Why tractor insurance???

daTeacha · Mar 29, 2007

I'm pretty sure there are state laws regarding insurance companies and what they can and can't do. I know here in Ohio Nationwide is strongly tied to Farm Bureau. We are insured with State Farm even though we are Farm Bureau members simply because it's cheaper and better coverage. My tractor is included in the homeowners insurance with no riders or extra charges needed, just like any other personal property -- tools, mowers, furniture, etc.

gordon21 · Mar 29, 2007

Here is a prime example of why you should pay the $50-60 per year for tractor insurance. This one year old tractor was idling on a hill and the parking brake released on it's own while a couple college kids were loading the bucket with firewood. The tractor started rolling downhill and hit a big rock. The left rear axle housing broke. The repair, including pickup from 45 miles away was well over $1300. All I had to pay was the dedcuctible. I figure I am ahead of the insurance company by well over a grand and they still owe me several years coverage because I paid for a multi year policy up front with the tractor purchase that cost only a few hundred dollars.

gotcha · Mar 29, 2007

joe48 said:
It seems like we all are having the same problem with insurance issues and getting proper coverage at reasonable rates.

Can I ask this, "Is there really and truely such a thing any more?"

WALT · Mar 29, 2007

I just renewed my insurance. I have a inland marine policy w/ Peerless Ins. Co. that covers my two tractors and implements. I had to explain to the insurance agent that all my equipment would not be off my property at the same time, as I can only use one tractor or the other at a time.
I paid $840.00 for Approx. $70,000.00 of coverage w/ a $500.00 deductable.
If you trailer your equipment and/or use it off your property, generally your homeowners insurance does not cover that risk.
I use both tractors in a part time business LLC. This coverage is in addition to my business liability coverage.

WALT

SpringHollow · Mar 29, 2007

Hi Joe48,

I live South of Rochester. I switched from Allstate to Farm Family because Allstate would not cover my tractor in transport. I was very happy with Farm Family and their coverage. The inland marine coverage was $128 for $40,000 of coverage which I thought was quite reasonable.

Ken

gemini5362 · Mar 30, 2007

gordon21 said:
Here is a prime example of why you should pay the $50-60 per year for tractor insurance. This one year old tractor was idling on a hill and the parking brake released on it's own while a couple college kids were loading the bucket with firewood. The tractor started rolling downhill and hit a big rock. The left rear axle housing broke. The repair, including pickup from 45 miles away was well over $1300. All I had to pay was the dedcuctible. I figure I am ahead of the insurance company by well over a grand and they still owe me several years coverage because I paid for a multi year policy up front with the tractor purchase that cost only a few hundred dollars.

While I agree with you totally about getting insurance I would love to know where you get it for 50 to 60 a year. My insurance for my tractor is 450.00 a year.

gordon21 · Mar 30, 2007

Full coverage from John Deere is very affordable. Mine included collision coverage so that is why they paid for the cracked rear axle housing. I don't have the exact info handy, but I think it was $260 or so for a 5 year policy for $14,500 worth of coverage.

gemini5362 · Mar 30, 2007

gordon21 said:
Full coverage from John Deere is very affordable. Mine included collision coverage so that is why they paid for the cracked rear axle housing. I don't have the exact info handy, but I think it was $260 or so for a 5 year policy for $14,500 worth of coverage.

I dont have a john deere so that probably is not going to be an option but thank you for the reply. After looing at some of the prices people are quoting here I am going to go shopping I beieve for some prices before I renew.

LBrown59 · Mar 30, 2007

mjarrels said:
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

You can't be the good guy anymore cause some sue happy jerk will turn you into a bad guy !

DK35vince · Mar 30, 2007

gemini5362 said:
After looing at some of the prices people are quoting here I am going to go shopping I beieve for some prices before I renew.

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.

gemini5362 · Mar 31, 2007

DK35vince said:
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 · Mar 31, 2007

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 · Mar 31, 2007

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 · Apr 1, 2007

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 · Apr 1, 2007

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 · Apr 1, 2007

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

Jstpssng · Apr 2, 2007

CJ4 said:
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 · Apr 18, 2007

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 · Apr 19, 2007

8561 said:
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 · Apr 19, 2007

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