Why tractor insurance???

[gemini5362]

I have an Inland Marine policy ( Erie Insurance) that covers 2 tractors and all my attachments.
$33,870 coverage. $100 deductable is $135 per year.

I will check and see if i am eligible with them
that is a lot less per year than i am paying

I checked and they are only around new york, pa, etc it looks like

 

[8561]

How are you guys with inland marine policies covering your liability exposure? What happens if you get sued for activity related to operation of your tractor?

 

[SpringHollow]

To get farm liability and inland marine for the tractors added to my coverage cost me ~$300 more than just my house, auto, and umbrella from my previous insurer. The policy also covers me for liability while doing small paid jobs with my tractor for others.

Ken

 

[8561]

Glad to see you've addressed it. My post was intended to bring to light the fact that many people are doing a nice job covering their $25,000 (plus or minus) tractors but are ignoring the 6 figure $$$ exposure they have for liability. Most of the physical damage issues that inland marine cover are only worth a few thousand dollars, at most the current actual cash value of your tractor, while liability exposure will put you in bankruptcy. To me, liability coverage is far more important.

 

[Jstpssng]

I have my tractor on the same (commercial) policy as my truck; full coverage on the 'Bota, liability only on the pickup.
I pay just $54.00 per year more than the typical Geico policyholder SAVES on one auto according to their ads, and have much more coverage.

 

[CJ4]

What exactly is an "Inland Marine Policy"???

 

[Jstpssng]

What exactly is an "Inland Marine Policy"???

It covers loss of your listed equipment, but not liability. That's why mine is on my truck policy; and it only costs me $144.

For those of you who want to hire out what you are looking for is a "General Liability" policy, which will cover everything you do, not just tractor activity.
The price will depend on what you do; use your backhoe and the rates will rise because they fear you'll dig up someone's sewer line or underground feed wire.

 

[gemini5362]

This was an informative post. My inland marine policy came up for renewal and I decided to shop around with some other companies and see what was out there. My old policy was for 25,000.00 with 500 dollar deductible. It was 394.00 a year. I got a new policy from Farm Bureau it has 100.00 deductible and was 129.00 a year. This is the only insurance policy I have with them so it is not tied to my home or buisess etc.

 

[3RRL]

How are you guys with inland marine policies covering your liability exposure? What happens if you get sued for activity related to operation of your tractor?

That is a good question and I don't know the answer. My guess would be, if it's not business related tractor work, you'd be covered under your homeowners policy. Just like when you play golf and break a window, your homeowners covers that. But then I said I don't know for sure. Like what would happen if someone broke his leg on your toothbar?

 

[sandman2234]

The Ford 7710 is sitting on a business' property and they won't let me come onto their property to pick it up, or work on it such as jumpstart it, etc unless I am covered by a liability policy that actually names them in the policy. The limits covered by liability is set forth by them to the tune of TWO MILLION DOLLARS.
When I read that in the fine print, I figured they would covering it by adding all angles into the constract. I was wrong, as they want it strictly covered.
I figured on having a local wrecker company pick up the tractor and bring it to me, but I can't find a single wrecker service in town that have that
Looks like one million is pretty strandard.
David from jax