Trouble finding insurance for tractor

[Diggin It]

KTAC both emailed and called as soon as I paid my loan off early to see if I wanted to continue coverage. Did they not contact you or was there a reason you elected not to go with them again? Just curious.
For $155 in my particular situation I decided to try a year with them and decide next year if I want to continue or not.

My understanding is that they cover mechanical breakdowns and other things no insurance company will. I'm not even sure JD's coverage does that.

Home/farm insurance covers only theft, fire, storms, maybe flood, but nothing related to machine failures

I'd say, if you have it and can keep it after the loan is paid off, that might be the best way to go.

Unless, maybe that part of it doesn't continue after the initial warranty period?

 

[JJZ 109]

My understanding is that they cover mechanical breakdowns and other things no insurance company will. I'm not even sure JD's coverage does that.

Home/farm insurance covers only theft, fire, storms, maybe flood, but nothing related to machine failures

I'd say, if you have it and can keep it after the loan is paid off, that might be the best way to go.

Unless, maybe that part of it doesn't continue after the initial warranty period?

The rep that I spoke with over the phone says that it's theft, fire, physical damage due to to accident, etc. that's covered by KTAC but mechanical breakdowns were not covered.
Maybe they were during the loan period, I can't say for sure. But now that I've paid the tractor off I'm told no on mechanical breakdowns.

 

[PILOON]

My homeowner's said covered as would be any rider mower when I read them the specs for my Mt180D as long as it was on my property.
Few years later they changed the specs to exclude any tractor that had a FEL.
Guess they read up on CUT's and their capabilities.

Then is our highway code.
Here in Quebec the code reads that any motorized vehicle capable of carrying a human must be licensed be it on or off road.
Now that obscure law would make any LEO's quota easy to attain should he desire.
We do however have a "P" plate for off road vehicles which contractors use for their tracked equipment as "W" (work plates) are very costly.

 

[Doughknob]

Without insurance I would automatically be considered at fault.

Where i grew up and here, insurance is not required for farm equipment on roads. No fault issues as long as i have the SMV emblem and lights as wide as the equipment.

 

[Doughknob]

If you are proposing not carrying insurance, ....ask me.
In 1987 I had a fire loss of $240,000.
I figure that I could pay homeowner insurance premiums for well over 100 years, and still be ahead of the game.

But you are the exception. That is what i am saying - odds are much higher you won't need insurance than you will. And IF you are a gambler (lottery inc there) then you should understand odds.

But if you are Not a gambler, and just simply very risk averse, then yes u need insurance for peace of mind......

 

[kthompson]

You will find thread after thread on this. First even with each company what they will offer can and most likely will vary from state to state and sometimes even within a state. Second the coverage between the plans vary greatly as has been said in various words. Kubota or John Deere's coverage cover the equipment "I" have found to be the best but you are paying the price of course. Yes they often end with loan pay off and my JD dealer pointed that out to me when buying and said not to pay off early for that reason even if you only had $100 owing.

I have no doubt many agents or agencies who sell homeowner insurance would be slow in answering you on covering the tractor EVEN if their company will. They just don't sell it often and what they make is so little it is honestly not near profitable for the time they will spend to get the info they need. However if they have your home and or other coverage they should consider the over all profit of the business and not just this one coverage.

I am in SC and here FB insured my lasted tractor but only because I had other coverage with them. If all else fails call an agency who sells commercial insurance, you know for businesses and they should had product but at a price above what you are reading here. I have no idea in NC but if it will be on the road even mower should verify if you are required to have insurance in case of an accident.

 

[logix]

Try Farm Bureau. They do farm and ranch equipment and liability.

 

[Menagerie-Manor]

Where i grew up and here, insurance is not required for farm equipment on roads. No fault issues as long as i have the SMV emblem and lights as wide as the equipment.

Generally the insurance requirement is tied to financing requirements rather then liability.

 

[JJZ 109]

Got a reply from KTAC today. $39 a year to add the loader to my current $155 policy.

 

[sixdogs]

An Inland Marine policy if you want a stand alone tractor policy.
Virtually all agents can sell them.

That's what we did before we had a farm policy.

 

[Thomas]

Tractor insurance under our homeowners 100% the only catch is name...names will only cover tractor if leaves property for use.

 

[Jstpssng]

Where i grew up and here, insurance is not required for farm equipment on roads. No fault issues as long as i have the SMV emblem and lights as wide as the equipment.

I wasn't talking about that. I was referring to what happens if you do get into an accident. I just checked, I pay 60$/year for liability insurance with a $500K limit. Mine is on my commercial auto policy, and looking at some of the numbers others are paying, I may retain that but change my comprehensive coverage to another company.

