Tractor Insurance

[Thomas]

Also had tractor added on homeowners insurance...been good since 1995.

 

[Hoss710]

I have Mariners insurance as well. but jot as cheap as some of the numbers mentioned here.

 

[Yander]

My insurance company is grange, they just added it to my current policy at the amount that the tractor was purchased for $21,000 I think. I don't even know what the bump in increase was.

It seems odd to me that an insurance company would have a cap. It seems they would just ensure whatever you have and use an actuarial table to calculate the rate.

 

[K5lwq]

I have a Farm Bureau policy for both my tractors, a trailer and several implements. It went up this year and is now $350 a year. I also use them for my autos. There is a $45 membership fee each year. The policy covers on and off my property as long as I am not paid for the work I do for others.

 

[Hoss710]

unfortunately my farm credit doesn't deal with insurance. and sent me to several insurance companies looking. out of all of them they sent me to. The 1 I have for my autos was the only 1 that would write the policy. $65.00 a month which I feel is on the high side. It's a stated value of 35k and only for 1 tractor.

 

[CloverKnollFarms]

I mean, I’m not totally against not insuring it. My liability would be anything currently exceeding $16700. That’s tied to my homeowners policy. I could reduce the liability by increasing my personal property coverage. The tractor is paid in full, so this is just for personal risk management

 

[mike0000]

I mean, I’m not totally against not insuring it. My liability would be anything currently exceeding $16700. That’s tied to my homeowners policy. I could reduce the liability by increasing my personal property coverage. The tractor is paid in full, so this is just for personal risk management

I hear what you’re saying, we didn’t finance our tractor either. I look at at like a kick to the b@lls, sure I’d survive it (if the tractor was lost with no insurance), but with the insurance on it, I have one less thing to worry about.

Mike

 

[WinterDeere]

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

Call your homeowners' insurance agent, and ask for pricing on a rider to cover this one high-value item. It will likely be your lowest-cost option, and help you avoid ever playing the game between two fighting insurance companies if your tractor causes your barn to burn, or vice versa.

FWIW, I called my State Farm agent, and they said my 3033R was covered under my homeowners' policy, no rider required. I told them the value was about $45k, as configured. I don't know if this is a "fraction of home value" thing or a fixed dollar thing, I didn't think to ask that.

 

[Yander]

Cash purchase or not, people steal tractors. I would be sick if I had a $20 or $30k tractor stolen with no insurance. Not a risk I'm planning to take.

 

[CloverKnollFarms]

Cash purchase or not, people steal tractors. I would be sick if I had a $20 or $30k tractor stolen with no insurance. Not a risk I'm planning to take.

It would be a feat to get it out of a locked barn with no keys... At my house. But possible.