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.

 

[Shawn T. W.]

Maybe replace, but not repair ... And liability is the bigger part of it ...

 

[WM75Guy]

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.

Not so with Texas Farm Bureau. Our TFB Ag Advantage policy has $1 million in liability coverage for the property. In addition we have a $1 million umbrella policy with TFB. TFB requires that you max out auto coverage at 300/500/250 to get an umbrella policy.

 

[WinterDeere]

Not so with Texas Farm Bureau. Our TFB Ag Advantage policy has $1 million in liability coverage for the property. In addition we have a $1 million umbrella policy with TFB. TFB requires that you max out auto coverage at 300/500/250 to get an umbrella policy.

That's fine, as an umbrella to cover the gap between your max'd-out auto policy and $1M must be incredibly inexpensive.

Everyone has to decide their own exposure to risk, but $1M is not all that high today. You can easily overrun that with one cancer diagnosis, or a serious injury on your property.

 

[bigtiller]

That's fine, as an umbrella to cover the gap between your max'd-out auto policy and $1M must be incredibly inexpensive.

Everyone has to decide their own exposure to risk, but $1M is not all that high today. You can easily overrun that with one cancer diagnosis, or a serious injury on your property.

For sure.
I suspect a good number of TBN members have assets totaling a million or more.

 

[JasperFrank]

We, my wife and I are in a bit of an Alice and Wonderland situation. She is on Pemco and I'm on Progressive. She is very serious about being independent, which I respect. Her premiums have increased substantially in the last two years, even though she has had no claims or citations. And I'm on her policy. But I'm also on my own Progressive policy for my car and motorcycle. We initially thought, or should i say she thought this was because I was on her policy as a reason it was going up every pay period. Even though I have no citations or claims. So wife decides I should be dropped, because I almost never drive her car anyway. And Pemco comes back and says her policy premiums will increase if they drop me. Wife was livid about this. But I'm just the messenger. I ran this situation by Progressive and they said they can add her to my policy, with her car, 100,000/300,000 for just 130 dollars more a year. This makes zero sense to me. Cause you have one carrier saying if they drop me, and there for have less exposure, they are still going to increase her premiums. But if she is moved over to my Progressive policy, we'll save about $700 a year with the same coverage. Something very strange is at work here. And I have no idea what it is. Is there some sort of blind spot I'm not seeing? This isn't AI generated. I'm not selling any thing. It just doesn't make any sense.

 

[WinterDeere]

For sure.
I suspect a good number of TBN members have assets totaling a million or more.

Yep. And I'm no legal or insurance expert, but I don't believe your total assets are any limiting factor when someone is seeking money from you, either for specialized medical treatment for your own illness, or a personal injury suit against you.

 

[JimRB]

That's fine, as an umbrella to cover the gap between your max'd-out auto policy and $1M must be incredibly inexpensive.

Everyone has to decide their own exposure to risk, but $1M is not all that high today. You can easily overrun that with one cancer diagnosis, or a serious injury on your property.

Umbrella is for house, barn, visitors getting injured on your property and automobiles. Health insurance is a different beast that I have never seen the word umbrella in a health plan..

 

[WinterDeere]

Umbrella is for house, barn, visitors getting injured on your property and automobiles. Health insurance is a different beast that I have never seen the word umbrella in a health plan.

Some plans used to include several critical illness coverages, in addition to the standard umbrella liability coverage, but it seems they've gone the way of the dodo. It appears that now those coverages are all separated out, so they can charge you individually for each one.