Tractor Insurance

[lakngulf]

Not sure this is the best area for this question, but it deals with ownership, so here goes: What does everyone do regarding tractor insurance?

There are times when I keep my tractor in a neigbhor's barn at the hunting land. Recently, there was a lightening fire that scorched some of the field near the barn, and would possibly have gotten to the barn except for the volunteer fire fighters. Also, while behind locked gates, the barn is in a remote area.

To get the tractor from home to hunting I used a 16 foot tandem trailer.

What kind of insurance do I need, and where do I go for it?

 

[rjkobbeman]

Search on this term at google:

tractor insurance site:tractorbynet.com

You will find a lot of discussion...

 

[smstonypoint]

What kind of insurance do I need, and where do I go for it?

There have been several threads on this. Here's a recent one. I think there are scads more.

http://www.tractorbynet.com/forums/kubota-buying-pricing/180106-insurance-who-what-where-when.html

Steve

 

[Mousefield]

I have mine as an extra rider on my homeowner's policy. It only covers the tractor while it is on my property. Interestingly when I asked about insuring it for the road they would not do that and cover me under the homeowners insurance at the same time, still haven't figured that one out. :confused2:

 

[blueriver]

I sent you a PM with some information.

 

[TGF]

I think you will find most people are already covered under their home owners insurance policy for private use, and only require additional insurance if doing work off the property.

 

[Chilly807]

I have mine as an extra rider on my homeowner's policy. It only covers the tractor while it is on my property. Interestingly when I asked about insuring it for the road they would not do that and cover me under the homeowners insurance at the same time, still haven't figured that one out. :confused2:

I have mine insured under a commercial automotive policy, the homeowners would only cover up to 25 HP as I recall. Kubota requires "fire and theft" or specified perils if you finance, but not collision. Mine covers me for road use, as well as snow removal on other's property. Around $250 a year, I think.

Sean

 

[rjkobbeman]

I bet most people who say their tractor is insured by their homeowner's policy are not covered as well as they think. When push comes to shove, I'm willing to bet the insurance company will not cover the tractor like the owner thinks.

I could be wrong -- and don't want to be confrontational -- I just did a lot of research before I went with Kubota insurance. For the coverage and price, it was a no-brainer for me.

 

[bp fick]

Typical homeowners merely covered the tractor as it would any other object of value, such as tools, clothes or appliances. That really isn't good enough for lien holder, usually, and doesn't cover replacement, merely a pro-rated cash settlement, minus a deductible. Doesn't cover it at all if left the property, not even down to the next couple of neighbor's yards, fields or driveways. Doesn't cover it on the road.

That might be acceptable to a guy with a lower valued machine who never takes it any off his property. The loss wouldn't be the end of the world and would suit those who don't wish to be insurance premium poor.

The woman who has some jewelry isn't too concerned either, but if she has a $50K diamond, she will want/need something more.

Inland Marine policies, purchased separately, above and beyond generic homeowners, will do what is needed for tractors, boats, jewels, valuable antiques and other such things for those who want/need broader coverage.

 

[tbenn7362]

HI,
I have just completed the quest. It is not as easy as one would think to get tractor insurance. My old insurance company would not cover it at all. I started the search for a new insurance (home owners) company that would actually cover the tractor. I found a huge range of options from different companies. You will have to shop around and may have to change insurance companies to get the coverage you want. My tractor is now insured with liability no matter where it is--trailer, neighbors, what ever. It took a while to find the right insurance company. Good luck. FYI i am in michigan and "Farmers" insurance is where i ended up.

 

[rustedduck]

I have a seperate marine policy on mine. It was written by the same
company that handles my automotive account. Was quite reasonable.

 

[some zilch]

kubota insurance covers mine. about $200/year. it covers it at home, anywhere else, on the trailer, falling off the trailer, someone stealing it, driving down the road, my garage falling down on it, someone else's garage falling down on it, etc. it really seemed to be the only option worth considering.

 

[buck12]

I have a rider on my home owners policy for a declared value that covers it in transit and on our remote property.

 

[Ford tractor]

I'm going to go against the grain here.

Insurance is under home owners with a 30k call out for the shop and the tractor is under the "belongings" that may be damaged by a catastrophe like fire. Other than that, I don't carry insurance to cover replacement.

At a couple hundred a year/machine, self insurance over the years has allowed me to save the equivalent to a tractor. Why would I want to give that to an insurance company?

 

[TGF]

I'm going to go against the grain here.

Insurance is under home owners with a 30k call out for the shop and the tractor is under the "belongings" that may be damaged by a catastrophe like fire. Other than that, I don't carry insurance to cover replacement.

Yup USAA asked the cost of the tractor and just upped my personal property insurance on the home owners and that's all you need if you aren't going to work it commercially. I think many people over insure on the side of caution.

 

[bp fick]

I'm going to go against the grain here.

Insurance is under home owners with a 30k call out for the shop and the tractor is under the "belongings" that may be damaged by a catastrophe like fire. Other than that, I don't carry insurance to cover replacement.

At a couple hundred a year/machine, self insurance over the years has allowed me to save the equivalent to a tractor. Why would I want to give that to an insurance company?

I agree. However, because so many folks here on TBN opt for the Zero financing on new tractors, the financier makes the call of what they require.

Also, the "on the property-off the property" and "on a trailer" issues can be tricky. If a guy knows the ins and outs, has weighed it all out, he can make a decision that is right for him.

 

[buck12]

I agree. However, because so many folks here on TBN opt for the Zero financing on new tractors, the financier makes the call of what they require.

Also, the "on the property-off the property" and "on a trailer" issues can be tricky. If a guy knows the ins and outs, has weighed it all out, he can make a decision that is right for him.

My agent said the tractor was covered under my home owners policy while at my home. But that I needed a rider to cover it away form my home.

 

[Mudfarmer]

When i bought my John Deere 3005 last year I was intending to pay cash, but for interest i asked about financing it. The dealer told me about the 0% financing JD was offering, but apologized that i would have to pay a couple hundred extra to cover it for fire or theft by JD insurance. So naturally i asked if I could pay cash and still buy the insurance - Nope, not offered. That was the clincher; I financed, a couple of grand down and zero percent for five years, and got five years of fire and theft loss insurance for $200 bucks to boot!!! I figured if JD didn't think the actuarial risk that I would crash it was high enough for them to insure against, I certainly didn't need to worry about that either.
Mf

 

[Pushing_Tin]

I bet most people who say their tractor is insured by their homeowner's policy are not covered as well as they think. When push comes to shove, I'm willing to bet the insurance company will not cover the tractor like the owner thinks.

I could be wrong -- and don't want to be confrontational -- I just did a lot of research before I went with Kubota insurance. For the coverage and price, it was a no-brainer for me.

Exactly, my home owner's does cover my tractor but with many exceptions and exlusions. It's not an "all peril" coverage. Last month I hit my back tires with a box scraper doing about $1,500 dollars damage to it. Home owner's would not cover it. I now have insurance through John Deere, it's an all peril coverage and it only cost me $250 for almost 4 years with a $500 deductible.

 

[ITHINKICAN]

We chose KTAC - we are real happy with our decision.

KTAC Insurance Agency