Insurance tractor insurance

heehaw · Jan 2, 2003

how many of you folks have an insurance policy on your tractors? i checked with the insurance co that has my homeowners; and for @ $700-800 a year, they would insure the tractor, but not while it was being hauled . my homeowners policy covers some stuff, not sure exactly what. but when i bought the new tractor, according to the dealer, kubota would insure it for @ $250 a year, even if i'm hauling it. i was going thru my finance papers the other day, and saw nothing about the insurance, so i have got to check and see if he forgot to add the policy. i also want to find out if i can continue the insurance(once i get it), when i get the tractor paid off. anyone else done this with kubota?
heehaw

Anonymous Poster · Jan 2, 2003

I just bought a BX2200 and the dealer never mentioned additional insurance. I checked with my agent and he said it is covered by my home owners policy as long as it is on my property.

John

Knight9 · Jan 2, 2003

My insurance simply had to add a specific statement indicating a rider on the tractor and attachments. I had to provide copies of the receipts for all the goodies, but the actual insurance cost was under $50/year when lumped in with my home insurance.

Kevin

grainger12002 · Jan 2, 2003

HeeHAw: you should be able to get a (inland-Marine)type policy or floater for a lot less than 700-800 dollars-what state are you in,there are many companies who offer these.Your homeowners policy needs to have enough (cov c) to cover the extra value fo the tractor,and make sure it is at home when it happens-Lloyd

BigDave · Jan 2, 2003

My homeowner's insurances has a rider on my policy to cover the tractor. It costs about $100/year for personal use. I am allowed to take it on the road to a gas station, and I am still covered.

Inspector507 · Jan 2, 2003

I specifically checked with my agent when I purchased all my equipment including trailer. I was told, as long as it is on my property they cover it at no additional cost. If towing, then my auto policy covers it all.

WALT · Jan 2, 2003

I have a "inland-marine" policy, for my BX 2200 and implements that costs $200.00 a year. The coverage is for $17,500.00 through the Peerless Insurance Co.
As I am at work now I can't give you all the details, but this is comprehensive coverage on & off my property, including while being towed on my trailer.
I feel that $200.00 is worth the piece of mind that comes with protecting my investment.

WALT

FamilyFarm · Jan 2, 2003

quote by Inspector:
"I specifically checked with my agent when I purchased all my equipment including trailer. I was told, as long as it is on my property they cover it at no additional cost. If towing, then my auto policy covers it all."

I did the same with mine. I did increase my homeowner's policy coverage amount for 'contents' by about 20k, and this raised my monthly premium about $7, so essentially my tractor and implement insurance is $84 yearly. No coverage provided if using tractor off my property.

Terry

kyoders · Jan 2, 2003

The insurance through Kubota was offered to me (actually, I think it was more like demanded) when I financed it through Kubota. The price was pretty reasonable, and it covered just about every situation. I asked if I could renew the policy after I paid it off, and the lady at the dealer said she didn't think so, it was only for Kubota's protection while it was financed. Actually, now that I think about it, they are probably insuring the tractor as a third party and just passing the cost on to me (i.e. if I total the tractor, the insurance company gives them the money).

Anyway, I plan on checking this again with Kubota directly, but it makes sense. I can see them wanting to insure something that is collateral for their loan. I would guess they actually have some other company underwriting it, they just offer it to people who finance through them. I can't see where there would be any business reason for them to offer it beyond the finance period.

Kevin

frank_f15 · Jan 3, 2003

according to my agent, my tractor is covered under homeowners policy, just like any thing else, as long as it is not being used for comercial use, hope i never have to find out for sure tho. according to ins. co. u are covered for everything <font color=red> UNTIL SOMETHING HAPPENS</font color=red>