Tractor Insurance

[5030]

Never used them. Our farm policy covers all the equipment.

 

[mike paulson]

The LLC is not phony. If you produce anything and sell it or give it away, I HIGHLY recommend discussing this with an attorney. The LLC is a business entity that protects your personal assets from liability.

I understand this but it doesn't work for me.

 

[mike paulson]

According to KTAC website you can by a policy for a paid off tractor

The last I checked about a year ago you couldn't. But maybe something changed. I'll revisit

 

[mike paulson]

According to KTAC website you can by a policy for a paid off tractor

Just called them. They don't

 

[Kitz]

I consider insurance as a ponzi scheme but still necessary. As we are a working farm, all of our equipment is insured, has to be.

Rip off but needed

 

[WinterDeere]

Rip off but needed

I guess it can feel that way, but I disagree. Insurers are businesses, they need to make money to exist. Competition controls pricing, to the degree that buyers are willing to do the work to shop and then revisit their policy pricing.

Knowing that in the end, insurance companies are for-profit entities, don't buy insurance for things you can afford to replace or repair on your own. On the whole, it is a losing proposition. Other than state-mandated automobile liability coverage, or whatever conditions to which you willingly chose to agree when signing up for a mortgage, insurance is NEVER "needed".

But I am thankful these insurers are available and reliable, for those few items I cannot afford to replace or repair on my own, as well as the much larger risks of liability (eg. auto insurance). For this reason, I carry insurance on my home, but not any of the costly items within. If I lose an expensive antique grandfather's clock, I don't really need to replace it, so why insure it? Likewise, if I lose my tractor, I can temporarily replace it with something less costly for a time while recovering from whatever financial hit caused the initial loss.

 

[nybirdman]

It may vary by state:I have an "Inland Marine"policy on my tractor and related equipment;covers fire/theft on "my"property. Cost is $157 per year and not covered by home owners.

 

[5030]

don't buy insurance for things you can afford to replace or repair on your own.

In this state, no insurance on any motor vehicle equals no license plates

 

[WinterDeere]

In this state, no insurance on any motor vehicle equals no license plates

Yep, same here. Read two sentences after the one you quoted!

 

[rScotty]

The climate is changing. Everyone seems to agree with that if not with why.

We had some flood damage from a storm a few years back, and and about two dozen neighbors lost heavily.
As a result, everyone around here is a lot more knowledgeable about how insurors view flood damage.

Just for starters, we now know that most insurance policies specifically do NOT cover flood damage.
Most people here thought they were covered.
And the policies that do cover floods - like FEMA - have low limits & special conditions on their coverage.

Along with our neighbors we have learned to read the fine print carefully, take notes, ask questions,
and get the answers in writing.
rScotty

 

[Skagit]

I have a rider on my homeowners insurance for my tractor and my trailer, both are VERY inexpensive, it costs almost nothing. I have Safeco for what that's worth.

 

[Little Red Tractor]

Some people get inland marine policies, but those are specifically for transportation of the tractor and may not cover damage caused by nature. Read the fine print on your policy.

Most other policies are business policies since traditionally tractors are used for making a living. In our case, we have an LLC that we use for anything related to our property (except the house and personal vehicles). Even though we will likely never make much, if any, money in our business. It is easier than making a non-profit corporation. A quick internet search found this. Not an endorsement of this brand, just an example of what is out there.

Farm Equipment and Tractor Insurance – Nationwide

What does farm equipment insurance cover? Learn how to protect your agribusiness from specific farm-related risks like flooding, cab glass breakage, and more.

www.nationwide.com

This is great information. Dealing with tractor insurance is a good reason to have an insurance agent you can trust. You might be able to get good deals on line, but an agent understands the fine print and, if you've got a history with the company, you can trust what you're told.

 

[WinterDeere]

...an insurance agent you can trust.

How do you find one of those? I was related to our last one, but I still wouldn't trust her farther than I could throw her.

 

[FERLING]

Try Farm Bureau, they cover most anything.

They cover it in a separate policy (in NC). Your homeowners does not cover a tractor.
You put a replacement value on it and they give you a yearly cost.

 

[rScotty]

I have a rider on my homeowners insurance for my tractor and my trailer, both are VERY inexpensive, it costs almost nothing. I have Safeco for what that's worth.

That's what we have, a rider on our homeowners. Reasonable price. Nothing special. Only covers on the property.

 

[MidwestMike]

My Home Owners though Progressive claims they cover the tractor.
The part mentioned about having a limit on individual items is interesting, but I do not see any mention of that in my policy.

 

[maxx123]

Hey guys, I have a 7 year old Kubota B Series with a Curtis Can. I know it's covered under my Homeowners ins if Stolen from my property or if I have a garage fire ect. But what about Insurance coverage for an accident such as a tree landing on the cab or hood? It never leaves my property but I was wondering what's available as far as insurance. KTAC doesn't insure tractors that are paid of so I've already tried that

Are you sure that your Homeowners Ins. covers your tractor ? Most insurance companies think when you tell them that you have a tractor they think lawn mower tractor. Make sure that they know what kind of tractor you have.

 

[crashz]

That's strange about KATC. I was able to continue coverage (had it while the machine was financed) after I paid it off. They haven't mentioned that there could be a time limit and I'm paying the same as before, but in one year installments instead of monthly. Maybe they won't offer a new policy after a certain amount of time has past after the original coverage?

You should try getting quotes from the smaller online companies too. Try Next insurance. Get Progressive a shot too, though they will want to sign you up for everything.

 

[joshperry3]

Try Farm Bureau, they cover most anything.

I have KY Farm Bureau for my home and autos. When I bought my farm down the road a couple years ago I went in to my local office to add a policy. They had me list everything I wanted covered (along with serial numbers) and the value I wanted each item insured for.

In the end I pay under $400 for the coverage I wanted on each piece of equipment, including my side-by-side, as well as a $1 million umbrella liability policy. This covers everything on or off the property, and has a $500 deductible that works just like auto insurance.

 

[Jstpssng]

I still have a commercial policy for my truck, although I haven't been self employed in 18 years. My tractor is on the same policy, with the same 500,000k liability. If I am out in the road and somebody runs into me, I want to be covered.