Buying insurance

[Anonymous Poster]

I just purchased a $20,000 tractor and would like to put some insurance on it. Just wondering what type of insurance you use and maybe cost. Also anything I should include or exclude from the policy.
Thanks Ken

 

[MikePA]

Check with the agent for your homeowner's policy. In many cases, your homeowner's policy will cover the tractor if you are using it on your own property.

 

[frank_f15]

as mikePA said, check with your agent, i did and my tractor is covered under homeowners, as long as u are NOT using it for hire. even if i am doing a favor for neighbor and have a mishap, it will be covered as long as i am not charging for work. any ins. people on here that would like to respond? would be interested in hearing from u.

 

[EdKing]

I have mine on my homeowners policy, theft, damage, and liability, cost about $120 extra a year.

Ed King

 

[Arkie]

Up until last month, i only had insurance coverage under my homeowner's. I believed that it only covered loss for theft,or if damaged by some natural event such as a tornado , wind storm,etc. My homeowner's has a $500 deductable too. For $95 a year with a $100 deductable, i have an inland marine policy on my tractor that covers everything.If i damage my FEL, it's covered,if i flip or roll it over,it's covered,even if i ruin a tire.My implements are covered also,believe it or not with $0 deductable. Policy is with my county Farm Bureau agent. Neighbor is an agent for them. I thought it would be $95 well spent.

 

[PaulinSD]

Since mine are used for business, I insure my 1 ton dump truck, 2 trailers, 2 tractors and all attachments for $950/ year. I also carry contractors insurance, which covers the operation for $300/year.

Paul

 

[flipado]

i just purchased my first tractor.
L3010 hst , r4s,foldable rops, fel, block heater.
my agent and insurance co. will insure it under my homeowners only for liability. i have to purchase an extra policy to get full 100% coverage ,@ $2.75 per $100 value.
this can get rather expensive. the reason being that it is partialy financed through kubota, and their would be a lien holder.
any hints, on other ins. co. with good and reasonable policies?

wade

 

[EdKing]

My homeowners insurance is through Farmers and Mechanics. It is a farm type policy, which means it covers my house, barn, and sheds. It also has provisions for adding on equiptment, livestock, etc. When I got my tractor I just went to my agent and had them add my tractor. Covers everything, including me damaging the tractor (rollover, hitting tree, etc.), and like I said, just another $120 a year on the policy cost.

Ed King

 

[Anonymous Poster]

I have an Inland Marine Policy on my tractor with State Farm. I have an unusual situation right now because I live in Chattanooga, TN and the tractor is stored at my daughter's property in Spring Hill, TN. (We own property next to hers that we will be building on this Spring). I had GEICO insurance on my home and autos and they did not have any insurance riders that would cover my John Deere 4300. I had to cancel all my insurance policies with GEICO (homeowners, auto, umbrella, etc.) and find a new insurance company. I checked with State Farm and Farm Bureau. Based on the total insurance costs and because the State Farm agent was a personal friend, I went with State Farm. State Farm's homeowner's policy would not cover the entire cost of my tractor (bought it new last Fall) because it was at a different location than my primary residence. It was short by over $5000 - $7,000. So I purchased an Inland Marine Policy with them that covers everything totally whether it be theft, accident or whatever.

 

[forestcreature]

same here - have a rider for 120/year.
horse prairie mutual.

 

[pajoube]

Interesting, I thought that is what a person buys a rider for.
Paul

 

[shade2u2]

I also have an inland marine policy that covers everything in addtion to the general liability of my home owners. If I remember right, it was around $100 per year...
Maybe if I drive it across Lake Erie, it would be covered also... /w3tcompact/icons/laugh.gif

 

[Hoosier_Daddy]

Well, This was a surprise. My State farm Agent said the Homeowners would cover for theft and liability but I could get a rider policy. Geez, only 2.75 per 100.00 just like someone else said. After reading this discussion I am going to call him tomorrow and ask about the Inland Marine thing like someone else mentioned........ This just reinforces my feelings.... Insurance Companies have a license to steal. But, what the hell do you do without it? It's a catch 22......

Tom

 

[rf33]

I have insurance through the Texas Farm Bureau and for about 42k in equipment, I think that it runs about $60.00 per year. I do not know if there are similar organizations in your areas, but I think that this rate is pretty hard to beat. I will call my agent tomorrow and find out who underwrites the policy, and see if they are national or just regional.

 

[Frosty]

If you use your tractor, especially with a backhoe, for hire would you need special "dig" insurance in case you hit a utility service?

 

[billfires]

Frosty, I looked into commercial insurance for my NH 1920 and was told I could get a landscape policy for $350-400, when I mentioned the backhoe the estimate was between $1500-2000.

Bill C