Why tractor insurance???

[chadincolo]

I have a question in regards to the thread down below. Why do you have tractor insurance? I've never heard of it (grew up on a 5th generation farm). We have liability insurance for the farm, covers any liability from accidents (tractors or otherwise). What exactly are you insuring against? What is covered?

 

[john_bud]

I have a question in regards to the thread down below. Why do you have tractor insurance? I've never heard of it (grew up on a 5th generation farm). We have liability insurance for the farm, covers any liability from accidents (tractors or otherwise). What exactly are you insuring against? What is covered?

Typically it's for protection against theft of the equipment or for protection against loss if it is on a trailer being transported.

Many folks don't live where the equipment sleeps, so they are more at risk from the criminal element.

jb

 

[jimmy1]

When you insure the tractor itself you will be covering accidental physical damage to the tractor. The coverages may vary but normaly things like fire,theft,collision,upset,falling object and so on.

Jim

 

[Thomas]

I added the tractor on my home policy which ownly cover loss...no other can operate nor do work on others land...you gotta be careful now a days,for some will sue on drop of a hat.

 

[N80]

My homeowner's policy is similar. Covers theft, vandalism, weather (but not flood) damage. I think it even covers accidents.

The two glaring omissions are damage if the tractor is on someone else's property, and damage from an accident while towing. Auto insurance will only cover a token amount for anything being towed. I think my homeowner's policy has liability coverage to some extent but not if the tractor is used commercially.

Currently I rarely use mine on someone elses property and it is stored on my place. It has only been on a trailer once since I got it. But that's the thing that worries me. I'm going to have to find other insurance if it looks like Iwould need to tow it.

My B-I-L has used it a couple of times on his farm too. But not often.

An Inland Marine policy will cover these sorts of things and don't cost much but I have been totally unable to find one. My homeowner/auto insurance company (USAA, which is otherwise great) does not do this type of policy. Farm Bureau won't insure the tractor if I don't have my house with them. And so far I cannot find anyone to extend _just_ an Inland Marine policy.

Very frustrating.

 

[inveresk]

I have a policy for third party claims and accidents if I go onto the highway. My farm borders on a road and I sometimes use it to get from one part of my property to the other. If, Lord forbid, I hit someone, I'm covered.

 

[canEHdian]

chadincolo, what you'll want to do is look at what your current liability insurance covers. Does it cover everything you'll need, including theft and damage when used off your property? If so, then you probably wouldn't need further insurance on it. However, if it doesn't, and you feel this is a risk, you may want to consider the extra tractor insurance.

 

[chzhead]

An Inland Marine policy will cover these sorts of things and don't cost much but I have been totally unable to find one. My homeowner/auto insurance company (USAA, which is otherwise great) does not do this type of policy. Farm Bureau won't insure the tractor if I don't have my house with them. And so far I cannot find anyone to extend _just_ an Inland Marine policy.

Very frustrating.[/QUOTE]


I live in Missouri and was able to get an inland marine policy for my tractor through State Farm Insurance.

 

[slowrev]

If you finance the purchase of your tractor the company lending you the mone will likely require you have insurance on the tractor. Just like an auto purchase.

Ben

 

[mjarrels]

I was thinking of giving away manure from cleaning out the barnyard "load your pickup for free"... then I got to thinking... what if I damage their truck? I don't have tractor insurance... no free manure this spring.

mark

 

[Turbys_1700]

My homeowner's policy is similar. Covers theft, vandalism, weather (but not flood) damage. I think it even covers accidents.

The two glaring omissions are damage if the tractor is on someone else's property, and damage from an accident while towing. Auto insurance will only cover a token amount for anything being towed. I think my homeowner's policy has liability coverage to some extent but not if the tractor is used commercially.

Currently I rarely use mine on someone elses property and it is stored on my place. It has only been on a trailer once since I got it. But that's the thing that worries me. I'm going to have to find other insurance if it looks like Iwould need to tow it.

