Tractor Insurance, do you have it?

[kcflhrc]

So I recently paid off my note with John Deere so with that my insurance through John Deere on the tractor goes away. The tractor is covered for theft under my Homeowners. State Farm will completely insure the tractor for $20k for $250 a year with 0 deductible or $190 a year with a $500 deductible. This is a 2013 3032E. My only question is, do you guys buy this supplemental insurance for damage to the tractor? I'm thinking not. But the theft protection under the Homeowners is nice for free.

Thanks

 

[LS Tractor Owner]

I have fire and damage insurance on mine through State Farm for $160 / yr. Theft is also covered under the H /O policy. Never know if a wildfire comes through or a microburst blows down the building on it.

 

[kcflhrc]

I have fire and damage insurance on mine through State Farm for $160 / yr. Theft is also covered under the H /O policy. Never know if a wildfire comes through or a microburst blows down the building on it.

My State Farm lady said it would be covered by homeowner's just like my mower's, tiller, snowblower, etc for any damage by weather, fire or theft as long as it resided on my property. If I wanted actual accident insurance then that would be additional. My tractor is stored inside my detached garage so maybe that's why it's covered by Homeowners. Homeowners deductible still applies though. Which for me is $1,500

 

[JerryK]

I have AutoOwners. They cover my zero turn and garden tractors via the normal home owners policy. I pay extra and have fire/theft on my three Mahindri [ and associated FEL, implement,hoe,blower, etc bought with the tractor ] over and above the normal policy. And it is only a few hundred more a year. [ about $160 for all three, me thinks ]

 

[TractorNH]

I have a State Farm personal articles policy on mine. Your pricing is in line with what I pay which is just under $500/yr for $40k coverage and zero deductible. It covers everything except mechanical breakdown. If I break a window while I'm using it, it is covered...roll it over, it is covered. The other plus to a personal articles policy is that it doesn't take into account depreciation. You insure the item for the amount you paid for it and if it's stolen 3 years later or burns up in a fire and is a total loss you get paid the insured amount. It is also easy to add implements to the policy like that several thousand dollar snowblower or grapple.

A homeowners policy only covers listed perils so it wouldn't cover the glass unless it was vandalism for example. It is also best to limit claims on your homeowners policy as it gives the insurer a good reason to jack up your rates.

 

[Gale Hawkins]

I have to declare our equipment for it to be covered and the agent said it cost very little. I am a trusting soul I guess.

 

[bunyip]

wE PAY ABOUT $500PA BUT THAT includes $20,000,000.00 public liability which is not covered withh home and contents.

 

[ericm979]

My State Farm lady said it would be covered by homeowner's just like my mower's, tiller, snowblower, etc for any damage by weather, fire or theft as long as it resided on my property. If I wanted actual accident insurance then that would be additional. My tractor is stored inside my detached garage so maybe that's why it's covered by Homeowners.

My SF agent also said my tractors covered under homeowners as you describe though I don't remember them asking where I store it. The UTV next to the tractor in the barn isn't covered by SF as they were expensive for that.

 

[Thomas]

I have it thru home owners fire thief injury,not cover once I leave the property.

 

[STx]

I've got inland marine on all my heavy equipment from the farm bureau for about $600 a year. Covers theft or damage here, on the road or on another property.

 

[George2615]

I've got inland marine on all my heavy equipment from the farm bureau for about $600 a year. Covers theft or damage here, on the road or on another property.

X2 My tractor is going on 5 years old. Covers for physical damage on or off property and glass coverage.

 

[4570Man]

I keep a separate policy on mine. If it never left the house I probably wouldn’t.

 

[kenmac]

I have no insurance. I choose to self insure. If nothing happens, I keep the money. If it does, I spend the money
Insurance companies know, in the long run, they win the game

 

[4570Man]

I have no insurance. I choose to self insure. If nothing happens, I keep the money. If it does, I spend the money
Insurance companies know, in the long run, they win the game

It would take more than 60 years of what I pay in insurance to replace the machine. If I loose the gamble I can’t afford to replace the machine. While I don’t disagree I’m likely giving away money not insuring is a good way to end up in financial ruins.

 

[kenmac]

It would take more than 60 years of what I pay in insurance to replace the machine. If I loose the gamble I can’t afford to replace the machine. While I don’t disagree I’m likely giving away money not insuring is a good way to end up in financial ruins.

I'll take the gamble. If mine burn up tonight. I could replace it tomorrow.
Makes me cringe to think of having insurance on my tv, appliances, extended auto coverage, etc,.

But I do understand. Self insuring isn't for the faint of heart. That's why all these insurance companies exist

My home has a $5000.00 deductible, my autos and truck liability

 

[homesteader13]

So I recently paid off my note with John Deere so with that my insurance through John Deere on the tractor goes away. The tractor is covered for theft under my Homeowners. State Farm will completely insure the tractor for $20k for $250 a year with 0 deductible or $190 a year with a $500 deductible. This is a 2013 3032E. My only question is, do you guys buy this supplemental insurance for damage to the tractor? I'm thinking not. But the theft protection under the Homeowners is nice for free.

Thanks

Even though it is covered under personal property and liability umbrella on our farm policy in Nebraska and Montana, we have the full coverage insurance on our 2015 Massey 1742 Premium through Agco, our equipment finance company $25.00 a month and covers anything that could happen to it, including, fire, theft, accident mechanical malfunction, roll over, etc.
Pretty cheap coverage for what it does. We prefer to be over covered rather than under covered. At our age (mid 40s) a few cents a month is well spent for amazing coverages.

 

[k0ua]

I still have KTAC on the Kioti

 

[oosik]

Yes, my tractor and all implements are covered under my State Farm homeowners policy. While they are on my property. No added cost.

 

[LD48750]

It would take more than 60 years of what I pay in insurance to replace the machine. If I loose the gamble I can稚 afford to replace the machine. While I don稚 disagree I知 likely giving away money not insuring is a good way to end up in financial ruins.

Add up all the insurance payments (house, car, equipment,appliances, everything) you have made in the last 10 years then list all the claims paid & let us know the result.

20 years?

In my case, going back 50+ years, I show a BIG loss to insurance companies.

 

[nybirdman]

In NY state;I have an Inland Marine policy that covers by tractor and implements on my property;they are not covered on my home owners.Price is $157.00/yr.