Vehicle Insurance

[Jstpssng]

Since the topic is open -- and the site is really Tractors -- do you all bother to get any coverage on older equipment? I understand new, leased, or under loans may most likely be required.

We are doing some old custom rebuilds, and completely custom local hand-build equipment for most. Is there any point of Insurance for that? Does anyone even do such coverage?

Is ANY Insurance required for a Tractor or other equipment to use a public road? Talking about transit between work/field sites -- not like a daily driver. Although that (using a Tractor as a daily driver) would be rather fun and funny.

I'm not sure if it's required, but I carry the same coverage on my tractor as I do my pickup. Somebody mentioned above;

I insure based on my ability to absorb the loss

That portion of my insurance is $106.

 

[Phil Timmons]

I'm not sure if it's required, but I carry the same coverage on my tractor as I do my pickup. Somebody mentioned above;

That portion of my insurance is $106.

Thanks! Is it part of the business / farm site use?

Or a completely separate policy like a vehicle?

Do they ask for title - certificate of manufacture, Tractor VIN* (do Tractors have VINs?) etc. documentation?

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*VIN = Vehicle Identification Number. Like a Serial Number with codes embedded.

 

[ultrarunner]

I'm not sure if it's required, but I carry the same coverage on my tractor as I do my pickup. Somebody mentioned above;

That portion of my insurance is $106.

I do have on road coverage for the Jubilee…

The thought was in 2019 to be covered for parade duty.

The coverage is quite specific… no coverage during any AG work but coverage only for parade, exhibition and incidental roading.

 

[WinterDeere]

Everyone with any assets should have an umbrella policy. And with an umbrella policy, you can typically lower your automotive liability limits, as the umbrella will cover you once the automotive liability limit is exceeded. This will save you cost on your automotive insurance, while also providing you additional coverages on home and often medical. A typical $3M or $5M umbrella policy is not that expensive, by comparison to both other forms of insurance and risks.

 

[LittleBittyBigJohn]

Not sure what happened. I made my updates online yesterday through their automated tool. Today they called and offered me a discount to keep the same coverage. My policy went from about $2,500 per 6 months to less than $1,800 with no change in the original coverage from before I tried to change it yesterday. I'll take it.

 

[Jstpssng]

Thanks! Is it part of the business / farm site use?

Or a completely separate policy like a vehicle?

Do they ask for title - certificate of manufacture, Tractor VIN* (do Tractors have VINs?) etc. documentation?

--------------------------
*VIN = Vehicle Identification Number. Like a Serial Number with codes embedded.

It's on my commercial pickup policy... even though I haven't been self employed since 2004.
That was the only way I could find to carry liability on it.

 

[WinterDeere]

Not sure what happened. I made my updates online yesterday through their automated tool. Today they called and offered me a discount to keep the same coverage. My policy went from about $2,500 per 6 months to less than $1,800 with no change in the original coverage from before I tried to change it yesterday. I'll take it.

What happened was they realized you were shopping around, and wanted to curtail that exercise. Every automotive or homeowners insurer I ever had, has always played the game of quietly raising the rates each period, until you notice and scream about it. Then all of a sudden, they can magically cut the rate in half, as if that's what they should have been charging all along.

It's all a game, with their primary advantage being most people just don't have the energy or bandwidth to go chasing after them for each incremental pricing increase.

 

[mjonesnh]

Everyone with any assets should have an umbrella policy. And with an umbrella policy, you can typically lower your automotive liability limits, as the umbrella will cover you once the automotive liability limit is exceeded. This will save you cost on your automotive insurance, while also providing you additional coverages on home and often medical. A typical $3M or $5M umbrella policy is not that expensive, by comparison to both other forms of insurance and risks.

Farm Bureau in TN. requires customers to max. their liability on autos and home owners to 250/500,000 before they will issue umbrella policy. I was surprised at the low price of an umbrella policy vs auto and home liability. Agree that anyone with reasonable amount of assets should have umbrella policy. Let's me sleep better at night.

 

[WinterDeere]

My mother actually had to tap into her umbrella policy twice, inside of about 15 years. I remember once was when my father was in ICU due to cancer diagnosis, but I'm having trouble remembering what the second event was. Likely also medical, as I can't remember any other sort of expensive emergencies in our past.

 

[Shawn T. W.]

I just looked at what I paid for the last 6 months on my 2018 RAM pickup truck ... $483.70

Just got this in the mail, no changes to coverages or deductible ... It went DOWN!

 

[WinterDeere]

 

[jyoutz]

I just looked at what I paid for the last 6 months on my 2018 RAM pickup truck ... $483.70

Just got this in the mail, no changes to coverages or deductible ... It went DOWN!

View attachment 5489947

View attachment 5489949

Vehicle is older and cheaper to replace. Mine just renewed at the same price.