My B-I-L has used it a couple of times on his farm too. But not often.

An Inland Marine policy will cover these sorts of things and don't cost much but I have been totally unable to find one. My homeowner/auto insurance company (USAA, which is otherwise great) does not do this type of policy. Farm Bureau won't insure the tractor if I don't have my house with them. And so far I cannot find anyone to extend _just_ an Inland Marine policy.

Very frustrating.

George,
My Farm Bureau agent did cover my tractor under inland marine without my other stuff. He's probably trying to get my business back. I had it with them previously but they let my agent go who was a friend of mine. He gave me great rates.

 

[N80]

Maybe I'll check with them again, but I had a face to face meeting with the agent about a year ago and he seemed to think it was cut and dried: no homeowner with them, then nothing with them. Can't hurt to give them another call though.

 

[DrainPondDesign]

If a tractor insurance policy is profitable for the insurance company they are sure missing an opportunity by not having an ad on this site.

 

[Limecuda]

I bought it for theft and damages. I am having a pond dug with lots of dirt work around the area and if it was to "drown" it would be covered.

 

[DANOCHEESE]

I talked with my American Family agent today. He said he writes the ploicies under automobile insurance per American Family. 30,000 coverage for 411 per year. Covers everything liability comp theft Etc. 500 deductible. Works in conjunction with auto insurance if towing.

 

[erikharwell]

we are paying less than 100 dollars a year, for about 15K coverage with a 100 dollar deductable.

 

[CJ4]

Insurance is sure frustrating me.....I seem to be insurance poor, ie:health,homeowners, auto, truck, tractor, 4-wheeler, Seadoos, tools, business, worker's comp, liability here and there, umbrella policy etc.....and i'm still afraid there's a loophole if a catastrophe hits! There seems to always be some sort of excuse whenever something does strike which has been very rare.

I want to be covered whatever i do with my tractor and sure don't want to be worried that i can't start down the road mowing or load it on the trailer and haul it to a tire shop for fear of being at the wrong place when something happens.

3 years ago the wife and i purchased some land about 2 miles off the lake and started clearing one of the 5 acre tracts. Last summer we built a 50x75 metal building and are almost through (i hope) with a 4 bed 2 story house in one end of it. Purchased a construction ins policy for a year while bldg it and paid a reasonable rate for that 125,000 worth of coverage.....now i've gotta get "permanent" ins and so far it's outrageous!!! Got quoted 2,200/yr today with a 1,000 ded.....geeezzzzz, that's higher than my prin residence and it's not worth half as much. I've listen to all of the jargon like.......it's a second home, in the country, fire rating is bad in the country etc,etc.....I need coverage for the tractor and all of the implements and welders and tools etc.....Man, why can't I just pay for 125k worth of coverage and be done with it??? I'm prob gonna be lucky if any competition is going to be out there to try and get a better deal. I was told to try Farm Bureau and see about them but I don't have much confidence with any of them at this point.

If anyone has any suggestions or experiences with a 2nd home or a farm type policy that would cover everything let me know.

 

[gemini5362]

Insurance is sure frustrating me.....I seem to be insurance poor, ie:health,homeowners, auto, truck, tractor, 4-wheeler, Seadoos, tools, business, worker's comp, liability here and there, umbrella policy etc.....and i'm still afraid there's a loophole if a catastrophe hits! There seems to always be some sort of excuse whenever something does strike which has been very rare.

I want to be covered whatever i do with my tractor and sure don't want to be worried that i can't start down the road mowing or load it on the trailer and haul it to a tire shop for fear of being at the wrong place when something happens.

