I think I need insurance

[BrokeFarmerJohn]

Hey guys,

I was searching on here without too much luck on companies to call for insurance on my 4320.

I just got off the phone with my auto insurance lady and I was talking to her about a policy on a truck, I was asking questions on tow equipment, long story short she said the trailer and its contents would be covered with liability of damages they do but would not be covered, basically a total loss on both.

Not too worried about the trailer but the tractor is disturbing so I couldn't get out of her a way that the tractor is covered by the tow vehicles insurance policy.

Based off that information I'm not taking the tractor off my property without its own policy so I know it's covered, threw home owners it's only covered for fire and theft, which I knew and it's never left my place since I bought it.

So my question is what exactly is covered under a tractor policy and who's a good company to do Business with?

I need full coverage in transportation.

My insurance company is Alstate and they don't have a policy for me that would cover the tractor in tow. Thanks

 

[daugen]

http://www.tractorbynet.com/forums/buying-pricing-comparisons/360544-tractor-insurance.html
hope this helps
you need an inland marine policy aka equipment floater

 

[BrokeFarmerJohn]

I saw a lot went threw FB, they look like there backed my nationwide so why not directly go threw nationwide instead of the FB membership route.

 

[kthompson]

I use to sell commercial insurance and think I am 100% correct but gives you questions to ask the agent: I think inland marine will only cover it while being hauled. Do not think it would cover it say while you are using it. Farm Bureau a few years back did sell policy that would cover the tractor all the time from theft to damage such as you dropped a tree on it. Nope did not sell Farm Bureau, bought it on my tractors. Best coverage I found. Now what you find in such coverage and what company will vary greatly from state to state. Your dealer could be a good source on who insures tractors. You will find some dealers handle the coverage them self.

 

[oosik]

My homeowners insurance ( State Farm) covers my tractor and all implements - but only while on my property.

 

[daugen]

I think inland marine will only cover it while being hauled
No, I don't believe so, it's almost always full time coverage, and the broadest possible coverage, all risks.
Not a maintenance contract, if you blow your engine it won't fix it, but if the tractor catches on fire, is stolen,
is in a collision or overturn, all covered.

If you use your equipment for profit, you likely need a farmowners policy, not a homeowners, to cover your liability plus a farmowners policy is designed to list equipment, often incorporating inland marine coverage on a scheduled list. If you are a homeowner like me, in my case retired, and all you want is coverage to protect your tractor if it falls off your trailer, then all you need is a separate equipment floater/inland marine as a standalone policy for physical damage to your tractor, as you don't need special liability if you are not working for profit or being compensated in trade.

Next month I have to go out and buy the exact same policy, because, hallelujah my Kubota is paid off next month after all these years. But during that time Kubota, as terms of the financing, required I buy their all risk insurance to cover their investment, and mine. Now it's all mine and if I take it off the premises, I'm not covered.

The only exception to this is I was allowed to drive my tractor around the block, about half a mile, to get to the other end of my property, and if I was hit out on the road, I would be covered by my homeowners even while off premises, since I was "maintaining my property". But that's me driving my tractor on the road, not on a trailer. On a trailer, ten feet out the end of my lane I am not covered. And several times a year I use my tractor to help friends offsite, not for pay, and unless I want to risk over thirty grand of equipment, depreciated...., I need extra insurance for that, and it would be a marine/inland marine floater.
Just remember, all risks is NOT all risks...as in all insurance, the big print giveth and the small print taketh away.

this question comes up all the time and there are a bunch of threads on this.
Just remember that your homeowners does not have any restrictions on the value of tractors and such equipment as Contents C. So if you have a $200k homeowners with $100K contents, and your $100K new loaded tractor is stolen out of the fields the next day, you will get every penny back. You will get a lot of questions as to why a normal homeowner has a tractor that big and expensive, underwriters aren't dumb, they know all these brands and equipment, that's their job, and if it walks like a duck they are going to ask if it's a duck. If it isn't, and you aren't being paid for work, your tractor is covered entirely on premises by your homeowners.

hope this helps. I'm a retired insurance underwriter.
and I did this on half a cup of early morning coffee!

 

[k0ua]

I think inland marine will only cover it while being hauled
No, I don't believe so, it's almost always full time coverage, and the broadest possible coverage, all risks.
Not a maintenance contract, if you blow your engine it won't fix it, but if the tractor catches on fire, is stolen,
is in a collision or overturn, all covered.

If you use your equipment for profit, you likely need a farmowners policy, not a homeowners, to cover your liability plus a farmowners policy is designed to list equipment, often incorporating inland marine coverage on a scheduled list. If you are a homeowner like me, in my case retired, and all you want is coverage to protect your tractor if it falls off your trailer, then all you need is a separate equipment floater/inland marine as a standalone policy for physical damage to your tractor, as you don't need special liability if you are not working for profit or being compensated in trade.

Next month I have to go out and buy the exact same policy, because, hallelujah my Kubota is paid off next month after all these years. But during that time Kubota, as terms of the financing, required I buy their all risk insurance to cover their investment, and mine. Now it's all mine and if I take it off the premises, I'm not covered.

