Insurance Recommendations for insuraance
- Thread starter bwalley
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kthompson
Elite Member
- Joined
- Sep 12, 2008
- Messages
- 3,509
- Location
- South Carolina
- Tractor
- Kubotas B2710, M6800, L6060 cab, Volvo EC excavator, 2 ZTRs and various implements.
Inland Marine, the marine means cargo or being hauled and inland means on land. Some insurance terms are old English such as this is.
It has been about 16 years since I sold property insurance and I keep saying you check what is available in your state for that coverage varies from state to state greatly and between companies greatly. I have own tractor(s) for a few years now three and one mini excavator. Dropped my insurance on my tractors and excavator about 5 years back due to they are seldom used off our property and our farm liability covers them for damage to others. Then bought two years ago used JD and had insurance with Sentry through JD on it for financed part of the purchased. It has paid off twice, once boom mower came lose while using it and damaged left fender and the second time damage fel removing tree from mother in laws house. Paid I think somewhere about $500 for the coverage for four or five years. It probably has paid for $3,000 to $4,000 in repairs. But compare the overages very carefully. I do find it interesting they say they will not cover it if it were to burn due to you moving items to a fire. I would want to see it say that in the contract. So if you get too close to a fire no coverage but get to close to the side of a hill and it rolls it is covered?? The agent may be correct but I would have to read that contract for myself to believe it.
It has been about 16 years since I sold property insurance and I keep saying you check what is available in your state for that coverage varies from state to state greatly and between companies greatly. I have own tractor(s) for a few years now three and one mini excavator. Dropped my insurance on my tractors and excavator about 5 years back due to they are seldom used off our property and our farm liability covers them for damage to others. Then bought two years ago used JD and had insurance with Sentry through JD on it for financed part of the purchased. It has paid off twice, once boom mower came lose while using it and damaged left fender and the second time damage fel removing tree from mother in laws house. Paid I think somewhere about $500 for the coverage for four or five years. It probably has paid for $3,000 to $4,000 in repairs. But compare the overages very carefully. I do find it interesting they say they will not cover it if it were to burn due to you moving items to a fire. I would want to see it say that in the contract. So if you get too close to a fire no coverage but get to close to the side of a hill and it rolls it is covered?? The agent may be correct but I would have to read that contract for myself to believe it.
vvanders
Platinum Member
I would not insure through your homeowner's policy. Quite a few of them will drop you if you make a single claim and then not re-insure causing all sorts of problems.
Dedicated insurance shouldn't be too bad if it's a reasonable policy.
Dedicated insurance shouldn't be too bad if it's a reasonable policy.
If you have a secure place to store your tractor at your house like in a shop or barn I wonder if insurance is even necessary. If I kept it at a remote farm where no one lived, or outside I would probably insure. For me the odds of something happening to it are so low I don't insure mine. Not against insurance at all I spend over 10k a year on insurance for various things like equipment that gets taken to and left at job sites and such but I don't worry about my tractor.
AxleHub
Elite Member
I'm surprised that some believe theft is the determining issue for their tractor insurance decisions. My homeowner's insurance still covers what it can at no additional cost to me but there are lots of things my separate insurance covers that is not in homeowner's. Like coverage when I take it to the dealer for service, or rollover coverage or flooding or wind damage or if I'm down at the neighbor's with my unit etc. Etc. Etc.. And I'd add that my tractor coverage has a much lower deductible than my homeowner's.
If you take it other places then yes insurance makes sense. Mine never leaves my house. If my tractor gets flooded I have bigger problems because God is mad and flooded the whole earth again. I can't envision rolling it with the lay of my land. Wind? - maybe a tornado. I will take my chances. A lot of these scenarios may be different for others.
I don't mean this as a brag but I have well over a million dollars of equipment between my personal and my business things. Insurance can be very expensive over the long term. I spend a lot of time evaluating risks and decide what to insure and what to not insure based on the likelihood of something happening. I guess you also have to factor in your ability to replace something without insurance should something happen.
Another way to look at it is insurance companies make a profit. Specifically what they take in in premiums minus what they pay out in claims leaves them with a profit. They also have to pay for overhead, adjusters, salesmen, advertising, etc. In most cases if you can afford it should disaster strike you are better off self insuring.
CincyFlyer
Veteran Member
Mine is covered only on my property (State Farm, in Ohio); when I venture over the property line, I'm on my own. It would cost about $350/year to have full coverage anywhere, unless I was doing commercial work, in which case the price goes waaaaaay up ...
edgarrian
Platinum Member
This is exactly how I see it. Heck I didn't get health insurance until I was 30. I could have but my thought was I'm young and healthy. Ill always have health insurance now just b/c I'm older. I know it was a risk on my part and should anything have happened then yea I would have been screwed. I was willing to take the risk.
AxleHub
Elite Member
In my case I have $1,000 deductible on my homeowner's. My Massey Insurance is $500 deductible. And my cost for 5 years of coverage is $285. I like the odds that I'll come out good by having the policy. Especially when you consider I have slopes and hills in abundance.
And while I live on high ground - rain falls on all of it and recently we had considerable flooding near us (FEMA is coming). We've had hail 3 times this year - a mile away they got 2 inch hail while we got pea size. And last year there was a tornado 1 mile away.
I'm just not sure where there is "safe" places to live anymore. What state hasn't been hit in the last 2 years with weather or fire situations ? Or a tree falling on something like my friend's last week in town.
We all do what we think is best - but "safe" is not an adjective used for rural, urban, or suburban anymore it would seem. At $285 for 5 years coverage - that's pretty low cost protection that works on top of my homeowner's. Had I gotten a homeowner's rider - it would have been $275 per year with the same $1,000 deductible.
By the way - has the OP ever answered my question what brand of tractor is his new one going to be. I know my dealer had never offered the manufacturer's insurance until I asked about it and had them check on it for me. Now they offer it often. LOL
And while I live on high ground - rain falls on all of it and recently we had considerable flooding near us (FEMA is coming). We've had hail 3 times this year - a mile away they got 2 inch hail while we got pea size. And last year there was a tornado 1 mile away.
I'm just not sure where there is "safe" places to live anymore. What state hasn't been hit in the last 2 years with weather or fire situations ? Or a tree falling on something like my friend's last week in town.
We all do what we think is best - but "safe" is not an adjective used for rural, urban, or suburban anymore it would seem. At $285 for 5 years coverage - that's pretty low cost protection that works on top of my homeowner's. Had I gotten a homeowner's rider - it would have been $275 per year with the same $1,000 deductible.
By the way - has the OP ever answered my question what brand of tractor is his new one going to be. I know my dealer had never offered the manufacturer's insurance until I asked about it and had them check on it for me. Now they offer it often. LOL