 

[sixdogs]

Tractor insurance under our homeowners 100% the only catch is name...names will only cover tractor if leaves property for use.

Most policies I'm aware of only cover tractors off the property if they are going from one field to another for ag purposes. No coverage if going out on a paying job unless you have business coverage for that and it includes a schedule of physical property covered. In other words, take your tractor down the road to mow something for a neighbor and you do not have physical asset coverage.

You'll need an umbrella rider on your policy for liability and you will not have coverage on tractor damage unless the assets are "scheduled", meaning detailed and you are paying for their coverage. This is the way my farm policy works now and I do not know of anyone with a different setup around me.

Only way to know for sure is to sit down with insurance agent, ask questions and take notes. Then, look it up in the policy and read to verify.

 

[PILOON]

I'll add to this discussion.
Next U have a 'not so ethical agent' that will give U a nice quote.
When U get to read the fine print U find that U are 1/2 mile outside of the range that will cover U , or some other escape clause.

Gee, I should have been a lawyer with a loupe to read the small print clauses!
The one that always worries me is that clause that claims 'major upsurps or war measures act'.
Example: was the riot @ the US an riot? Civil war? or whatever clause to exempt claims payments.
No matter insurance fees are on the rise.
Vehicles today have so many sensors that even a Pickup truck tear bumper is listed @ $3-4000!
And now they have built in sensors on every corner of your car.
None are bare bones priced but complete with every sensor.
Check out windshields.
Many have sensors built in so that a mere stone chip will cost your insurance $3000 .
(Some windshields need a computer to be installed!)

 

[Jstpssng]

^^^^^
That windshield cost is my biggest gripe. It's not uncommon to lose one every two years, and with a $1000 deductible it can be expensive. Even the part covered by insurance costs; they aren't doing it as a charity. Is it really that much effort to turn on the windshield wipers?

 

[Doughknob]

I wasn't talking about that. I was referring to what happens if you do get into an accident. I just checked, I pay 60$/year for liability insurance with a $500K limit. Mine is on my commercial auto policy, and looking at some of the numbers others are paying, I may retain that but change my comprehensive coverage to another company.

So you mean if someone hits you and damages your equipment? Isn't that what HIS liability for? To pay you for such damages? I know lawsuits surely work for that case also. So still see no need for insurance on farm equipment......

 

[Jstpssng]

So you mean if someone hits you and damages your equipment? Isn't that what HIS liability for? To pay you for such damages? I know lawsuits surely work for that case also. So still see no need for insurance on farm equipment......

The way that Maine law reads, if you're in an accident without insurance the onus is on you to prove that you aren't at fault. For 60$/year, it isn't worth it to me to take that chance. I have 1/4 mile of frontage on a town road with light traffic and am on it several times every week... or multiple times every day when I'm cutting wood.

 

[JJZ 109]

Got a reply from KTAC today. $39 a year to add the loader to my current $155 policy.

I know, quoting myself here but there's a reason. The email that I received from the KTAC rep on 7/9 clearly stated that I would have to do it that very day if I wanted to add the loader to the policy.
So I called the phone number and the individual's extension provided at about 1:30 PM eastern time. I believe that KTAC is on central time so I just assumed that maybe it was lunch time there and I got the person's voicemail. I left a message stating that I would like to proceed and add the loader to the policy that we had been discussing along with my name & contact information. No one ever returned the call. I replied to that email to inform the person that I generally don't chase people to take my money and that we'd just forget about adding the loader.

 

[Grandad4]

That's pretty good. Not knowing any better I just purchased a year from KTAC for my BX2380 for $155. Which I didn't think was horrible. Fire, theft, & physical damage pretty much.
I just paid the tractor off 3 years early so that cancelled the KTAC policy that was in effect during the loan. I had a certain window of time to act to keep KTAC. But when I questioned whether they'd cover the LA344 loader that's on the tractor in the event of damage they said no. Even though it was dealer installed before delivery. I think because the loader was not on the loan paperwork as I paid for it up front and didn't roll it into the loan they wouldn't cover it.

Interesting. KTAC was quite happy to add a factory backhoe to my coverage when I bought it for my Grand L after a couple of years. Of course that was quite a while ago and maybe things are different now. Never had a claim with KTAC but appreciated the coverage.

 

[Doughknob]

The way that Maine law reads, if you're in an accident without insurance the onus is on you to prove that you aren't at fault. For 60$/year, it isn't worth it to me to take that chance. I have 1/4 mile of frontage on a town road with light traffic and am on it several times every week... or multiple times every day when I'm cutting wood.

Wow. I am glad i don't live on maine then. "Fault" should have nothing to do with having insurance or not. Something isn't right with that political illogic. Thanks for explaining...