Pro / Cons of KTAC?

[KenB2920]

Yes you can. I renew mine every year. After pay off I deleted all the attachments not of a dynamic nature from it.

Ron

Ok cool, I wonder if I can add an attachment

 

[Tractor Seabee]

Ok cool, I wonder if I can add an attachment

I would not bother unless it is an item, such as a Roto Tiller, that has a lot of moving parts and cost over $1500 to replace. I left only the RT and the Brush Hog on it

Ron

 

[bleedinorange17]

Oddly enough when I purchased my tractor I was assured many times that if something happened that I would be taken care of by the insurance. I just had an incident with my loader and the dealer tells me that I owe them 1500 dollars extra. I ask why and they say that in paid 2000 for a loader in 2019 and the price is now 3499.00. Has anyone ever had this issue. I am beyond upset at everyone involved in this deal.

 

[k0ua]

I subscribe to Messick's YouTube channel and have spoke with Neil. Very helpful. I was more looking to see the "con's" of KTAC - which I haven't been able to find any...which is good.

I had KTAC for many years on my Kioti. I finally dropped it recently because of price and went with a rider on my home owners policy. The coverage and service: great. The price, not so great. But I guess the money has to come from somewhere to payout the claims. KTAC is probably the best coverage you can buy, but you do have to pay for it.

 

[sea2summit]

I had KTAC for many years on my Kioti. I finally dropped it recently because of price and went with a rider on my home owners policy. The coverage and service: great. The price, not so great. But I guess the money has to come from somewhere to payout the claims. KTAC is probably the best coverage you can buy, but you do have to pay for it.

For the price I think there are much better options, I switched and my cost is less than half of KTAC. Back when it was $9/month you couldn't beat it for sure but those days are long gone.

 

[fuchifarm]

Oddly enough when I purchased my tractor I was assured many times that if something happened that I would be taken care of by the insurance. I just had an incident with my loader and the dealer tells me that I owe them 1500 dollars extra. I ask why and they say that in paid 2000 for a loader in 2019 and the price is now 3499.00. Has anyone ever had this issue. I am beyond upset at everyone involved in this deal.

Ktac insures you for the amount you paid per your paperwork or parts and labor to repair up to about 75% of the value of the insured equipment. Once the repair is above 75% they typically will just total loss the item.
It does not provide replacement value or replacement equipment. Equipment prices increase over time but your coverage does not increase. My tractor was totalled in august. The settlement amount will not buy a new tractor and the depreciated value amount won't cover a used one. The contract amount for my tractor is about $4500 less than the current price of the tractor with the exact same configuration minus the loader. They only totalled the tractor and not the loader. So I would also have to pay to install my loader onto the new tractor. I got a great deal on my tractor at the time and prices have gone up. So for now I have a loader sitting on my trailer and no tractor. I am hoping to find a private buyer for it but have a deal to trade it in when my new machine arrives.

If you haven't already ask your dealer about the equine discount to see if the 20% off msrp can be applied to the loader.

So with KTAC total loss coverage you need to understand that the dollar amount that the dealer writes up on the original sales contract is what you get in the event of a total loss minus the $250 deductible.

 

[Diggin It]

The one thing that separates KTAC every single time is KTAC is owned by Kubota (Kubota Tractor Acceptance Corporation). No other insurance agency that I know of cares if you buy another Kubota or another specific brand... KTAC does. As far as I am concerned (which is a little bias), no other insurance provider comes close to our service.

Brian Carter
Director, KTAC

Why did KTAC Guy run off? Last seen September 2020. Last post Sep 4, 2019

And the quote page linked in his sig is '404, not found'.

 

[jyoutz]

I can give you a con of any insurance. You pay out with no guarantee of recouping anything. My goal is to self insure on anything up to about 10 grand, including the house. If you look at severe tractor damage, most of it is preventable or at least largely avoidable. A 'total loss' situation is very rare. For example, my tractor is worth about 15k. If I drop a log on it damaging the hood and grille with the headlights, damage would probably be over a grand for new parts. Would the old hood still cover the engine? Sure. Would it still work (with a little beating)? Of course. If I were so picky that I could not stand the ugly old hood and grille, would I be able to buy brand new pieces for the price of 5 years of KTAC? Probably.

I guess my point is - use your car / tractor / equipment with care and skip the extra insurance. Save the money. If something happens and it needs fixed, write the check with the money you've saved. No paperwork, no begging an insurance company for help, no justifying, persuading, etc. You have full control of the situation without a third party.

Insurance is a nearly guaranteed loss for the insured. Add up the $$$$ you've spent in your life on insurance and add up your claims. You (and I, and almost everyone else) are thousands of dollars behind. Only people in special circumstances - hurricane damage, floods, 80k vehicle that is a total loss, home completely destroyed by fire - recoup their money and then some. Insurance companies are wildly profitable.

I just got an $18k check to replace the roof on my house due to hail damage. My homeowners insurance is less than $1600/year.

 

[eubie5]

Oddly enough when I purchased my tractor I was assured many times that if something happened that I would be taken care of by the insurance. I just had an incident with my loader and the dealer tells me that I owe them 1500 dollars extra. I ask why and they say that in paid 2000 for a loader in 2019 and the price is now 3499.00. Has anyone ever had this issue. I am beyond upset at everyone involved in this deal.

I'm dealing with something similar. After filing a ktac claim, dealer says i need a new loader.
Ktac says they MIGHT do a replacement with me paying the difference for a new loader.
But what they usually do, is apply what they'd pay for my loader to my loan, and i pay out of my pocket, total price for new loader.
Hopefully, i just misunderstood him.

 

[fuchifarm]

I'm dealing with something similar. After filing a ktac claim, dealer says i need a new loader.
Ktac says they MIGHT do a replacement with me paying the difference for a new loader.
But what they usually do, is apply what they'd pay for my loader to my loan, and i pay out of my pocket, total price for new loader.
Hopefully, i just misunderstood him.

The way it is supposed to work is:
The dealer submits a quote to Ktac for the repair of the loader.
Ktac compares the cost to repair versus the original contractual amount of the loader and decides to either total the loader or repair it.
If Ktac repairs the loader there should be no extra costs to you.
If they total it then they will give you an offer for the valuation of the loader. You can accept the offer and either receive a check or they can apply it to the loan (this I believe is at their discretion). You can also appeal the valuation.
If you accept the offer you can then purchase a new kubota loader and submit the invoice to Ktac. They will then issue a 2nd check or credit to your loan the difference between the accepted valuation and the original contract price.
If they decide not to do the pay the difference part you can try contacting Brian Carter who has posts here about Ktac to help resolve the issue. You should also lean on the dealer to help make it right. Some dealers are better than others at dealing with ktac.

From my understanding if you aren't happy with the current dealers evaluation of the repair you do have the right to get another dealer to do an estimate to repair.

pm me if you need email addresses to contact higher ups at ktac incase Brian Carter is no longer there.