Trouble finding insurance for tractor

[Torvy]

Our policy covers liability if anyone gets hurt on our land. We can then add a rider for specific equipment once it is purchased. My agent is a good guy. Goes to my church. Actually helps us save money. Whomever said you don't know until you have a claim is right. We don't have the cheapest insurance, bit have been happy when we needed a claim.

Business use can often lead to nonpayment. It is also a problem if you get a passenger vehicle loan (including pickups). If the vehicle is being used commercially, the loan has to go to the business and the rates are usually higher.

 

[BoylermanCT]

I'm in the process of upgrading my insurance. Getting policies for my 2 trailers. While towing they are covered by your auto policy, but if stoles from your yard, they are not covered unless you have policies for them. Policies were less than $100 total for both trailers.

Asked about my tractor, and was told homeowners covers if stolen off property, but if I am trailering it and get in an accident, there is no policy that covers the tractor. My agent owns a tractor too, and said they looked for a policy to cover the tractor while trailering and off property, but could not get one.

 

[fried1765]

I'm in the process of upgrading my insurance. Getting policies for my 2 trailers. While towing they are covered by your auto policy, but if stoles from your yard, they are not covered unless you have policies for them. Policies were less than $100 total for both trailers.

Asked about my tractor, and was told homeowners covers if stolen off property, but if I am trailering it and get in an accident, there is no policy that covers the tractor. My agent owns a tractor too, and said they looked for a policy to cover the tractor while trailering and off property, but could not get one.

I do not believe this to be correct!
You should be able to buy an Inland Marine policy from most any general insurance agent, that will cover your tractor against any type of loss anytime, anywhere.
I bought a one year policy written by Inland Marine for $32,000 tractor coverage (I think $500 deductible) two years ago, for $500 per year.

 

[Tractor Time with Tim]

My homeowner's insurance agent has been exceptionally slow to respond to my inquiries so I have been looking for another company to provide a standalone quote for my new tractor.
I have connected with the major companies with no luck. I am in NC if that helps.
I am not a business owner, it is just a hobby tractor.
Any ideas are greatly appreciated.

We have lots of insurance episodes on our YouTube channel.

We partner with Country Financial, our insurance provider, so that we can provide accurate information.

You can submit your personal questions to Insurance Questions - Tractor Time With Tim. My agent (who insures LOTS of small equipment like ours, as well as homes, autos, and large farms will reply.

I’m pretty sure he writes policies in NC. (28 states total).

Tim

 

[fried1765]

We have lots of insurance episodes on our YouTube channel.

We partner with Country Financial, our insurance provider, so that we can provide accurate information.

You can submit your personal questions to Insurance Questions - Tractor Time With Tim. My agent (who insures LOTS of small equipment like ours, as well as homes, autos, and large farms will reply.

I’m pretty sure he writes policies in NC. (28 states total).

Tim

Inland Marine Insurance policy.....sold by most independent insurance agents.

 

[marhar]

My homeowner's insurance agent has been exceptionally slow to respond to my inquiries so I have been looking for another company to provide a standalone quote for my new tractor.
I have connected with the major companies with no luck. I am in NC if that helps.
I am not a business owner, it is just a hobby tractor.
Any ideas are greatly appreciated.

I would give Farm Bureau a try. They were the only local company I could find that would sell liability insurance on farmland that was not adjacent to my home.

 

[Torvy]

I would give Farm Bureau a try. They were the only local company I could find that would sell liability insurance on farmland that was not adjacent to my home.

Insurance is primarily governed by state law. We have had All state in 4 states for 30+ years. Somethings were different with same company in different states. Be forewarned, just because a company operates in many states, it does not mean they can offer the same coverage in all states (no pun intended). Our liability policy covers our non adjacent farmland and it was pretty cheap.

 

[fried1765]

Our policy covers liability if anyone gets hurt on our land. We can then add a rider for specific equipment once it is purchased. My agent is a good guy. Goes to my church. Actually helps us save money. Whomever said you don't know until you have a claim is right. We don't have the cheapest insurance, bit have been happy when we needed a claim.

Business use can often lead to nonpayment. It is also a problem if you get a passenger vehicle loan (including pickups). If the vehicle is being used commercially, the loan has to go to the business and the rates are usually higher.

"My agent is a good guy. Goes to my church."
Not sure how that might play out, when the actual insurance company says....NO PAY!

 

[sixdogs]

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

We used Inland Marine for decades and in two states.

 

[Torvy]

"My agent is a good guy. Goes to my church."
Not sure how that might play out, when the actual insurance company says....NO PAY!

I hear you. We have had claims and never even a delay. Maybe some luck, but a good agent is worth their pay.

 

[BoylermanCT]

My agent says inland marine coverage is only available as part of business insurance. I don't make money using my tractor. I simply want it covered as I trailer it to family and friends in CT, MA and NY. Those of you that have it, is it part of a business or a personal policy.

 

[K5lwq]

Your agent is not correct. Just contact your local Farm Bureau insurance agent. They will write a inland marine policy. In fact mine is a inland marine policy and clearly states it does not cover my tractors if I am being paid for the work. I can help my neighbors if I want and be covered as long as they don't pay.

 

[fried1765]

My agent says inland marine coverage is only available as part of business insurance. I don't make money using my tractor. I simply want it covered as I trailer it to family and friends in CT, MA and NY. Those of you that have it, is it part of a business or a personal policy.

Your agent is WRONG!
I do NOT have a business, and do have Inland Marine insurance.
It is a personal single item (tractor) policy.
It is available for construction and farm machinery.
A personal tractor can be considered either or both!

 

[Torvy]

Guys, y'all can be right. Maybe in CT, that is how it is. State laws prevail and maybe inland marine has different rules in CT than in TX or FL.

 

[K5lwq]

According to CT Farm Bureau website they write policies for tractors.

 

[Torvy]

Again, they can say they write policies for tractors and still require it to be a business policy, which was the actual complaint. Frankly, I would more likely set up my farm as an LLC to protect against liability concerns. No requirement to turn a profit. Heck, you could set up as a non-profit LLC and donate the fruits of your labor to charity. Either way it is a business.

 

[K5lwq]

Then I guess a individual can't finance a tractor in CT because they will require full coverage insurance. Makes zero sense to me but ok.

 

[Torvy]

Most businesses are sole proprietorship. Read: individuals. The business can buy the tractor and the insurance. Legally, you are much better off limiting the liability. The nuances of insurance law are tricky. Maybe it is too big a risk in a litigious place like CT to offer it. Other companies may make another decision. Either way, my point is hypothetical. Best if someone else from CT was to share with him who offers tractor insurance there.

 

[K5lwq]

KTAC, according to their website offers coverage in all 50 states. If they can offer coverage, why couldn't any other company?

 

[Torvy]

Every company has their own cost benefit analysis. Lots not financial institutions don't do AG loans. The problem is not just risk, there are just a lot of variables and only so many trained AG underwriters to go around. Insurance is probably similar. How much do you charge for tractor insurance? Another large set of widely variable risks. Most computer models are not fed enough data to decide, so they need people to make educated guesses, which increases the expenses, so those costs are passed along. Ultimately, it just leads to many companies bailing completely on a segment or a state. Some will technically work in all states, but they price themselves out of the market intentionally. They can still advertise 50 state coverage, but only on paper.