The only exception to this is I was allowed to drive my tractor around the block, about half a mile, to get to the other end of my property, and if I was hit out on the road, I would be covered by my homeowners even while off premises, since I was "maintaining my property". But that's me driving my tractor on the road, not on a trailer. On a trailer, ten feet out the end of my lane I am not covered. And several times a year I use my tractor to help friends offsite, not for pay, and unless I want to risk over thirty grand of equipment, depreciated...., I need extra insurance for that, and it would be a marine/inland marine floater.
Just remember, all risks is NOT all risks...as in all insurance, the big print giveth and the small print taketh away.

this question comes up all the time and there are a bunch of threads on this.
Just remember that your homeowners does not have any restrictions on the value of tractors and such equipment as Contents C. So if you have a $200k homeowners with $100K contents, and your $100K new loaded tractor is stolen out of the fields the next day, you will get every penny back. You will get a lot of questions as to why a normal homeowner has a tractor that big and expensive, underwriters aren't dumb, they know all these brands and equipment, that's their job, and if it walks like a duck they are going to ask if it's a duck. If it isn't, and you aren't being paid for work, your tractor is covered entirely on premises by your homeowners.

hope this helps. I'm a retired insurance underwriter.
and I did this on half a cup of early morning coffee!

Daugen, you can keep your KTAC if you want on your 'bota, even though it is paid off. I still have KTAC on my Kioti. It is paid off. They let me put KTAC on the Kioti, even though it is an "off brand", because I was a good previous KTAC customer.

 

[daugen]

Daugen, you can keep your KTAC if you want on your 'bota, even though it is paid off. I still have KTAC on my Kioti. It is paid off. They let me put KTAC on the Kioti, even though it is an "off brand", because I was a good previous KTAC customer.

thanks Jim. I've been waiting for that happy little letter saying let's talk about the final payment, and of course, your insurance is ending.
Should be coming shortly.

 

[k0ua]

thanks Jim. I've been waiting for that happy little letter saying let's talk about the final payment, and of course, your insurance is ending.
Should be coming shortly.

It is kinda nice to get that letter isn't it?

 

[powerstroke444e]

Most farm bureau insurance companies or County financial ( a farm bureau company) sell policy for people that are on 1 or more acres in rural areas that equipment coverage can be purchased. But if your doing work for others you need a commercial policy. Most start at $750 and go up from there.

 

[Fallon]

My commercial liability policy for the side gig mostly mowing is around $750 a year. I have KTAC through Kubota. Looked for alternatives wth the first Kubota. All the other policies I could find to cover just the tractor were more than KTAC with worse deductables. Didnt bother insurance shopping on the new one & just went KTAC.

 

[BrokeFarmerJohn]

I'm having a few companies track down quoits for me on the tractor. Nobody has thrown a number out yet.

I just picked up a F350 flat bed and my current insurance company (Allstate) can't insure it, they say it's a commercial truck and can't do anything for me so I shopping for everything, house and all. We will see.

 

[CincyFlyer]

My homeowners insurance ( State Farm) covers my tractor and all implements - but only while on my property.

I also have State Farm; it runs about $350/year for a separate rider that covers the tractor in transport and off-site for non-commercial purposes.

 

[kthompson]

No, I don't believe so, it's almost always full time coverage, and the broadest possible coverage, all risks.

I realize it has been a few years since I sold P and C but find it hard to believe inland marine is almost always full time coverage and in reviewing what some different companies said about their inland marine coverage on the internet found the term "limited coverage" used right often. Not saying you are not right for markets and companies vary a good bit. Wills say this to anyone, just cause a company or agent tells you something is coverage does not mean it does. All make mistakes, ask them to show it to you in YOUR policy and if your reading does not agree with their reading ask them to write in there it does what ever they are saying and sign it.

 

[daugen]

Ken, I agree, all coverage is "limited", the fine print taketh away part. All risks does not cover mold, breakdown, inherent vice (manufacturing problem), and it might not even cover earthquake, landslide, flood; yes you have to read the exclusions. The first thing you do on an all risk policy is look at the exclusions, and yes, you sure do have to read the verbiage or have it explained to you. If you live near water, really important to make sure flood is covered. But as far as transportation coverage, the term inland marine was based on the original marine insurance, and it always inferred goods in transit.

I used to teach this coverage word by word, every personal and commercial policy to trainees at Travelers Ins in Hartford. Every word was studied, punctuation sometimes affecting degree of coverage. Yes, that's been almost thirty years ago, but this insurance is based on old English law going back many hundreds of years. Updated constantly, I would absolutely agree with you that insurance companies, to maintain profit or even to stay solvent, are cutting back coverage in areas that are clearly hurting them. And caveat emptor, buyer beware, know what you are covered for, and YES, get it in writing.

I always get my insurance agent to zip me an email confirming our conversation and understanding. If the agent goofs and misstates, there is E&O coverage to pay for the claim but that is a serious hassle. You for sure want to get it right the first time and all expectations should be met. If you think you are covered for flood, and you live along the coast or a big river, I would sure be extra careful to make sure flood is covered.