when to let go of tractor insurance

[DK35vince]

I think its covered under personal property That's what I was told by liberty mutual ins

I asked this question to my insurance agent (Erie insurance).
I was told my homeowners policy would cover 1 lawn mower up to $5000 only.
So I have my tractor, attachments and zero turn under an Inland Marine policy.

 

[Peter 315]

The insurance companies are all different:confused3:

 

[big bubba]

thank you for quick replies. am just trying to weigh tractor insurance along w/ health, auto, & homeowners policies. again, not a commercial operation
in retirement, just looking @ tractor liability vs the other financial demands when one simplifies @ this stage of life

 

[M5farms]

What's the $$$$ value of your equipment that's insured for less than $200?

60k 74 jd 04 nh and 07 baler. They are all paid for but I do hay and a fire could wipe em out pretty quick.

 

[ovrszd]

I have an Inland Marine policy on the tractor.
Covers the tractor, the loader, the backhoe, all my other attachments and zero turn mower for $164/year.

Ditto.

 

[ovrszd]

60k 74 jd 04 nh and 07 baler. They are all paid for but I do hay and a fire could wipe em out pretty quick.

In regards to my machinery. If I can replace it immediately without financial burden I don't insure it. If replacement would cause me a burden, i.e. debt, it gets insured.

 

[Fallon]

In regards to my machinery. If I can replace it immediately without financial burden I don't insure it. If replacement would cause me a burden, i.e. debt, it gets insured.

By my figuring, potentially paying interest to finance replacement equipment isn't going to be much if any more than what the insurance company will be making off my insurance payments. I suck at math though, so take that with a grain of salt. ;-)

 

[Tractor Seabee]

There have been many threads on this subject. You see prices all over the map. KTAC covers a lot more than fire and theft. My home owners would be cheap but that is all it covers. The $8K damage claim for damage incurred working in the woods would not be covered by HOI, but KTAC picked it up in whole minus the $250 deductible. I could not have afforded that at the time. I would had to haywire it together.

On this subject we need to compare what is covered for the price to make a rational decision. That's what I did when I was deciding to keep KTAC after it was paid off.

Ron

 

[Jstpssng]

I guess that I would never make it in Vegas; the prospect of replacing 60k worth of equipment out of my pocket would keep me paying the premiums, albeit with a high deductible. I also wouldn't even consider going without liability, which is why I switched from a marine policy.

 

[WM75Guy]

Everything we have is paid off. It costs me about $300 for all my tractors, Kawasaki Mule, ZTR, and implements to be on the Texas Farm Bureau Ag policy. It is mainly for theft protection.

I am also a member of the Texas & Southwestern Cattle Raisers Association, even though we have horses. I like having their blue sign at the driveway entrance as a deterrent. They employ 30 Special Texas Rangers who are state licensed peace officers for the sole purpose of investigating crimes against members. Similar to what the railroads did in hiring Pinkerton for protection. Interviews with criminals have shown they will bypass TSCRA members property because they know the Rangers will be coming after them.