Insurance Tractor insurance?

[Jeff396]

The dealer sent me a paper which I must sign to satisfy Kubota. It specifically states that I must carry Fire, Theft, Upset and Collision. While I'm not exactly sure what upset means (rollover?) I'd be quite surprised if a homeowners policy would get into collision insurance. It almost seems like you have to go to an auto policy. Although I do suppose that being there are so many farmers out there maybe there is a special rider I am unaware of. In any event it sounds like many simply have it on their homeowners and Kubota might not be too strict beyond the fire and theft.

I will let you all know what I find out monday when I talk to my agent.

Jeff

 

[cp1969]

I am in the same boat. I signed the papers Friday to buy an L3000DT financed through Kubota. They didn't say a word about insurance at the time, but I imagine they will hit me up before they deliver the tractor and implements.

 

[Jeff396]

No, my dealer said that no proof was required in order to take delivery. Apparently Kubota will follow up at a later time. Strange way of doing things.

 

[MikePA]

When I bought my New Holland TC25D and financed part of it through New Holland Credit my salesman told me that one of the papers I would sign, at delivery of the tractor, included spaces for me to fill in my home owners insurance policy number, the name of my agent and his phone number. He also said NHC would call them. I called my agent and his assistant told me that as long as I use the tractor strictly for maintaining my property I was covered. However, if I used it on anyone elses property I should buy a rider to cover this. I asked, "You mean if I plow out my neighbors driveway because I am a nice guy I am not covered?". Answer was "Yes".

 

[GlueGuy]

Same thing with me. I just got the insurance company to specifically mention the tractor in the policy. My take on it is that it's primarily for theft/fire. I have no collision insurance on Lucy, and I'm sure they never checked or followed up on the issue.

The GlueGuy

 

[Jeff396]

Well, I finally got in touch with my insurance agent(State Farm). They have never heard of collision insurance for a personal use tractor. We decided to wait for Kubota to verify the insurance and see if they bring it up. I did list Kubota as a lien holder on my homeowners coverage which it seems most who have replied have done. I'll let you know how it turns out.

Jeff

 

[MikePA]

I have State Farm homeowners as well.

 

[WVSFA]

Jeff, you will find homeowners policies often cover 17 named perils for personal property. This will often be further limited by words that state "to maintain the insured premises" (for something like a tractor.) I bought a B2410 in April & showed Kubota as a lienholder on my homeowners policy with NO UPSET Coverage as it is not one of the 17 named perils. Perhaps if you feel it is necesarry you can discuss with your Agent a Personal Articles or Commercial Art. Floater which may provide all risk coverage for certain usage of your tractor.

 

[Jeff396]

I'm not worried about lacking the upset and collision coverage. I think for what I intend to use this for it would be money that could be better spent elsewhere. I'm just concerned whether Kubota will have a problem with it since the paper they have you sign in order to get financing is so specific.

Jeff

 

[cisco]

I financed a small part of the purchase of my tractor (L3410) in order to qualifiy for the Kubota insurance. It's not a bad deal, and the rationale for Kubota is obvious. If the tractor sustains damage, from a whole bunch of things (read the contract, it's not that complicated, really), the damage is covered. That means if Kubota repossesses your tractor if you run it into a ditch and "walk away", they aren't out any money - insurance pays for the damages. However, if you run over someone, your friend falls off your tractor or loses some digits in the PTO, etc. - you've got major problems. No liability, no medical payments, etc. So, you can use the tractor (you've got medical insurance, right), but don't loan it to or hurt anyone else. Otherwise, and I've checked a number of tractor insurance folks, you are liable for all but physical damage to the tractor. If you have a rider on your home/property insurance that specifically mentions the tractor, great, to the limit of your liability (mine's 3 million - ever glanced over jury trial verdicts these days); if not, get one or consider yourself liable for whatever happens to anyone or anything (yup, in my state a "prize hunting dog" got zapped by flying debris from a brush cutter - dog's owner sued - no, I'm not a lawyer; it was covered by my local Newspaper) in contact with your tractor; the insurance companies do not consider a "real" tractor the same as a "garden" or "lawn" tractor. It took a while to get my tractor listed on my policy, and for good reason - the first fatality in the Afgan campaign was - a heavy equipment operator. A friend of mine, last weekend, asked if he could borrow my tractor to clear his back lot - Answer was no, but I'd personally do it when I could get a free Saturday.
Despite the above, I use my tractor weekly, and love it. Just be prudent around others, as it's your net worth "insuring" the tractor in most cases, not your insurance company.