Security & Theft Tractor insurance?

[davygp38]

I had to get insurance as part of Kubota finance. The insurance from Kubota was expensive. My insurance agent was able to put a rider on my homeowners policy that covers my tractor anywhere, and it was about $100 a year cheaper. I belong to a hunting club. My tractor has been up there for four months. I specifically asked if it was covered when away from my home, answer was yes. If it is on a trailer being transported, it is covered under your automobile policy. Not all insurance is equal, so you better talk with your agent.

 

[nikdfish]

When we bought the 3038e, I checked with State Farm to see what a comprehensive coverage policy would cost to cover it at & away from the primary residencial address for non-commercial use. The quote was something like $350 or so per year. Insurance via John Deere Credit (only offered during the loan period) was $360 for the full 60 month span, paid in monthly increments. Needless to say, we are doing the John Deere thing until it is paid off...


Nick

 

[WM75Guy]

All of my equipment is on my farm/ranch policy with Texas Farm Bureau. The Texas AgAdvantage policy covers the land, house, outbuildings, liability, and equipment. The premium for my 8N is $69 a year.

 

[MessickFarmEqu]

I had to get insurance as part of Kubota finance. The insurance from Kubota was expensive. My insurance agent was able to put a rider on my homeowners policy that covers my tractor anywhere, and it was about $100 a year cheaper.

When we see this, the agent did not provide the same level of coverage. The KTAC insurance is setup to be a break even program for Kubota. Its not a profit center, it protects their investment in the tractor and probably enables them to borrow money at a lower rate. When we've seen guys do true apples to apples comparisions (the new forms force that) I've yet to see KTAC be more expensive.

 

[Jstpssng]

Mine is on my commercial auto policy... Full coverage on the tractor costs me under $150/year. I'm often in the road in front of my house and it gives me piece of mind.
Before I had a Marine policy for comprehensive, but had to also put it on my GL policy for liability coverage.

 

[Jay4200]

Can I buy some kind of insurance for my tractor like auto insurance? For what I paid I would like some piece of mind should something happen. Thanks for your replies.

More than likely, it's already covered by your homeowners insurance, unless you are hiring it out. I'm sure they'd be happy to sell you extra insurance, but you don't need it.

Check you policy - I bought a large parcel of unimproved land, went to get insurance for it, and found out that it was already covered by homeowners with my primary home - at no extra charge.

JayC

 

[crazyal]

What you want is an Inland Marine insurance policy. Don't worry about the word marine, it has nothing to do with boats. Mine costs me $5 per insured $1000 of coverage. I can set the amount that I feel the tractor is worth and in turn the amount of coverage.

For me I only have enough coverage to cover the my tractor and either the loader or the front mount snow blower. It just didn't make sense to cover both since both will never be on the tractor at the same time. If the tractor is in the garage that burns down my homeowners will cover anything that the inland marine policy will not.

I looked into KTAC but found it to much more expensive ($360 vs $125) and when I asked if I could do like I said above (insure the tractor with just enough to cover it and the attachment currently on it) I a got kind of murky answer of no. One dealer told me that I would have to buy one of the attachments with cash, he would give me the same discount as he would have if I bought it as a package but it would need to have it's own policy to be covered, basically I would have to choose which attachment I wanted coverage on while the other would be uninsured.

 

[dmccarty]

My tractor was first covered by JD since they had the loan and it was the best price for coverage. When I paid off the loan our home owners company would not cover the tractor. The could not even get their head around the word tractor. They thought it was a riding lawn mower.

Eventually we moved to Farm Bureau for house, auto, tractor, etc. They were cheaper than our old company and they understood the world "tractor." We had a car accident a few years ago when a lady did not yield at an intersection and hit us. Farm Bureau was EXCELLENT. The Bone Cracker loved them since they fully paid his bills and QUICKLY. They also answered all of our questions. They have an office three miles from us. The agent is great and knows us.

As mentioned you will need an Inland Marine policy.

I had been thinking about getting us an Umbrella policy and the car accident made me get coverage. Cheap and covers us for almost anything. One of the reasons we got the Umbrella coverage is that I sometimes mow and grade our road which is owned by various people. And people sometimes drive up our private road and drive. I wanted protection in case the mower every kicked up a rock or stick....

Later,
Dan

 

[WM75Guy]

I am in the process of getting an umbrella policy thru Texas Farm Bureau. Farm policy has $1,000,000 liability. Had to up my vehicles to $300K/$500K/$300K, cost me an additional $56 a year. $2,000,000 umbrella is $250 a year.

 

[Rockgod]

When we see this, the agent did not provide the same level of coverage. The KTAC insurance is setup to be a break even program for Kubota. Its not a profit center, it protects their investment in the tractor and probably enables them to borrow money at a lower rate. When we've seen guys do true apples to apples comparisions (the new forms force that) I've yet to see KTAC be more expensive.

Very true. My agent (Met-life & Home) confirmed KTAC rates would be below anything he could offer.