tractor insurance queston ?

[Grumpy Old Man]

Hi all , Ok so I just called my State farm agent and they gave me a quote for theft insurance on my new to me John Deere 855 mwfd fel tractor for $10,000.00 coverage they quoted me at $275.00 a year with 0 deductible ,I told them the tractor would be on my property that I am building out and behind a locked gate and until I can get the pole barn up it would be living under a tarp and unseen from the road , i have been trailering it back and forth but my current home is 60 miles from there and I wanted to able to sleep at night because the tractor is basically a rolling savings account . I know many of you are way more knowledgeable than me on this is this a good quote ?

 

[murphy1244]

Hi all , Ok so I just called my State farm agent and they gave me a quote for theft insurance on my new to me John Deere 855 mwfd fel tractor for $10,000.00 coverage they quoted me at $275.00 a year with 0 deductible ,I told them the tractor would be on my property that I am building out and behind a locked gate and until I can get the pole barn up it would be living under a tarp and unseen from the road , i have been trailering it back and forth but my current home is 60 miles from there and I wanted to able to sleep at night because the tractor is basically a rolling savings account . I know many of you are way more knowledgeable than me on this is this a good quote ? View attachment 290544

When you say 10 grand, does that mean total loss they pay you the 10 gs or up to 10 grand.

 

[Pharm]

That seems a little high to me. I got over $27K coverage for a little over $300/yr. with KTAC. I think I have a $300 deductible. Covers more than theft too.

I called my State Farm agent before KTAC and he said he couldn't write me up a quote.

 

[Grumpy Old Man]

When you say 10 grand, does that mean total loss they pay you the 10 gs or up to 10 grand.

State farm covers all our stuff and for us they work great ,they will not write a "tractor' policy but they will write a personal OWNED article policy for anything you OWN that is not financed and covers theft, vandalism, flood , fire , no comp or collision .and pays 10,000.00 for total loss anything else "vandalism" pays to restore it to insured condition ,I had to provide pictures and serial #'s and pictures of locked gate at the property

 

[kiotiken]

I think insurance varies widely by location. When I bought my CK30 with Woods bh (bought new), I convinced my insurance company to cover it under my home policy. At first, they weren't very interested since it was over 20hp, and then they put conditions on that didn't work like the coverage is only good on my property. I finally convinced them to cover it as long as I didn't make any money with it. I think it was an extra $100/year on the policy. When I traded up to the DK45 Cab (again new), they increased it another little bit, I think I pay about $130/year for it. I know not everybody is so lucky and most insurance won't cover them at all and at first I was told I would probably have to get farm insurance.

 

[kiotiken]

Oh ya, nice tractor. My first tractor was a JD 955 that I tore appart and fully restored. It was great, but had a rough life before I got it and needed too much tinker time. Traded for the CK30 and made a bunch of money on it.

 

[nybirdman]

In New York State any-way;mine is covered under my home owners at no addittional cost.

 

[Grumpy Old Man]

I think insurance varies widely by location. When I bought my CK30 with Woods bh (bought new), I convinced my insurance company to cover it under my home policy. At first, they weren't very interested since it was over 20hp, and then they put conditions on that didn't work like the coverage is only good on my property. I finally convinced them to cover it as long as I didn't make any money with it. I think it was an extra $100/year on the policy. When I traded up to the DK45 Cab (again new), they increased it another little bit, I think I pay about $130/year for it. I know not everybody is so lucky and most insurance won't cover them at all and at first I was told I would probably have to get farm insurance.

Yes they told me if it was kept and operated on my current location the cost would be minimal ,but because it would be basically be on the new property it would not be covered by homeowners policy and for less than $25.00 a month I guess it's not to bad at least I will be able to sleep at night and not worry about it (much)

 

[woodlandfarms]

In our state, a Tractor is covered under home owners when outside a farming operation (legit, incorporated, not gentleman). If the tractor ever leaves the property, outside of driving too and from addtional parcels, you are not covered. The idea is to keep people from using it as an income device, where it would then be more of a risk.

 

[murphy1244]

State farm covers all our stuff and for us they work great ,they will not write a "tractor' policy but they will write a personal OWNED article policy for anything you OWN that is not financed and covers theft, vandalism, flood , fire , no comp or collision .and pays 10,000.00 for total loss anything else "vandalism" pays to restore it to insured condition ,I had to provide pictures and serial #'s and pictures of locked gate at the property

If State farm puts that in writing, sleep tight. I dropped them over tractor insurance.

 

[Grumpy Old Man]

If State farm puts that in writing, sleep tight. I dropped them over tractor insurance.

well they just emailed me the policy and discounted it 2.5 percent (whoopee !) because we have automatic withdraw payments , I was just worried about leaving a piece of equipment basically out in the woods and being 60 miles away .At least this way I may lose a good tractor but I won't lose all the money it costs to get another one . Now to get to work on that pole barn asap !

 

[Lou66]

sounds fair to me,, I live in Texas and I don't live on my farm/ranching property I have several pieces of large equipment that would be I guess in the 100 thousands dollars.. I pay around 1300 a years at 500 deductiblefor all of it.. Lou

 

[cmore]

Farm Bureau quoted me $10/$1000. So your quote seem high.

 

[LJH]

We're in rural Southern Utah. All our insurance is with State Farm and Baby John is covered for her replacement value of $18,000 for $175 a year ($1000 deductable). Theft isn't something we worry about but I will occasionally be rolling on public roads and there's always the outside chance we go over a cliff or something.

 

[Pharm]

We're in rural Southern Utah. All our insurance is with State Farm and Baby John is covered for her replacement value of $18,000 for $175 a year ($1000 deductable). Theft isn't something we worry about but I will occasionally be rolling on public roads and there's always the outside chance we go over a cliff or something.

Maybe you can get a dual policy (tractor AND LIFE insurance)

 

[murphy1244]

Maybe you can get a dual policy (tractor AND LIFE insurance)

that was good!!

 

[lutt]

I would have to look,but mine is around a 120 dollars a year. 70 for the tractor and implement theft. and the rest for liability, as in if it falls off the trailer while hauling,destroying something on the tractor while using, knocking out a window while bush hogging,etc. Mine is thru Farm Bureau Insurance. But I also have 2 homeowners policys whith them. Keeps the rate down somewhat. LUTT

 

[LJH]

Maybe you can get a dual policy (tractor AND LIFE insurance)

Oh yeah, they've been trying to sell me life insurance for years. :laughing: No thanks. Don't have any family and the spouse will be just fine, thank you.

 

[Grumpy Old Man]

Farm Bureau quoted me $10/$1000. So your quote seem high.

i am insuring the tractor off my "home" property with no building to store it and no security otherwise it would be covered on home owners .Altho it will be behind a locked gate I live 60 miles away and don't want to take the chance of losing it to theft on an unimproved lot in the woods .

 

[murphy1244]

Oh yeah, they've been trying to sell me life insurance for years. :laughing: No thanks. Don't have any family and the spouse will be just fine, thank you.

What about baby john???