Insurance Mahindra Financing Insurance Requirement

[sschriber]

I just spoke with a Mahindra dealer who informed me that if you finance through mahindra, you must buy insurance for the tractor. Can someone enlighten me? I cannot find any info on the web.

 

[George2615]

If you are buying, The finance Co. want assurance they will be paid in case of damage, loss, theft etc. If you have homeowners insurance they will be able to fax a rider to your dealer showing coverage. I financed mine and my homeowners ins. faxed a rider to my dealer showing coverage. It didn't cost me anymore. Tractor is covered while on my property. Using my tractor off my property required additional coverage. It would be similar if you financed a car. The finance Co. would also want insurance coverage.

 

[bkheur]

I was at a Mahindra dealer who told me about the Mahindra INS. He also told me that the insurance is great. He showed me pictures of a tractor the had been in a tornado. He said it cost over $12,000 to replace all of the damaged parts on the tractor and the insurance paid it all no questions asked. The insurance cost around $360 one time charge.

 

[AchingBack]

The insurance on my tractor was provided through Agricredit. It cost 226.00 for 3 years. That amount was added to my contract, and amounts to $6.27 per month. That appears to be quite a bit less than what I am told people have been quoted by their insurance company.

AB

 

[mikeinvt]

i agree with achingback. i got my insurance through agricredit as well, and it is very inexpensive. i don't know the exact amount off hand, but i don't think it brought my payment up anymore then $10 a month. i couldn't finance directly through mahindra because of the winch i had purchased as a package, was not mfg by mahindra. going through my insurance company was going to be a lot more expensive.

 

[sschriber]

i agree with achingback. i got my insurance through agricredit as well, and it is very inexpensive. i don't know the exact amount off hand, but i don't think it brought my payment up anymore then $10 a month. i couldn't finance directly through mahindra because of the winch i had purchased as a package, was not mfg by mahindra. going through my insurance company was going to be a lot more expensive.

That's good to know since I too am considering some sort of log hauler/winch.

 

[DonWorrell]

I have my insurance through Farm Bureau. My tractor insurance cost me 1% of amount financed. So the guy above who said it would be $360.00 for a $12,000 tractor is right on the money if he financed it for 3 years.

Not ALL home owners insurance will cover a tractor. Mine didn't.

Don

 

[Leaders_Farm_Eq]

For us, 9 out of 10 customers just add the tractor to their existing homeowners policy. However, Agricredit offers great coverage at very competitive prices.

According to the brouchure, Agricredit Comprehensive Physical Damage Coverage includes:

-Collision/ Overturn
-Hail
-Fire
-Vandalism
-Lightning
-Theft
-Wind
-Flood
-Ingestion (for harvesting equipment only)

Physical Damage also includes:
-Coverage while transporting equipment
-Coverage for equipment used or stored away from your residence
-Coverage for Collision

The last customer who used Agricredits Insurance financed a 3215 Gear with loader for 2 years and the insurance costed around $8 per month and was added to his monthly payment.

Gerry Leader
Leader's Farm Equipment
South-Central PA's Mahindra Tractor Dealer

 

[knute_m]

I did catch me by surprise for a few seconds when my dealer informed me that I had to have insurance if I was going to accept the financing. When I thought about it, it certainly made sense. I couldn't finance a car or a home without insurance.

Then she told me the price. I don't remember the exact cost, but as I recall, it was about $100 a year. I thought that was a pretty good bargain for all it covers.

 

[srjones]

I had my insurance agent fax a rider when I got financing. The price was right (free)...but then again, maybe I'm paying too much for homeowners insurance in the first place