Insurance Tractor Damage Insurance

jinman · May 13, 2001

Since I keep my tractor on acreage that is not my primary residence, I do not have the tractor covered under my homeowner's policy, nor am I currently a member of the Texas Farm Bureau and have the benefits of Farm Bureau Insurance. I used New Holland credit to finance the purchase of my TC45D with FEL in February 2001, and I purchased damage insurance directly from New Holland. They purchased the insurance from a "Universal Underwriter" for a very reasonable price. All is well and good, but other than the few lines devoted to the insurance on my sales contract, I have received no insurance policy nor any communication regarding the progress of finding a specific underwriter.

My question to all NH owners is if there is anyone who has also purchased the damage policy from NH ($500 deductible minimum requirement). If so, did you get a formal written policy, and how long did it take to get it? I figure 3 mos. is long enough to issue a policy. What do you think? Is it possible they just expect the documentation on the contract to suffice? I'm really just curious, and in a few more days, I'll be asking the same questions of my dealer.

JimI

Bird · May 13, 2001

JimI, I have the same situation with Kubota; paid about $400 for 4 years but no actual insurance policy.

Bird

mikim · May 13, 2001

I have the same situation. I keep my TC45 on my country property 2 1/2 hours from where I live. Although the homeowners insurance on the country place would cover it while it was there it would not cover it during transit anytime I loaded it on my trailer and moved it down the road. Consequently I bought the same coverage you did from NH - havn't had the tractor a month yet - so didn't expect a policy yet. Guess I'll keep it in mind and contact my dealer in a few weeks about it. He did say that they paid claims easier than he thought they should - but that it was probably due to the few numbers of claims they got.
mike

spd163 · May 14, 2001

I signed the contract for my TC-35 on April 9th...the insurance policy came in the mail on April 20th. I would think all of you would have gotten them by now.

jinman · May 14, 2001

Bird, Mikim, Spd163 thanks for your quick responses. I suspect there is something to the fact that Spd163 is from Arkansas and the insurance regulations may be different there. Bird, Mikim, and I share the same insurance commission in TX. The rules just may be different here. At any rate, I think I'll ask my dealer this next week. Also, Bird, it's nice to know that this is not a "blue only" issue. It sounds like it's common practice. Maybe we will hear from someone on the green side on this issue too. Thanks again to all.

JimI

banjobj · May 14, 2001

jinman, I also purchased the insurance thru NH.. I received the policy within a month. I think you better check on it, as you should have received confirmation by now.

dieselpwr · May 15, 2001

Just wondering - what should a complete policy cost on a TC45D? Do you have to finance though NH to get insurance through them? I am in a similar situation with using my homeowners policy. My insurance agent says to never fear I'm covered but I would feel better seeing this coverage specifically on paper. They have always pulled through for any claims but...

I would appreciate any feedback.

Troy

jinman · May 16, 2001

Troy, the NH insurance on my TC45D and 16LA loader is $150 per year for any kind of damage or theft with a $500 deductible. That's only $12.50 per month. My dealer told me that Texas Farm Bureau insurance was around $120 per year or less, but I am not a member yet.
BTW- I'm sure I spend more than $12.50 a month on soda-pop /w3tcompact/icons/shocked.gif. That kinda puts things into the proper perspective./w3tcompact/icons/smile.gif

JimI

dieselpwr · May 16, 2001

jimI - do you remember if you had to take the NH financing to get their insurance or can anyone call up a dealership & sign up? Your right about keeping it in perspective - that $3 / week would probably seem really cheap if you ever had a minor accident with it. You know - roll over because your having fun where you shouldn't be or a minor trailor mishap. /w3tcompact/icons/shocked.gif I think the piece of mind would be worth it... but I still want my berverages. /w3tcompact/icons/wink.gif

Troy

jinman · May 18, 2001

Troy, I'm not sure about the insurance from NH without their financing, but I'm pretty sure they would not want to do it. I checked with my dealer who called NH on the spot and they do not issue a policy because it's not required in Texas. It' s on my contract and that is all that's needed here (See, if you didn't have their financing, how would you have a contract?)
Anyhow, my next question was how to get repairs if I am out of state or on the road? Answer: Call a local dealer or just get it fixed and bring the bill back to my dealer. Since it is not auto insurance, its all pretty simple. $500 deductible and they pay the rest. I still wish I had that policy, but if it was no good, I think we would hear something right here.

JimI