Insurance Recommendations for insuraance

[bwalley]

Just a quick request on what some have found to be the best and/or most cost effective insurance for a new CUT. I have been quoted $250/year for rollover,theft, vandalism, collision and limited damage repair- (but not for burning should I use it for adding wood to a burning pile)

 

[bwalley]

bump up

 

[edgarrian]

home owners should take care of it. I use mine to add to the burn pile and not once thought that it would go up in flames.

 

[Ivan49]

Check with your home owners but make sure to ask if it is covered off you property

 

[AxleHub]

Just a quick request on what some have found to be the best and/or most cost effective insurance for a new CUT. I have been quoted $250/year for rollover,theft, vandalism, collision and limited damage repair- (but not for burning should I use it for adding wood to a burning pile)

Bwalley,

With all due respect, you are leaving out the most pertinent piece of info. . . . that new tractor . . . What brand is it?
Kubota offers very good options on their products and Massey has even a bit better. I don't know about the other brands.

But be aware of the idea of just relying on Homeowner's coverage unless you get a rider added to the policy specifically for your tractor. Virtually all homeowner's policies do NOT cover the list of items you showed in your post unless you have a rider on you policy. Think of homeowner's coverage as merely personal property coverage. . . Not moving or using coverage. That is why your vehicles have a separate policy.

Now as an example, a rider on my homeowner's for my SCUT would have been $285 a year and still would not have covered acts of God like flooding. But my Massey qualified for Massey insurance and that was less than $300 for 5 years of coverage that does cover flooding etc.. Now a farm policy is a different thing than just homeowner's because a farm is a commercial endeavor and potential policies are different than just homeowner's.

I don't know of any policy under normal purposes that covers fire when you intentionally and willfully move your tractor into and close to a burning area.

The real key to insurance is to understand that "using something" is different than "having something". That why rollover coverage is not part of homeowner's coverages unless specifically with a rider.

 

[edgarrian]

I guess for me I don't see a good reason to insure it if you only use it on your own property. I don't think i have ever heard of limited damage repair. What does that exactly cover. And lets be honest of things u listed that you would be covered for theft is about the only one that may happen and thats a big if. Rollover, vandalism, collision, and the limited damage repair isn't necessary. It all sounds good and gives you that peace of mind if you are really that worried. I had a excavating business so it sat onsite many times and not once did it get vandalized. If your a decent human being chances are you won't need to worry about that. Id save the 250 and invest in a needed or wanted implement.

 

[TheMan419]

Check w homeowners. I have a farm policy. It is covered as part of just my possessions. I am getting a quote to add it and implements as a rider for better coverage.

 

[George2615]

I have my LS insured thru CNH Physical damage Insurance. It covers most any damage on or off property and I have implements covered too. If I remember, the policy is Inland Marine thru CNH.
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital

 

[gunmonkeyintl]

I also have an Inland Marine policy, through Farm Bureau Insurance.

I honestly couldn't tell you what it costs, because they also have our home and cars, and our Rep gave me a package deal.

The reason an Inland Marine policy is important is that most "tractor" or homeowners policies do not cover you when you're off your property. The Inland Marine policy covers you when you're, say, trailering it to the shop for warranty work, helping the neighbor across the road right the skid steer he flipped, or, in my case, driving on my state-maintained dead-end road the 700 yards it takes to get to my bottom barn and pasture.

State Farm had all my policies until I bought the tractor. I asked, specifically because of advice I got on here, for an Inland Marine policy, and they just wanted to keep arguing with me that it wasn't a boat.

I walked into Farm Bureau and told them I needed to insure a new tractor, and they said "now, this is going to sound crazy, but what you really need is an Inland Marine policy. Let me show you what we got." An hour later, they had all my policies.

 

[von-mil]

I'm looking at my homeowner's renewal bill right now. I added a farm equipment rider 2 or 3 years ago and I was thinking of removing the rider but after viewing this thread I think I'll leave it for another year. It's $150 for the year and, yes, the rider is through Inland Marine.

 

[bwalley]

My homeowners won't cover it for off property use and I use it off property frequently.

 

[kthompson]

Inland Marine, the marine means cargo or being hauled and inland means on land. Some insurance terms are old English such as this is.

It has been about 16 years since I sold property insurance and I keep saying you check what is available in your state for that coverage varies from state to state greatly and between companies greatly. I have own tractor(s) for a few years now three and one mini excavator. Dropped my insurance on my tractors and excavator about 5 years back due to they are seldom used off our property and our farm liability covers them for damage to others. Then bought two years ago used JD and had insurance with Sentry through JD on it for financed part of the purchased. It has paid off twice, once boom mower came lose while using it and damaged left fender and the second time damage fel removing tree from mother in laws house. Paid I think somewhere about $500 for the coverage for four or five years. It probably has paid for $3,000 to $4,000 in repairs. But compare the overages very carefully. I do find it interesting they say they will not cover it if it were to burn due to you moving items to a fire. I would want to see it say that in the contract. So if you get too close to a fire no coverage but get to close to the side of a hill and it rolls it is covered?? The agent may be correct but I would have to read that contract for myself to believe it.

