Insurance Tractor Damage Insurance

[jinman]

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]

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

Bird

 

[mikim]

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]

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]

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]

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]

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]

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]

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]

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

 

[mikim]

I finally got around to asking my dealer about receiving an actual policy on the insurance. He said he'd make a phone call and find out. What I got from that was a letter from CNH Capital Insurance Agency Inc. in Racine Wi that was a confirmation of insurance letter basically "to whom it may concern". It had everything listed that was covered including serial #s but ... there was no phone number listed on the letter so I called 414-555-1212 and the phone company has no listing for this agency. ?????? I'll be up country again this weekend - and will get the phone # from the dealer that he used. It kinda worries me having an insurance agency that isn't listed?? For those of you that have received a policy -- can you give me some info as to where from? Surely there is a national center somewhere that handles the final transactions? ie: Universal Underwriters Inc in Somecity, Somestate, USA
mike

 

[jinman]

I'm just not sure what the structure of the insurance agencies are. Underwriting can be a complex issue with each state having its own laws. I have great confidence in my dealer since he has made every warranty repair I asked for with no argument whatsoever. He just said that since my tractor is financed through New Holland and his dealership, if I need damage repairs, I get them done where I am, prepay, and send him the bill. That works for me. The chance that I might need repairs anywhere but the local area is extremely remote. My contract clearly shows the insurance coverage and my dealer pretty much said it was essentially no-fault. If my tractor gets damaged (even rolling down a hill due to my own fault) they will fix it for $500 deductible. I don't think many homeowner's policies would duplicate that coverage. Maybe.... I'm just skeptical. Anyhow, I have a good feeling about my dealer and that is worth a lot. If he says he will fix it, I believe him.

JimI

 

[mikim]

I have the same feeling about my dealer .... but having been burned in the past ... I like having something in writing. My dealer has said the same thing about repairs. Even saying that the insurance has paid off at times when he didn't think was really warranted - abuse being indicated rather than accident - -- I guess it's more for my own peace of mind than anything else.
mfk