Tractor Insurance

   / Tractor Insurance
  • Thread Starter
#22  
The LLC is not phony. If you produce anything and sell it or give it away, I HIGHLY recommend discussing this with an attorney. The LLC is a business entity that protects your personal assets from liability.
I understand this but it doesn't work for me.
 
   / Tractor Insurance
  • Thread Starter
#23  
According to KTAC website you can by a policy for a paid off tractor
The last I checked about a year ago you couldn't. But maybe something changed. I'll revisit
 
   / Tractor Insurance #25  
I consider insurance as a ponzi scheme but still necessary. As we are a working farm, all of our equipment is insured, has to be.
Rip off but needed
 
   / Tractor Insurance #26  
Rip off but needed
I guess it can feel that way, but I disagree. Insurers are businesses, they need to make money to exist. Competition controls pricing, to the degree that buyers are willing to do the work to shop and then revisit their policy pricing.

Knowing that in the end, insurance companies are for-profit entities, don't buy insurance for things you can afford to replace or repair on your own. On the whole, it is a losing proposition. Other than state-mandated automobile liability coverage, or whatever conditions to which you willingly chose to agree when signing up for a mortgage, insurance is NEVER "needed".

But I am thankful these insurers are available and reliable, for those few items I cannot afford to replace or repair on my own, as well as the much larger risks of liability (eg. auto insurance). For this reason, I carry insurance on my home, but not any of the costly items within. If I lose an expensive antique grandfather's clock, I don't really need to replace it, so why insure it? Likewise, if I lose my tractor, I can temporarily replace it with something less costly for a time while recovering from whatever financial hit caused the initial loss.
 
   / Tractor Insurance #27  
It may vary by state:I have an "Inland Marine"policy on my tractor and related equipment;covers fire/theft on "my"property. Cost is $157 per year and not covered by home owners.
 
   / Tractor Insurance #30  
The climate is changing. Everyone seems to agree with that if not with why.

We had some flood damage from a storm a few years back, and and about two dozen neighbors lost heavily.
As a result, everyone around here is a lot more knowledgeable about how insurors view flood damage.

Just for starters, we now know that most insurance policies specifically do NOT cover flood damage.
Most people here thought they were covered.
And the policies that do cover floods - like FEMA - have low limits & special conditions on their coverage.

Along with our neighbors we have learned to read the fine print carefully, take notes, ask questions,
and get the answers in writing.
rScotty
 
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