New Kubota Financing Requirement, Looks Like an Attempt to Force Buyer To Buy KTAC Insurance

[WM75Guy]

I have a Texas Farm Bureau AgAdvantage policy for the farm that covers all my equipment. I am buying a new Kubota RTV-X UTV for the farm. I want to take advantage of the 0% interest for 36 months instead of the $300 cash discount. Previous purchases using Kubota financing only required an insurance binder showing it was covered. Now I have to have a form signed by the insurance company detailing the types of coverage. If not, I will have to buy KTAC insurance or pay cash. Still waiting on my insurance agent to verify the types of coverage. The rollover coverage is the questionable one.

Anyone else have a problem getting your insurance to sign the form?

 

[34Willys]

I don't blame them for that, in fact it makes good business sense.
Might be they've had a lot of people not be honest about the insurance rider or had to be sued to recover their money.
Unless you pay cash, or until you make that last payment, it's not your UTV. They own it and need to be sure it will be paid in full in case it gets destroyed or damaged beyond repair.

Patrick

 

[5030]

Never had an issue with that in the past or present either and a Declaration sheet from your carrier whomever that is should be easily and quickly obtainable and no need to get your agent involved, all they have to do is FAX or mail you the dec sheet and you can provide that to the selling dealer who will confirm it with Kubota.

Thinking about it, you should have a declaration copy attached to your copy of your insurance policy (I do) that you can make a copy of and provide it when you complete the purchase with the seller / dealer or send it direct to Kubota.

 

[hayden]

Never had an issue with that in the past or present either and a Declaration sheet from your carrier whomever that is should be easily and quickly obtainable and no need to get your agent involved, all they have to do is FAX or mail you the dec sheet and you can provide that to the selling dealer who will confirm it with Kubota.

Thinking about it, you should have a declaration copy attached to your copy of your insurance policy (I do) that you can make a copy of and provide it when you complete the purchase with the seller / dealer or send it direct to Kubota.

A declaration sheet typically doesn't provide the details of coverage like what KCC is requesting

 

[WM75Guy]

Texas Farm Bureau signed off on the form.

 

[5030]

A declaration sheet typically doesn't provide the details of coverage like what KCC is requesting

mine does, just looked

 

[Brily Farms]

In the auto industry, the form is called "Agreement to Provide Insurance" and is required with every finance/lease contract on every car sold, new or used if financing is involved. KCC is just doing the tighten up on their forms. Probably got stuck in a lawsuit by an unscrupulous customer and now everybody else pays the price with more paperwork. Actually a good idea to know exactly what your coverage is on your equipment.

 

[vacman]

Texas Farm Bureau signed off on the form.

Glad they signed off on it. Maybe they have seen the form already and knew what it was about. I don't have a farm policy but my regular insurance company wrote up my tractor under their "Off Road" classification. It usually covers stuff like ATVs and such which I would assume roll over quite a bit so that one line item would have probably been covered. KCC accepted that at the time but that was 10 years ago so this new form is just an evolution of butt coverage it sounds like.

Glad it worked out OK for you.