Tractor Insurance

[ultrarunner]

My take away is the difference between covered and not is often a very fine line

 

[CaptPat]

Very timely thread as Im actively shopping for a new CUT with a cab. One dealer said they had an insurance company (maybe affiliated with MF) that offered a policy that would cover losses due to fire, rollover, glass breakage, and probably other mishaps as well. The dealer said most homeowner’s policies don’t cover the aforementioned issues, apparently, Farmers will issue a tractor policy rider if you have their home insurance. He thought full coverage for a $50K CUT would be around $400/yr, we didn’t talk about deductibles. The last time I purchased a tractor with a loan the lender required specific tractor insurance, in that case, I used KTAC but that was 15 years ago. I'm pretty sure that my homeowner's company (USAA) will send me elsewhere for specific tractor coverage.

 

[Torvy]

Legally, Kubota (KTAC), or anyone else, absolutely cannot require you to carry Their insurance. They can require you carry specific levels of coverage and that they are the lienholder and, thus, first in line to get pain in the event of a loss.

Often, dealers will cajole, coerce or manipulate people into thinking otherwise. The dealership (and likely the sales and/or finance guy) get paid extra for each policy coerced...er...sold.

 

[geteh]

Hey, so with people lighting their tractors on fire this summer, it crossed my mind to see if I was insured.

Homeowners covers up to $16,700 per SINGLE item.(personal property) Tractor is worth $35k.

Ok, so I'm going to explore tractor insurance. It stays in a locked barn on my personal property. Who do y'all insure with? What are typical rates?

If I'm spending thousands per year, I'll save it to cover what my current insurance doesn't on the off chance it bursts into flames.

Ideas??View attachment 810794 auto insurance ontario canada

I am looking for insurance companies that will insure antique tractors mainly used in rides and parades. We currently have State Farm which insures all that stuff, but my son in law just took a job with All state and they don't insure that kind of thing. The wife is wanting to switch because the price is cheaper, but I keep reminding her we are loosing some coverage (the tractors) that we will have to pay for separately which could make our monthly premiums roughly the same. So who do you guys use?

 

[ultrarunner]

I have antique auto policy with 27 vehicles on it including the restored Jubilee.

Exhibition only and not for hire and the tractor is excluded from performing any farm work… but fully covered in parades for liability and stated value for loss.

The underwriter made it clear it was an accommodation for 45 years claim free large count policy holder.

 

[WinterDeere]

I am looking for insurance companies that will insure antique tractors mainly used in rides and parades. We currently have State Farm which insures all that stuff, but my son in law just took a job with All state and they don't insure that kind of thing. The wife is wanting to switch because the price is cheaper, but I keep reminding her we are loosing some coverage (the tractors) that we will have to pay for separately which could make our monthly premiums roughly the same. So who do you guys use?

I assume they've gone to the web by now, but when hunting for such a thing back in the day, you'd pick up a copy of Henning's Motor News. There were always specialty insurance companies advertising in those, for things like antique cars and other specialty items.

I race an antique wood boat, and most boat insurance specifically excludes organized racing, let alone an antique racing boat. There was a member of our racing class who happened to own an insurance company, who realized this was a problem, and set up a special policy type that most of the class members now use. Point is, there might be something similar among the 2-cyl tractor clubs, if you check in with some of them.

 

[JeepHead]

I have Farm Bureau for my tractor insurance. It's covered for pretty much anything that happens to it, accidental damage such as tweaking a loader or breaking an axle, rolling it, it catching on fire etc. I pay $180 a year for this coverage and it's replacement value, not prorated based on age.

 

[Rmart30]

those insuring under homeowners... if it leaves your property its more than likely not covered. State farm was like that for mine. They said you should have full coverage for it to be covered when trailering, and that if i took it to my hunting lease then I needed another policy on that property to cover it there... it would have been 8x what its costing me now.
I went with KTAC and it covers it where ever its at.

 

[JeepHead]

those insuring under homeowners... if it leaves your property its more than likely not covered. State farm was like that for mine. They said you should have full coverage for it to be covered when trailering, and that if i took it to my hunting lease then I needed another policy on that property to cover it there... it would have been 8x what its costing me now.
I went with KTAC and it covers it where ever its at.

My Farm Bureau coverage is for anywhere it's at unless I am using it for hire in which case it would have required a policy under my business insurance. Also, I was told that while trailering it, it would then be handled under my auto insurance which is a business policy. I have pretty much same coverage as KTAC for a fraction of the cost.. But I paid cash for my tractor so wasn't forced to KTAC.

 

[WinterDeere]

those insuring under homeowners... if it leaves your property its more than likely not covered. State farm was like that for mine. They said you should have full coverage for it to be covered when trailering, and that if i took it to my hunting lease then I needed another policy on that property to cover it there... it would have been 8x what its costing me now.
I went with KTAC and it covers it where ever its at.

Good to know, as I suspect damage or theft during transport must represent a relatively high fraction of total loss cases.