Kubota Insurance

[Haneyrm]

KTAC would be about $375 per year and a $250 deductible. If you file one claim, the combination in money saved with KTAC (deductible + annual payment) is better than both the CNH and farm policy. Just saying...

Not necessarily...

CNH was $189 per year with a $250 deductible. Is KTAC still better?

If you have one claim every 5 years, the CNH policy is still better than the KTAC insurance even with the $1,000 deductible. Just saying.

If I have a $300 mishap with my tractor, I’m not making an insurance claim regardless of annual rates or deductibles. Insurance to me is for substantial or catastrophic losses.

CNH also covers any manufacturers equipment. Not so with KTAC.

 

[kthompson]

Question was asked why rates varied from state to state: laws of the different states, competition and losses in that state. They probably are some other reasons. Not sure if true any more but at one time there was more than one Farm Bureau, here it was Farm Bureau of South Carolina but think they are part of the National organization.

 

[Tractor Seabee]

I had an $8K damage claim paid by KTAC. Two phone calls, an email, and take to dealer for repairs. I doubt any HO insurance would cover that damage claim; ie, large limb falling on the instrument cluster and concurrent in time a busted HST fan, the mechanics blamed for some HST problems that required a rebuild. I am still insuring W/KTAC. Penny wise and pound foolish is bad policy. It always amazing me; folks buy a $20-$30K tractor and quibble over a couple hundred/YR for the best insurance.

Ron

 

[MachAF]

Well, after some back and forth and waiting, my agent got back to me and I learned some new things:

$90 a year, $0 deducible. L3560 insured for $30,000, on/off property and in transit.

It was a personal property coverage add-on to my home owners insurance policy using what they called a "scheduled" item. Scheduled items have no deducible.

 

[kthompson]

I get amazed on this topic every time it comes up here. Please realize insurance like this is regulated at the state level and not Federal. So what a company does in one state may be very different than another state. That being said I expect a dedicated company such as the one JD uses and Kubota to be very similar if not the same in every state. But with the other companies you can find some important differences from state to state even to the point they may sell in one state and not that product in another.

Ask advice all you want but do the verifying for your self in your state with the companies you are considering. The brochure whether on line or printed giveth and the contract taketh. YOU READ the contract. Ask the agent to show YOU in the contract where it covers what they told you. If they can not then it probably does not. Too often I have had people (yes I am an insurance agent) tell me they were told by their agent or company such was covered and me knowing the whole time the next words would be, but when I had a claim it was not. You have to read and understand the whole policy. The area of such as scheduled item may read how it covers but in the main contract there is a clause that reads something like but not for hire or any business venture which means the accident that happened while you were doing a favor for a neighbor might be looked at as a business venture.

 

[Old Red]

I did mine at 80%...but you have to call them as the dealers want to sell you the 100% policy.

They call it insurance but it feel more like interest to me.....but I guess that "feeling" changes when you need it.

 

[Tractor Seabee]

I get amazed on this topic every time it comes up here. Please realize insurance like this is regulated at the state level and not Federal. So what a company does in one state may be very different than another state. That being said I expect a dedicated company such as the one JD uses and Kubota to be very similar if not the same in every state. But with the other companies you can find some important differences from state to state even to the point they may sell in one state and not that product in another.

Ask advice all you want but do the verifying for your self in your state with the companies you are considering. The brochure whether on line or printed giveth and the contract taketh. YOU READ the contract. Ask the agent to show YOU in the contract where it covers what they told you. If they can not then it probably does not. Too often I have had people (yes I am an insurance agent) tell me they were told by their agent or company such was covered and me knowing the whole time the next words would be, but when I had a claim it was not. You have to read and understand the whole policy. The area of such as scheduled item may read how it covers but in the main contract there is a clause that reads something like but not for hire or any business venture which means the accident that happened while you were doing a favor for a neighbor might be looked at as a business venture.

KT, as an insurance agent I am sure you have done a detailed analysis of KTAC vs the types of coverage offered by other companies and HOIs. My evaluation is that KTAC covers more casualties than any other insurance plan I researched including my HOI and provides the best value. Have you found that to be true? If insurance agent ethics prohibit you answering this we will understand.

Ron

 

[kthompson]

KT, as an insurance agent I am sure you have done a detailed analysis of KTAC vs the types of coverage offered by other companies and HOIs. My evaluation is that KTAC covers more casualties than any other insurance plan I researched including my HOI and provides the best value. Have you found that to be true? If insurance agent ethics prohibit you answering this we will understand.

Ron

No, have not done a detail study on the different companies. Only the ones I have used. I looked at my homeowners, I looked at stand alone commercial and that was what I carried for several years. Then used JD company when I bought a JD tractor. One thing can say about the insurance (sorry the name of the company they use I do not remember but not a JD owned company) from JD was how well the company worked with JD dealership for they had a true working relationship.The insurance company knew what a front end loader was and why it being twisted was not good. They also knew a twisted FEL was not good and trying to straighten it might not be safe.

 

[Lowcountry Rebel]

one of my guys put my excavator under saltwater- total loss- KTAC covered the recovery, transportation back to the dealer, loss of equity and paid off my loan all with a $250 deductible.
I can't even describe how painless they made the entire process- they were on my side all the way and my current equipment is insured with them also.

 

[jaflores98]

Does anyone know the pricing on these insurance premiums? My dealer says it's $14.00 per thousand

 

[kenmac]

Does anyone know the pricing on these insurance premiums? My dealer says it's $14.00 per thousand

sounds about right.

 

[nards444]

Does anyone know the pricing on these insurance premiums? My dealer says it's $14.00 per thousand

just bought my 2650 it was 400 for the year.

 

[nards444]

I did mine at 80%...but you have to call them as the dealers want to sell you the 100% policy.

They call it insurance but it feel more like interest to me.....but I guess that "feeling" changes when you need it.

Im glad people ask, but blows my mind on questions too. Insurance is not like buying a Papa Johns pizza in one state for 9.99 and the same price in another state. Insurance covers risk, my neighbor has a different risk profile then I do and he lives 300ft away. More risk higher rates. Bottom line insurance is based of value of item, location, coverage, driving record(maybe not for tractors), claim history, and credit history. No two people are alike. Like you said people dont read policies, nor do I think insurance is designed to cover every little last situation. I think people buy insurance on a 40k tractor and think great, anything that goes wrong I am good. With that said insurance companies are not always fair in advertising or their wording in contracts either and they know it.

Me personally insurance is legalized gambling but is necessary to cover large loss and protect against liability. Insurance isn't to cover small things. If you look at insurance policies they are loaded with BS coverage, which I usually take out of them. For instance we'll cover you for 100k worth of personal belongings on your boat for 20 bucks a month, great, I have an anchor, life jackets and a few ropes. Stuff like that. Often times you need to know what your insurance is doing on all your different policies, often times auto with overlap with say homeowners on something, well no reason to cover it twice stuff like that.

 

[Doxon1]

I bought a new tractor 2 weeks ago.. Farm bureau is my Ins 150.00 a year covers about everything

This is right. For 125$ extra you upgrade ypur existent home insurance to a farm insurance and it will cover everything. Kubota insurance don't have liability it only covers the equipment and won't covers you if you run over someone. I didn't know it until my agent told me.

 

[Doxon1]

Without an insured value, your price is meaningless.

My farm insurance covers the purchased price and guarantee a brand new tractor if it get write-off