Tractor Insurance

[Rmart30]

I have pretty much same coverage as KTAC for a fraction of the cost.. But I paid cash for my tractor so wasn't forced to KTAC.

Ktac for me is like $500 a year.
I dont remember the exact number that it would have been from state farm to raise my auto to full coverage and to insure two additional properties as they wanted but I know that I could have bought a whole spare tractor for what the monthly insurance payments would have been , and had some left over.

 

[JeepHead]

Ktac for me is like $500 a year.
I dont remember the exact number that it would have been from state farm to raise my auto to full coverage and to insure two additional properties as they wanted but I know that I could have bought a whole spare tractor for what the monthly insurance payments would have been , and had some left over.

Yeah sounds as if it made sense in your situation.

 

[WinterDeere]

I could have bought a whole spare tractor for what the monthly insurance payments would have been , and had some left over.

Insurance is a net-losing scenario, proved-out by the mere fact that insurance companies are for-profit entities. It makes sense to insure the things you cannot do without, and cannot replace otherwise, but nothing else.

Personally, I can afford to just pay cash for a replacement tractor. It would suck, I wouldn't be thrilled about it, but it won't make me homeless. Other than liability ($millions), I treat everything this way... only insure it if you (a) can't live without it, and (b) can't afford to replace it on your own.

I have my tractor insured thru my homeowners, since it basically costs me nothing. But I won't be buying a special policy for it, and losing a few thousand dollars on that over 20 years, on the off-chance I might have some small chance at an opportunity to fight an insurance company for a pay-out on it someday.

 

[BleepinSheep]

Of the guys that have Farm Bureau, what type of insurance are they covering you under? We use Utah Farm Bureau already and I've been told conflicting things; one person said we have to have Farm & Ranch insurance to add a tractor, and another person said we could add it under our homeowners policy and it would be cheaper.

This tractor is a business purchase for property maintenance, but not a traveling for-hire type implement. The quote we got from Great American (the default insurance through our lender whom we've used for manufacturing equipment) quoted around $1,080-1,140/yr to insure a $29k tractor. That seems exquisitely high to me.

 

[WinterDeere]

Not worth it, unless you have some specific high probability risk.

Most can afford to replace a $29k tractor if needed. It’s gonna suck, maybe ruin your year, but it’s not going to break most folks.

Insurance only makes sense for the things that will truly break you, such as liability or homeowners, or sometimes specific high-probability risks such as collision (e.g. deer damage).

 

[WM75Guy]

Of the guys that have Farm Bureau, what type of insurance are they covering you under? We use Utah Farm Bureau already and I've been told conflicting things; one person said we have to have Farm & Ranch insurance to add a tractor, and another person said we could add it under our homeowners policy and it would be cheaper.

This tractor is a business purchase for property maintenance, but not a traveling for-hire type implement. The quote we got from Great American (the default insurance through our lender whom we've used for manufacturing equipment) quoted around $1,080-1,140/yr to insure a $29k tractor. That seems exquisitely high to me.

I have the AgAdvantage policy with Texas Farm Bureau. It covers the buildings, equipment, liability for injury, drift while spraying, escaped livestock getting hit on the road, etc.

 

[JeepHead]

Of the guys that have Farm Bureau, what type of insurance are they covering you under? We use Utah Farm Bureau already and I've been told conflicting things; one person said we have to have Farm & Ranch insurance to add a tractor, and another person said we could add it under our homeowners policy and it would be cheaper.

This tractor is a business purchase for property maintenance, but not a traveling for-hire type implement. The quote we got from Great American (the default insurance through our lender whom we've used for manufacturing equipment) quoted around $1,080-1,140/yr to insure a $29k tractor. That seems exquisitely high to me.

I have Farm bureau and insured my new Kubota which costs around $180 a year. I had a long discussion with my insurance agent about it and gave different scenerios such as if I bent the loader due to an offset or too heavy load, if I rolled it over a bank, caught fire and burnt, and several other scenarios. She basically told me I was covered for any damage or loss to the tractor whatsoever. It's also for replacement cost and not prorated.

 

[Torvy]

Remember, insurance laws and regulations differ by state. The same insurance company may have completely different coverage options depending on where you live and/or the equipment is located.

 

[JRH02]

Of the guys that have Farm Bureau, what type of insurance are they covering you under? We use Utah Farm Bureau already and I've been told conflicting things; one person said we have to have Farm & Ranch insurance to add a tractor, and another person said we could add it under our homeowners policy and it would be cheaper.

This tractor is a business purchase for property maintenance, but not a traveling for-hire type implement. The quote we got from Great American (the default insurance through our lender whom we've used for manufacturing equipment) quoted around $1,080-1,140/yr to insure a $29k tractor. That seems exquisitely high to me.

To get your on site home & property's equipment covered by homeowners I am sure it depends on the carrier and, I hate to say it, the agent. Our place is covered top/bottom/left/right by State Farm. Home, outbuildings, contiguous forest land in half a dozen parcels for liability, all equipment: ATV/UTV, tractors, the Woodmizer. Also general liability and our road rigs. Everything off grid. I couldn't be happier, but I've never had a claim except for the road vehicle comprehensive. We went for a few years to get even basic coverage, it was difficult.

The solution seemed to be a basic home policy from wherever you can get it, pay the maybe ridiculous premiums, have no claims for at least a year to establish a track record and THEN go shopping for the Farm and Rach policy. Some providers require a minimum amount of acres in your name and/or a certain amount of livestock/animals.