Tractor insurance

[batwing]

They are delivering my tractor Saturday, my insurance company will not put more insurance on the tractor so I can take it off our property. Is there a good place to get just tractor insurance that is cheap?

Ron

 

[Industrial Toys]

I hear Loyds of London will insure just about anything. Sorry, you did say cheap.

I have no insurance whatsoever for farm, house, machines! It has become just too expensive! There used to be blanket types of farm insurance but now it seems they look at every building and every piece of equipment seperately and stick some ugly numbers in your face!

I'm really thinking twice about leaving the property with machinery if I don't have to.

 

[mikehaugen]

There have been discussions on this here and it seems like what you want to do would fall under an "inland marine" policy. Also check kubota's insurance, from what people say it's the best bang for the buck.

 

[Dr_Zinj]

Sounds like you want to use it for commercial use. I don't think there's any way you can get a homeowner's insurance rate for a commercial asset.

 

[batwing]

(Sounds like you want to use it for commercial use.) No Commercial use but if I take and let my brother use it on his small farm to move bales etc. it would not be insured.

 

[Oiltech]

I just purchased a Kubota M7060 and insured it through KTAC, very reasonable and coverage anywhere in USA with$250 deductible.

http://www.tractorbynet.com/forums/...80-ktac-insurance-agency-kubota-endorsed.html

 

[Looking4new]

They are delivering my tractor Saturday, my insurance company will not put more insurance on the tractor so I can take it off our property. Is there a good place to get just tractor insurance that is cheap?

Ron

Try State Farm

 

[MHarryE]

KTAC if you have just the single tractor. I have a State Farm farm policy that covers up to 250 miles from home but it I have at least 30 pieces of equipment it covers and it costs dearly.

 

[Oiltech]

Negative, I have 2 kubotas covered with KTAC and since I have at least one kubota insured with them they also cover my Bobcat mini ex. I only have the. 3 pieces of equipment insured

 

[PMA]

Got mine through Farm Bureau

Sent from my iPhone using TractorByNet

 

[blueriver]

CNH Capital .. Just email there insurance dept .. Tell them the SN# and the amount...250 deduct and they will mail u an invoice

Example; 50k .. $363 year full coverage anywhere.

 

[bajabum]

+1 on State Farm, I pay $25 a year for 20K of insurance, as a rider on my homeowners policy.

 

[batwing]

+1 on State Farm, I pay $25 a year for 20K of insurance, as a rider on my homeowners policy.

Do you have your house and cars insured with State Farm.
Ron

 

[bajabum]

Do you have your house and cars insured with State Farm.
Ron

Yes, two houses and 2 pickups, two cars, and 4 trailers.
New tractor finance company wanted $250 plus, so the dealer suggested calling my ins. agent.
Glad I did!
Glad my dealer is a good guy!

Shameless plug...Daves Tractor, Red Bluff, California

 

[batwing]

Thank you Bajabum, I will give them a call

 

[nirion]

Yes, two houses and 2 pickups, two cars, and 4 trailers.
New tractor finance company wanted $250 plus, so the dealer suggested calling my ins. agent.
Glad I did!
Glad my dealer is a good guy!

Shameless plug...Daves Tractor, Red Bluff, California

Do you know what the name of the rider is? I have State Farm homeowner and for that price, I would look into adding it for mine (even if I haven't taken it off property yet). Thanks

 

[bajabum]

I checked with SWMBO, she says they just bumped up the Personal Property coverage by $20K.
They were most insistant that this would cover the tractor only for my routine property management, on my place only.

 

[daugen]

I checked with SWMBO, she says they just bumped up the Personal Property coverage by $20K.
They were most insistant that this would cover the tractor only for my routine property management, on my place only.

Homeowners will cover your personal property worldwide, but equipment used for the maintenance of premises, which is what tractors and lawnmowers and the like are considered if one is not operating for profit are pretty much address dependent. If one penny changes hands involving the operation of your equipment, all homeowners coverage disappears into the vapor. You cannot charge money for the operation of your equipment or forget about your homeowners policy. The only exception they make is for an incidental office or studio on the premises, not for tractors.

the correct insurance is inland marine, which means it's for property that moves, and doesn't stay in one place, a very archaic term. Nothing to do with boats for sure, unless one is insuring their cargo, and that's really called something else. IM riders can be on personal policies for a cheap rate per hundred dollars of coverage, usually less than one percent. The most common form of personal inland marine coverage is jewelry coverage or a jewelry "floater". Commercial/business use will drive that rate up considerably but that rate is negotiable if you have other business insurance with the same carrier.

If you are just going to use your equipment on your own property, and you are worried about the barn fire that takes out everything, then yes, you can just increase your homeowners contents to cover your total limit. Usually buying replacement cost coverage on Coverage C, personal property, bumps the limit to 70% of the dwelling limit vs. 50%, but they will take your money for higher limits for sure. If you have a trailer or routinely rent one to move your equipment, then a separate IM policy is usually not a bad idea. Just remember, don't insure what you can afford to replace, only insure what has to be replaced and would represent a financial hardship doing so. Lose a whole barn of equipment and most of us can't handle that at all without insurance, but everyone is different. Just remember IM coverage is property only, has nothing to do with liability arising from the use of that equipment, and boy that can be hairy if you lend stuff out.

For many years there was a industry standard Farmowners Policy that incorporated some free IM coverage. Today those policies are so modified with little extras that it's hard to compare them, and they are mostly used for business farms.

Just be honest with your usage with your agent. There are lines that can't be crossed here and if you cross them, he/she can't help you.
hope this helps, used to teach this stuff.

 

[blueriver]

Well ... I for one do not want to count on a $25 rider to cover my $50k tractor ... For $300 plus dollars annual I go to sleep every night knowing no matter where it is or what it's doing or who's *^*^ing with it I'm covered with a $250 deduct

 

[ozley]

I have State Farm and only coverage they offer was on my land only and under my personal property.