 

[bwalley]

Specifically stated about burning piles

 

[vvanders]

I would not insure through your homeowner's policy. Quite a few of them will drop you if you make a single claim and then not re-insure causing all sorts of problems.

Dedicated insurance shouldn't be too bad if it's a reasonable policy.

 

[bdog]

If you have a secure place to store your tractor at your house like in a shop or barn I wonder if insurance is even necessary. If I kept it at a remote farm where no one lived, or outside I would probably insure. For me the odds of something happening to it are so low I don't insure mine. Not against insurance at all I spend over 10k a year on insurance for various things like equipment that gets taken to and left at job sites and such but I don't worry about my tractor.

 

[AxleHub]

I'm surprised that some believe theft is the determining issue for their tractor insurance decisions. My homeowner's insurance still covers what it can at no additional cost to me but there are lots of things my separate insurance covers that is not in homeowner's. Like coverage when I take it to the dealer for service, or rollover coverage or flooding or wind damage or if I'm down at the neighbor's with my unit etc. Etc. Etc.. And I'd add that my tractor coverage has a much lower deductible than my homeowner's.

 

[bdog]

I'm surprised that some believe theft is the determining issue for their tractor insurance decisions. My homeowner's insurance still covers what it can at no additional cost to me but there are lots of things my separate insurance covers that is not in homeowner's. Like coverage when I take it to the dealer for service, or rollover coverage or flooding or wind damage or if I'm down at the neighbor's with my unit etc. Etc. Etc.. And I'd add that my tractor coverage has a much lower deductible than my homeowner's.

If you take it other places then yes insurance makes sense. Mine never leaves my house. If my tractor gets flooded I have bigger problems because God is mad and flooded the whole earth again. I can't envision rolling it with the lay of my land. Wind? - maybe a tornado. I will take my chances. A lot of these scenarios may be different for others.

I don't mean this as a brag but I have well over a million dollars of equipment between my personal and my business things. Insurance can be very expensive over the long term. I spend a lot of time evaluating risks and decide what to insure and what to not insure based on the likelihood of something happening. I guess you also have to factor in your ability to replace something without insurance should something happen.

Another way to look at it is insurance companies make a profit. Specifically what they take in in premiums minus what they pay out in claims leaves them with a profit. They also have to pay for overhead, adjusters, salesmen, advertising, etc. In most cases if you can afford it should disaster strike you are better off self insuring.

 

[CincyFlyer]

Check with your home owners but make sure to ask if it is covered off you property

Mine is covered only on my property (State Farm, in Ohio); when I venture over the property line, I'm on my own. It would cost about $350/year to have full coverage anywhere, unless I was doing commercial work, in which case the price goes waaaaaay up ...

 

[edgarrian]

This is exactly how I see it. Heck I didn't get health insurance until I was 30. I could have but my thought was I'm young and healthy. Ill always have health insurance now just b/c I'm older. I know it was a risk on my part and should anything have happened then yea I would have been screwed. I was willing to take the risk.

If you take it other places then yes insurance makes sense. Mine never leaves my house. If my tractor gets flooded I have bigger problems because God is mad and flooded the whole earth again. I can't envision rolling it with the lay of my land. Wind? - maybe a tornado. I will take my chances. A lot of these scenarios may be different for others.

I don't mean this as a brag but I have well over a million dollars of equipment between my personal and my business things. Insurance can be very expensive over the long term. I spend a lot of time evaluating risks and decide what to insure and what to not insure based on the likelihood of something happening. I guess you also have to factor in your ability to replace something without insurance should something happen.

Another way to look at it is insurance companies make a profit. Specifically what they take in in premiums minus what they pay out in claims leaves them with a profit. They also have to pay for overhead, adjusters, salesmen, advertising, etc. In most cases if you can afford it should disaster strike you are better off self insuring.

 

[AxleHub]

In my case I have $1,000 deductible on my homeowner's. My Massey Insurance is $500 deductible. And my cost for 5 years of coverage is $285. I like the odds that I'll come out good by having the policy. Especially when you consider I have slopes and hills in abundance.

And while I live on high ground - rain falls on all of it and recently we had considerable flooding near us (FEMA is coming). We've had hail 3 times this year - a mile away they got 2 inch hail while we got pea size. And last year there was a tornado 1 mile away.

I'm just not sure where there is "safe" places to live anymore. What state hasn't been hit in the last 2 years with weather or fire situations ? Or a tree falling on something like my friend's last week in town.

We all do what we think is best - but "safe" is not an adjective used for rural, urban, or suburban anymore it would seem. At $285 for 5 years coverage - that's pretty low cost protection that works on top of my homeowner's. Had I gotten a homeowner's rider - it would have been $275 per year with the same $1,000 deductible.

By the way - has the OP ever answered my question what brand of tractor is his new one going to be. I know my dealer had never offered the manufacturer's insurance until I asked about it and had them check on it for me. Now they offer it often. LOL