Survey on tractor insurance coverage

[PaulinSD]

Terry:

I'm not surprised on the snow plowing rates. I did not check them here, I had no need for it. Even though we're out here in the Plains, people in SD are out numbered by cattle 2:1, and who knows how many rattle snakes, they do like to know what a guy has in mind for providing services.

Paul

 

[Anonymous Poster]

30 years of buuing M&C liability have convinced me, you change companys, and usually agents, or you get taken for a sucker.
1st year, premium is as quoted.
2nd year, premium goes up 5 to 10%
3rd year, Premium goes up 30 to 40%, "everybody went up, it's the economy"
Got quotes from other agents, same as second year with first company.
I've seen this game over & over. Some of the independant agents will even tell their customers what the game is.
By the way, none of the companys ever paid a claim.

 

[fishman]

TerryinMD,

My policy is a rider on my homeowner policy. My tractor is covered wherever I take it, but not if the work is "for hire". I pay less than $7/month.

 

[rdln]

I dropped this a couple of years ago but it cost an additional $250/year:
Rider to farm policy included landscaping business with gross receipts not to exceed something like $20,000 (approx), including light excavating (which was explained to me as more or less grading, tree planting and such.) One stipulation was could not leave equipment on jobsite overnight.

That was with Farm Bureau, agent described the policy as "doing me a favor" and if receipts reached a certain point, I would need to go to commercial policy. I still believe the favor part. I also made two claims both were cosmetic tractor damage. First time they wanted a repair quote from dealer and sent me a check. Second time (heavier damage) they sent out an adjuster to take a picture and sent the check in mine and the dealers name.

All equipment is under regular farm policy along with 1 ton, trailer, property, buildings, seed, fertilzer, inventory for about $600/year.

My agent knows farmers/equipment and would be at my house for paperwork at 6:00 in the morning if need be. I would recommend Farm Bureau.

 

[TerryinMD]

rdln,

Thank you for the information. My wife and I were wondering about the Farm Bureau. May have to give them a call to see what they have to offer.

Terry

 

[crown]

What company do you have your homeowners with that price sounds reasonable

 

[fishman]

Crown,

I have my coverage with Germania, an established company here in TX. Looked up my actual cost on the bill that my agent sent and was pleasantly surprised. Total cost was $62 for a year. That was less than the original phone quote of $80.

I don't think it covers "cosmetic" damage to a tractor, but I'm not sure.

 

[hartsjc]

I know this is an old post; however, I purchased my tractor a few months ago. It has been covered on my homeowner's policy because it is sitting in mainly sits in my garage and never leaves my house area. However, this spring I will be hauling it back and forth to a 3.6 acre lot to do some work. Since reading this thread, I was a little concerened about doing so. It is covered by my homeoners as long as I intend to go to & from my property. So I was curious about taking it to my parents/friends and doing work for free. Of course this is not covered and State Farm wanted to charge me $500 more on my homeowner policy to cover it. So, I talked to antoher and they talked about a Inland Marine Policy called Schedule It. I can cover my bx for $14,000 with a $100 deductable for $49 extra a year (that is ontop of homeowner policy). This covers it for ALL RISK (including Fliping/Stupidity). Thus, I am starting the switch to a new Insurance company for the Home Owner Policy. I will let you know how it all settles, if there is any intrest shown in this post.

/James

 

[ddl]

don't forget liability coverage

Dan L