Insurance Tractor Insurance

[Dargo]

I've been a full line licensed insurance agent for 20 years, however, I've never sold tractor or homeowner's insurance. Whenever I significantly increase the value of the items in my barn, I just call my homeowner's insurance agent and increase the value of it's contents policy limit accordingly. I've never read the fine detail, but he tells me that as long as the unit is to be used on my property, and not for profit, that I'll be covered for fire and theft. The cost is insignificant for the coverage.

 

[snmhanson]

Thanks for the reply. I finally got my agent to realize that I don't actually need collision or liability and only what is covered under my homeowners policy (fire, theft & peril)according to a conversation I had with Kubota credit. With a name like Farmers Insurane you think they'd already know that. /forums/images/graemlins/wink.gif I know I am giving up a little bit of protection on my tractor but realistically what could happen to it that would be covered by an auto policy anyway? And anything that did happen would probably be repairable for less that $600 plus the deductible anyway.

Matt

 

[firec]

Can you tell me what insurance company quoted a rate like that. I just found out that my homeowners insurance covers the tractor at the house and barn policy covers it there but to drive the 1/4 between no coverage. The agent said a policy would be around $650.00 a year. I mainly go between in the winter to snowblow and don't want to worry about my l3830 getting hit and not having any coverage.

 

[timb]

</font><font color="blue" class="small">( The agent said a policy would be around $650.00 a year )</font>

Yowzza. /forums/images/graemlins/ooo.gif

That price I quoted was with Erie Insurance Exchange - in PA. Just a tick over $3 per thousand of coverage per year. That's for a non-commercial 'all perils' aka 'all risks' inland marie policy covering my tractor, loader, and rotary mower.

I have all my insurance (auto, homeowners, business, AND the inland marine) through the same agent (or his predecessor) and same company. Some of those policies (auto) go back nearly 30 years and I've never had to file a claim on any of them so I'd sure hope I'd get one of their better rates but even so some of the numbers I've seen other folks quote seem a bit ludicrous.

Now a commercial-use policy would be a whole different story and I would expect those numbers to be an order of magnitude higher.

 

[jims3710]

I also have Farm Bureau (in Texas) and he charges me $2.00/$1000.00 valuation on equipment and $12.00/$1000.00 on my trailers.

/forums/images/graemlins/grin.gif

 

[firec]

what type of policy is it? I've tried to find one that is for tractors but haven't had any luck.

 

[caddison]

I insured my tractor (DX33), and loader for $22,000.00 for $75.00 a year.

 

[BRIGUY]

My wife has been with State Farm for 21 years. When we financed the Kubota She had to add Kubota Credit to our home owners as a loss payee.

Our home owners did not increase, because we did not increase our contents limit. The tractor is in a detached garage and if their were a fire chances are that both buildings would not be lost. If I know my wife we are probably over insured anyway.

The tractor is not insured off our property. The only time I've taken it off our land was to work next door.

If I ever get a trailer and start doing side work I'm going to have to look into additional insurance.

 

[firec]

That the problem I have. I have my house property and then the land / Barn which is about 1/4 away. The tractor is covered on both places under different policys but when I go between them no coverage. Granted if I did get hit hopefully the other guys insurance would cover it but I don't like taking that big of a risk. I thought that some insurance company would have a non commercial policy to cover it and not cost an arm and leg.

 

[timb]

Sound like you want a non-commercial inland-marine policy. That's what I and a lot of the folks on TBN seem to have. That type of policy should not be overly expensive. Mine is just over $3/thousand/year - and as I mentioned, that's only middle-of-the road on pricing. As you see above it's possible to even do better than that.