3 years ago the wife and i purchased some land about 2 miles off the lake and started clearing one of the 5 acre tracts. Last summer we built a 50x75 metal building and are almost through (i hope) with a 4 bed 2 story house in one end of it. Purchased a construction ins policy for a year while bldg it and paid a reasonable rate for that 125,000 worth of coverage.....now i've gotta get "permanent" ins and so far it's outrageous!!! Got quoted 2,200/yr today with a 1,000 ded.....geeezzzzz, that's higher than my prin residence and it's not worth half as much. I've listen to all of the jargon like.......it's a second home, in the country, fire rating is bad in the country etc,etc.....I need coverage for the tractor and all of the implements and welders and tools etc.....Man, why can't I just pay for 125k worth of coverage and be done with it??? I'm prob gonna be lucky if any competition is going to be out there to try and get a better deal. I was told to try Farm Bureau and see about them but I don't have much confidence with any of them at this point.

If anyone has any suggestions or experiences with a 2nd home or a farm type policy that would cover everything let me know.

what insurance class is it in. IF it is a 9 that makes it hard
I have insurance with both Columbia insurance corp and Safeco insurance. I am happy with both but columbia is the cheaper and better insurance

 

[jimmy1]

Insurance is sure frustrating me.....I seem to be insurance poor, ie:health,homeowners, auto, truck, tractor, 4-wheeler, Seadoos, tools, business, worker's comp, liability here and there, umbrella policy etc.....and i'm still afraid there's a loophole if a catastrophe hits! There seems to always be some sort of excuse whenever something does strike which has been very rare.

I want to be covered whatever i do with my tractor and sure don't want to be worried that i can't start down the road mowing or load it on the trailer and haul it to a tire shop for fear of being at the wrong place when something happens.

3 years ago the wife and i purchased some land about 2 miles off the lake and started clearing one of the 5 acre tracts. Last summer we built a 50x75 metal building and are almost through (i hope) with a 4 bed 2 story house in one end of it. Purchased a construction ins policy for a year while bldg it and paid a reasonable rate for that 125,000 worth of coverage.....now i've gotta get "permanent" ins and so far it's outrageous!!! Got quoted 2,200/yr today with a 1,000 ded.....geeezzzzz, that's higher than my prin residence and it's not worth half as much. I've listen to all of the jargon like.......it's a second home, in the country, fire rating is bad in the country etc,etc.....I need coverage for the tractor and all of the implements and welders and tools etc.....Man, why can't I just pay for 125k worth of coverage and be done with it??? I'm prob gonna be lucky if any competition is going to be out there to try and get a better deal. I was told to try Farm Bureau and see about them but I don't have much confidence with any of them at this point.

If anyone has any suggestions or experiences with a 2nd home or a farm type policy that would cover everything let me know.

CJ4, No kidding, I can see your frustration. I do not know what all that $2,200 includes but if is just the building that equates to a $17.60 rate per $1,000, and yes that is extreme. Even though the country property and a second location will be rated differently than a principle that is over the top. I am afraid I do not have any answers for you but in reading these posts about insurance it seems that everyone has to look to indivdual companies or captive agents for their insurance needs and each one has a different niche. Are there brokers that you can use that have contracts with several companies that offer a range of products to cover situations like yours where there are several needs? For example if you have a house in the city and a farm property with a secondary residence the broker should be able to arrange insurance with a company that has a handle on those situations and use a company that has an appetite for commercial insurance for your business. Maybe they don't exist but it seems to me they could deal with mutiple needs of the clients.

Good Luck
Jim

 

[joe48]

It seems like we all are having the same problem with insurance issues and getting proper coverage at reasonable rates.

I think this is an opportunity for TBN to arrange with an insurer to help us members out with insurance programs.
Or if there is an enterprising member that is in the insurance business to help us all out.
This could be a profitable nich market for someone.

As to my own case ,I was able to get inland marine from only one company in the Rochester NY area, Brown and Brown is the agent and the policy is with Erie and Niagra Insurance. I have minimum coverage for fire,theft, highway accidents, (no flood), $20,000 to cover tractor and equip. Currently looking for commercial liability etc ,so I can be covered when doing work for hire.

I have all my auto, home and rental property insurance thru Allstate at very reasonable rates. However they wouldn't cover tractor at all ,because I have rental property, automatically becomes commercial and isn't covered.