Insurance Tractor Insurance
- Thread starter dtmarion
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Rodneyd
Member
I'm insured thru State Farm for everything, auto, home, boat, etc. and on the smaller tractors they are covered under the homeowners policy. But, the minute it leaves your property you are not covered. So, I purchased a rider to my homeowners policy that covers it beyond my property, like on the trailer or neighbors property or wherever I take it.
Rod
Rod
fishman
Veteran Member
I bought a rider to my homeowners policy that covers it no matter what, even while operating it on the highway. I bought it through a company called Germania which specializes in rural insurance. Cost was $62/year for $17,000 in coverage, which I thought was reasonable, considering how much boat insurance is.
Anonymous Poster
Epic Contributor
- Joined
- Sep 27, 2005
- Messages
- 29,678
My regular policy covers it and I do have it in writing (faxed to dealer so insurance cost would not be added to my financing). It also cover it on or off the property, with a $500 dollar deductible. An extra rider was not required.
Nuru
Nuru
TerryinMD
Veteran Member
Ahhh... the best advice is to stay away from that agent!!! They should know the laws of the state and what one needs to do to insure a tractor.
Find another agent!!! /w3tcompact/icons/shocked.gif
Terry
Find another agent!!! /w3tcompact/icons/shocked.gif
Terry
nnicklas
New member
Rod,
I have State Farm insurance as well. My agent is telling me it is NOT covered under homeowners and that State Farm may not insure me. Sounds hokey to me. I have a BX22TLB.
I have State Farm insurance as well. My agent is telling me it is NOT covered under homeowners and that State Farm may not insure me. Sounds hokey to me. I have a BX22TLB.
Fireman_dcb
Bronze Member
- Joined
- Apr 3, 2002
- Messages
- 63
- Tractor
- John Deere 790
dtmarion,
I had to get an "inland marina" policy through my insurance company. This covers ANYTHING that I could possibly do to my tractor... from rolling it over to sinking it in a pond to running into it with a truck. It covers FULL replacement value for the tractor and any attachements that are damaged. The cost is $115 per year. I had to get this policy when I financed the tractor.
Good luck!
dcb
I had to get an "inland marina" policy through my insurance company. This covers ANYTHING that I could possibly do to my tractor... from rolling it over to sinking it in a pond to running into it with a truck. It covers FULL replacement value for the tractor and any attachements that are damaged. The cost is $115 per year. I had to get this policy when I financed the tractor.
Good luck!
dcb
Briarwood
Bronze Member
FWIW and from a retired insurance agent, the best advice is to consult your own agent. Coverage may differ from company to company and your agent should know how best to cover your equipment in your particular case. Some things that may affect how the coverage is written include where the tractor will be used, how it will be used (for business pursuit), and value to be insured, etc.
I have a B2710 and it is insured under my homeowner policy as personal property. My policy covers all my personal property up to a total of $139,000. My tractor is included in that amount. My policy provides that my personal property is covered "off premises" up to 10% of the total personal property coverage or, in my case, $13,900. I have replacement cost coverage with a deductible (but many times RC coverage especially on personal property is optional). In this case if my tractor was worth much more than 10% of my PP coverage, then I would need to talk to my agent about other ways to cover it if I take it off my premises or just increase my PP aggregate.
Some companies have a special policy for small "gentleman" farms that allows you to schedule farm equipment to insure it in addition to your PP coverage. However, usually if you use your tractor for business purposes (measured by the amount of gross income generated) you may need a regular farm or contractor type policy.
Trust your agent to give you the best advice based on the underwriting rules for the companies he represents. If you don't trust his advice or he doesn't know how to cover your tractor and doesn't take the time to find out, then you need to find another agent.
One last caveat. Don't read threads like this and assume that because my policy has a particular coverage that yours does. Although the major companies have polcies that are generally the same, they all have their own differences. So, don't assume, ask.
BTW, it is important to ask your agent for a clarification and, if you feel it is necessary, ask him/her to give you a letter or memo to confirm what you are told. Generally, if an agent purports that you have a particular coverage and it turns out you don't, the agent is liable. Of course, you have to prove that you were told you were covered (get some written evidence when you have any doubt). Most good agents carry errors and omissions coverage for such situations.
These are also good reasons to read your insurance policies yourself and become familiar with their provisions. Ask your agent to review them with you. If he/she doesn't want to take the time, find another agent that cares!
Retired on 90 acres with my best friend (wife), my hunt'n buddy (dog), and my B2710.
John
I have a B2710 and it is insured under my homeowner policy as personal property. My policy covers all my personal property up to a total of $139,000. My tractor is included in that amount. My policy provides that my personal property is covered "off premises" up to 10% of the total personal property coverage or, in my case, $13,900. I have replacement cost coverage with a deductible (but many times RC coverage especially on personal property is optional). In this case if my tractor was worth much more than 10% of my PP coverage, then I would need to talk to my agent about other ways to cover it if I take it off my premises or just increase my PP aggregate.
Some companies have a special policy for small "gentleman" farms that allows you to schedule farm equipment to insure it in addition to your PP coverage. However, usually if you use your tractor for business purposes (measured by the amount of gross income generated) you may need a regular farm or contractor type policy.
Trust your agent to give you the best advice based on the underwriting rules for the companies he represents. If you don't trust his advice or he doesn't know how to cover your tractor and doesn't take the time to find out, then you need to find another agent.
One last caveat. Don't read threads like this and assume that because my policy has a particular coverage that yours does. Although the major companies have polcies that are generally the same, they all have their own differences. So, don't assume, ask.
BTW, it is important to ask your agent for a clarification and, if you feel it is necessary, ask him/her to give you a letter or memo to confirm what you are told. Generally, if an agent purports that you have a particular coverage and it turns out you don't, the agent is liable. Of course, you have to prove that you were told you were covered (get some written evidence when you have any doubt). Most good agents carry errors and omissions coverage for such situations.
These are also good reasons to read your insurance policies yourself and become familiar with their provisions. Ask your agent to review them with you. If he/she doesn't want to take the time, find another agent that cares!
Retired on 90 acres with my best friend (wife), my hunt'n buddy (dog), and my B2710.
John
