Tractor Insurance?

[daugen]

My agent recommended an "Inland Marine" policy.Cost $157/year for on my own property only.Needed VIN numbers of tractor ,loader,implements:approximately $40,000 coverage.

honestly this makes no sense. The whole reason for this coverage is to move equipment and goods and have it be insured for transport damage or theft.
Inland Marine was not designed for the home premises though one could insure that way. This stuff is priced per thousand of coverage usually with a minimum premium.
The rate quoted may not cover business use, but moving your tractor off premises for non business use should be the primary reason for being insured this way. And if you transport your equipment for business use, it's the same policy perhaps marked commercial and depending upon the size ,might be more or less costly per thousand of coverage. Your local tractor dealers for sure carry this coverage for equipment delivery.

 

[bdog]

I don't insure my tractor. It lives inside my locked barn with an alarm system at my house behind locked gates. The odds of something happening to it are not worth the premiums to me. I am not against insurance and I have a lot of insurance on other things but I view this as so low of a risk I don't bother. If I left it outside at an unattended location I would think differently.

 

[Turbys_1700]

I don't insure my tractor. It lives inside my locked barn with an alarm system at my house behind locked gates. The odds of something happening to it are not worth the premiums to me. I am not against insurance and I have a lot of insurance on other things but I view this as so low of a risk I don't bother. If I left it outside at an unattended location I would think differently.

I certainly understand where you are coming from bdog. We've always insured our farm tractors. Over 50 years. Never had one stolen or caught on fire It happens but rare. I guess that is why Farm Credit did not require it when I financed my new tractor with them. I met yesterday with our Farm Bureau agent. We've still got insurance on our old Allis Chalmers D-17's. I think the rate is $7 per year per tractor for 2K coverage.

 

[SHOGOR]

Have to wake up this thread again. I cant find reasonable insurance for my CAT Track Loader. Sure CAT Financial will insure it for $1100 a year, but I just use it around my home, never goes off private property. Homeowners won't insure it. There has to be something cheaper than $1100. Does anyone know of an insurance company that will insure New Jersey residents?

 

[kthompson]

Have to wake up this thread again. I cant find reasonable insurance for my CAT Track Loader. Sure CAT Financial will insure it for $1100 a year, but I just use it around my home, never goes off private property. Homeowners won't insure it. There has to be something cheaper than $1100. Does anyone know of an insurance company that will insure New Jersey residents?

Rules of thumb here and you are smart to ask for NJ. Seems you have talked with your homeowner company and gotten a no, first place I would go.
Ask your auto company some do some odd things.
Ask dealer for recommendation IF they do not sell it. Which seems your does.
Call your state Department of Insurance and ask if they can tell you who does. May can or may not..Depends on how they identify what a company sells.
Call an independent agency in a farming community.
Watch for popup adds on equipment search and also in tractor sales magazines.
Farm Bureau does in many states, they may require another line of insurance.
The insurance through the dealer may be broader coverage then such as a homeowner which is normally only covering for theft or fire or such. Some tractor companies insurance also cover damage like an auto policy does.
Sentry insurance company also insurance tractors for at least my JD dealership.
Hope that helps.
No doubt you could get a commercial policy but that sounds like the price you have been given.

 

[George2615]

Have to wake up this thread again. I cant find reasonable insurance for my CAT Track Loader. Sure CAT Financial will insure it for $1100 a year, but I just use it around my home, never goes off private property. Homeowners won't insure it. There has to be something cheaper than $1100. Does anyone know of an insurance company that will insure New Jersey residents?

You can call CNH and see if they will quote you cat. I have my LS tractor insured thru them.
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital

 

[bdog]

What you need is an inland marine policy. We have one with everything from heavy equipment to computers covered. It generally costs 2% of the insured items value per year.

 

[daugen]

as long as the equipment is used on site for maintenance of the home premises, and not for commercial enterprise (not a working farm)
, there is no exclusion in the homeowner policy for a track loaders on contents.
No you won't get breakage or breakdown coverage. But if the unit burns up or is stolen, yes a homeowners will cover it, subject to the maximum limit on your policy for Coverage C.
If you buy replacement cost coverage on contents, the limit for contents gets bumped to 70 percent of the building value. If you have a 500K home, that means you have 350K in contents coverage....

Shogor, welcome!
I'm a retired insurance underwriter and agent. Times change but sometimes things stay the same...

an inland marine policy is all risk, usually better than a homeowners. Same type of coverage you put on your wife's engagement ring. Covers you anywhere you go, including off premises, unit falls off trailer, etc. If you leave your home premises with that unit, unlikely you have any coverage now.

My Kubota comes off the Kubota all risk coverage required in two months, thankfully the unit is now paid off, but now I'm facing the same situation with both my tractors.
They are in the barn, removed from the home. Yes maybe a twister could take it all. The question is do you have enough total coverage to get you back in shape again.

This is very basic, low hazard insurance that most companies would want to write. Inland Marine is usually quite profitable to the insurers at their 1 to 2 percent rate.
Keep calling around.

(realized I repeated stuff from earlier post, sorry, while ago)

 

[SHOGOR]

Thanks for that information, it gives me something to argue with Allstate about. I asked them why is the track loader any different than the lawn tractor, they simply refused to accept it. I will keep checking around for an Inland Marine policy, 1 percent would work 2 percent puts it back up to what CAT Financial wants.

 

[SHOGOR]

Thanks to everybody for their replies. Yes the CAT dealer sells it, its commercial and way too high because they cover all risk.
I will give Sentry a call, thanks.