Insurance Types of insurance

Pks · Mar 14, 2001

Since getting my tractor, I have learned that, with a slight increase in premium, my home owners policy will cover damage, loss etc to it, but only if it's on my property at the time (or slightly in the street, like still in the easment area, while clearing my driveway). But if I run down to the neighbor's house and get nailed by a car, I'm stuck without coverage.

As an example; Someone mentioned in the "damaged fender thread" that the brother-in-law's insurance company might be persuaded to pay for the damage. I'd double check that idea because they might not.

My dream is to find a policy that will cover me and the tractor while driving the tractor on a public road either to the dealer (3 miles) or a neighbor (300 yards) and provide coverage on the neighbor's property.

The tractor is never loaded out without me as the operator. No money is accepted, we trade work for good topsoil and eggs. On some occasions I use the tractor to go rock hunting on a neighbor's farm between seasons.

What kinds of insurance do you people have?

Peter

Thomas · Mar 14, 2001

I believe at one time Kubota offer good insurance package.

For sure once you leave you property the policy changes,even if you were helping your parnets. /w3tcompact/icons/crazy.gif

I pay about $250.oo year full coverage,but w/the undrstanding I shall only operate the tractor.

There been many post on this topic w/good infomation.

Be careful and read the find print and ask question before signing a policy.

Thomas..NH /w3tcompact/icons/wink.gif

toddler · Mar 14, 2001

I have an inland marine policy that covers me in almost any situation, but what you need varies with where you live. There was a recent thread on this topic either here or at jplan.com. It turned out that for some people, the home owners was enough. Here in Vermont, I'd go with the inland marine policy. It's pricey, but it's a lot of coverage.

Talk to your dealer, he may know what is needed in your area. Or you can run the question by a couple of local insurance agents. They'll probably be able to give you an answer right over the phone, or call you back with one.

Todd

GlueGuy · Mar 14, 2001

Peter,

For our purposes, our B7500 is covered under our homeowners "umbrella" policy. Of course, we do not intend to take it off our property. I'm sure a rider of some sort would be required if that were the case.

The GlueGuy

ddl · Mar 15, 2001

The insurance that I have is basically a auto type insurance. The tractor and the loader each have coverage. Becareful about a rider to cover your tractor, you may find out too late that the agent didn't have a clue. My agent told me about his regional supervisior who thought that a rider on his homeowners would cover his tractor when he took it to his vaction home in the Ozarks, had damage on his land in the ozards and the insurance company said his tractor was only covered on his main residance.

cowboydoc · Mar 15, 2001

All of my equipment is covered anyplace that I go with a farm policy.

dmccarty · Mar 15, 2001

Peter,

I think we had a conversation in some of the JD areas about insurance in the last couple of months. You might want to check see if you can find those threads.

This stuff is as clear as mud. Since I got a JD loan on the tractor I could get JD insurance. Its 10-12 per month and is supposed to cover the tractor and implements. The cavet I have on this is that I have NOT read the policy. Call me stupid. /w3tcompact/icons/smile.gif I believed the salesman. /w3tcompact/icons/smile.gif Call me REAL stupid! /w3tcompact/icons/smile.gif One of my ToDos is to get the policy and read it but I have not had the time. Part of my procrastination is that I'm likely going to get a home equity loan for the tractor since it will reduce the payments and I hope I'll be able to write off the interest at tax time.

When I was buying the tractor last year my home owners policy was wishy washy on the tractor coverage when at my property. I don't live on the property. If I kept the tractor at the house it would be covered. My reading on the policy was that the tractor was covered. My other reading said that the tractor was NOT covered. When I called the insurance company they were equally unsure. In fact the first answer they gave me was wrong. Eventually they told me that the tractor WAS covered. But at that point I did not believe them and I wanted to get the coverage in writing which I did not have time to do so I just went with the JD loan.

When I go back to get a policy I want coverage for on the property, during travel, and operation off the property. I do help my neighbors from time to time and I maintain a common road. Half the road is mine at some points and all mine at others. If I run into something I don't want it to be on the side of the road I DONT own!

Hope this helps....
Dan McCarty

EddieW · Mar 16, 2001

I had my tractor covered by homeowner's insurance when I first got it but it covered the tractor only on my property or being tranpoted for maintnenance. While that covers me about 99% of the time, it limited my ability to use the tractor when and where I wanted to so I got a policy that covers the tractor and implements for $6 per thousand per year. I haven't taken the tractor off my property since I got the new policy but knowing I can is worth a little bit to me.

GrantMO · Mar 16, 2001

Richard and Eddie,
Which company did you go through for insurance? We got a policy through a company that insures mostly horse operations but I think we could save money with a different company.