Worth of my 990 for insurance purposes

[robpm]

Guys, I am going to put insurance on my tractor for theft etc. It is not that expensive at probably somewhere around $150/year depending on its present worth. It covers things like trees falling on it, lighting stricking it etc. I know the home owners policy covers it but not for all of those things and as soon as it is off the property the coverage stops. I go to my neighbors etc and this policy will cover all of that as well. I figured it is worth the $150/yr to cover it and it gives a piece of mind. The coverage does not cover it for replacement cost but for the actual worth of the tractor right now. That is all they will reimburse me for if something happens to it. So I have to give the insurance company the actual worth today. So here is what I have in it right now with all the details. If any one has any thoughts on its worth I would appreciate it. It is a 2005 John Deere, Model 990 Compact Utility Tractor with 215 hours on it. It has a 300CX front end loader with the Heavy Duty Bucket and the bolt on knife edge. I have all the hardware to put a 3rd function hydraulic which I will add this summer, an 8B Backhoe, and a John Deere Pallet fork. I have, since purchasing it, added the John Deere Canopy for the 990 which costs $1000, 4, 110 lb John Deere rear wheel weights which cost $1000, a Bro-Tek bolt on mechanical thumb for the BH which cost $400 and a Bro-Tek Ripper for the BH which cost $385. It is in mint condition and has always been kept under cover.

Thanks

Rob

 

[MAN IN BLACK]

Why don't you just ask your dealer for a market $ value.
You'll be sure to have a good evaluation this way.

 

[MAN IN BLACK]

Why don't you just ask your dealer for a market $ value.
You'll be sure to have a good evaluation this way.

 

[robpm]

Thanks, I appreciate the advice.

 

[robpm]

Here is what a dealer told me my 990 is worth:

Using the Grounds Maintenance Blue Book for Power Equipment Values. I come up with the Used (retail) value of $17,370 for your tractor. Now what its worth to you, or what you can sell it for, maybe a whole different number. This is the number, Your Insurance Company thinks your tractor is worth.

 

[MAN IN BLACK]

You can insure your machine for the amount of $ you want.
But I know by experience if something ever goes wrong...the chances are they will pay you for the amount it is worth on the market at that moment.
If you're comfortable with the number you choose...that's what's important.
My 2005 MF 1455 is now insured for 70% of the $ I paid for it.
Just my opinion...and it's the way it goes here in eastern Ontario !

 

[robpm]

MAN IN BLACK, thanks for the input. I had another dealer comment on the worth of my 990 with all its peripherals. Here is what he wrote:

Attached is a quote for what would be a new version of the 990 with most of the options and attachments you currently own. As you can see the price is around $36,700.00. Based on fair market value, I would put the value of your unit around $28,000.00. Your estimate value of 28,000 to 30,000 is very accurate. Please feel free to contact us with any questions you may have.

 

[MAN IN BLACK]

no problem rob
my pleasure...glad I could help !

 

[robpm]

Just had a 3rd dealer respond and he said the bluebook said it is worth $16,500.

 

[robpm]

OK I did some more digging and looked up this Tractor Bluebook site since this is what 2 of the dealers used for their pricing. This Bluebook only gives you pricing on the tractor without anything else. You can find it here http://www.tractorbluebook.com/Tractor-Blue-Book/John-Deere/990-4WD and it is the 2005 tractor. The price listed here is $16,879. That is for the tractor alone. I have the 300CX front end loader with the heavy duty bucket and knife edge, the Backhoe with an 18" bucket, the mechanical thumb for the backhoe, the ripper for the backhoe, the pallet fork, the canopy and the 4, 110 lb wheel weights. The Bluebook does not take any of those items into account. A used John Deere 8B backhoe is about $4000 and the front end loader I would guess would be another $3000 and if you had to buy the wheel wieghts they would be $1000. and the canopy would be a $1000. So I would think that somewhere around $26k would be in store for what the tractor is worth especially in its present condition.

Does anyone else have any further thoughts?