policy DOES NOT cover collision/upset!!!!!! /forums/images/graemlins/cool.gifMy agent checked with the underwriter and I was told they could insure the tractor under a personal property rider or something to that effect(I forget the insurance lingo!!).So if you finance your tractor through Kubota and God forbid you roll your tractor or somebody runs into it or vice-versa I hope your regular homeowners will cover that????By the way I also checked with another agent not State Farm and was told the same thing.. /forums/images/graemlins/cool.gif

If you don't finance through Kubota or if your fortunate enough to pay cash,then I'm sure the standard homeowners policy will do?(unless you roll it or run over it) /forums/images/graemlins/blush.gif

One last thing I don't use my tractor for anything but personal use it's not for business use......

If there's an insurance/lawyer person out there I sure wish this matter could be cleared up once and for-all /forums/images/graemlins/mad.gif /forums/images/graemlins/mad.gif

 

[Henro]

Cabledog,

I think the point is that Kubota provides the financing, and if they want to they can force whoever wants thier financing to buy whatever insurance they demand, or they can decline to finance the purchase.

Since some of us here have provided our homeowners' insurance information to Kubota Credit, and afterwards were granted financing from Kubota Credit, to say homeowners' insurance is not acceptable to Kubota Credit Corp. does not seem be fact, but rather urban legend or rural legend maybe, since most homeowners that buy CUTs are probably not urban residents.

That does not mean that homeowners' insurance provides all the coverage one may want in the event of an accident. That is a seperate subject, at least in my mind. In my case, I accept responsibility for damage I may cause to my tractor, and did not want to be forced by Kubota Credit to pay for insurance that I did not personally want or need, so I was happy when Kubota Credit gave me financing and was satisfied with my Homeowners' coverage...

I don't expect my homeowner's policy to cover collision type accident, although my agent believed it would, like if I rolled it into my pond. If I really cared about that I would have got it in writing...

Just signing that form alone does not cut the cake in Kubota credit's eyes apparently, because if you do not supply your Homeowners' insurance policy (or other insurance) info to Kubota Credit, you will not get the loan just on the signature alone, from what I understand...

Bottom line questions seem to be:

Is homeowners insurance good enough for Kubota Credit? Yes.

Does homeowners' insurance cover every possible risk connected with tractor ownership. Probably not...those who are worried about 100% replacement of a loss should look into a specific policy covering their tractor.

That is the way it looks to me, anyway... /forums/images/graemlins/smile.gif

 

[MadDog]

Cabledog, Henro and all others interested. I am a lawyer and have handled insurance coverage cases, for both insurance companies and insureds, on and off for about 25 years. FWIW, unfortunately, there is no single answer, much less a simple one, because the language of policies varies from company to company, except for some particular kinds of insurance (such as your basic auto liability coverage) where the policy language is mandated by law in some states. My impression is that Kubota insurance covers only loss of the tractor and perhaps only for the life of the financing (and maybe only up to the amount then owed), but I have not seen the policy language. It seems like a reasonable inference since the reason that Kubora offers such insurance is to protect its extension of credit to buyers.

Homeowners policies vary quite a bit from company to company and the language may or not be dictated by law depending on the state you live in. Generally, homeowners' policies do not provide coverage against liability for incidents that occur away from the home but do provide coverage against losses to at least some kinds of personal property even away from the home. Whether a large $ item like a tractor would have to be specifically scheduled (i.e. disclosed to the insurer at the time of the contract), and whether, even if disclosed there would be coverage against loss away from your home, again depends upon the policy language with respect to personal property coverage.

If you use your tractor off premises (such as snowplowing a neighbor's driveway or doing some landscaping) or more obviously, if you are paid for using it to do work for others, it is virtually certain that your homeowners does NOT provide liability coverage for that and you would need to get some business liability (CGL) coverage.

In short, the only way for anyone here to decide whether their present insurance provides "tractor coverage" and if so, for what perils and in what amounts is to read your policy carefully FIRST and then ask very specific questions of your agent and, if you deem it important enough, ask, as Henro suggests, for confirmation in writing.

Sorry that I can't be more helpful.

 

[murphdasurf]

My Insurance company told me that the tractor is covered and it states it in my home owners policy. The problem is that when you finance there is no way to add Kubota as a loss payee. I had the had the policy in front of me and asked the agent to show me where it states that they can't do it. They told me it doesn't state it but that they could not add Kubota as a loss payee.
I would have had to get some sort of Inland something or other at over $200 a year. Keep in mind that in the event of a loss my tractor is still covered under the homeowners but the loss payee is me not Kubota.

 

[MessickFarmEqu]

Comming from a dealer, obviously everyone insurance is different and will cover different things differently. However, for Kubota financing the application will go though as long as you have information to fill in on the forms. Kubota does not follow up to make sure that what you put in the boxes is legit. Their goal for consumers is to turn around the application as fast as possible. Now if your going for business use its a different story. Obviously its important to have some kind of coverage on your tractor, its a big investment.