Insurance CK30 Insurance Coverage

[DIRTCUTTER]

I just found out that my ck30 117hrs is covered by my home owers insurance.
I was thinking I needed a different type of policy just for my tractor.

 

[VictorW]

I found out the same thing when I purchased my CK30hst. But that coverage via my homeowners insurance is for when the tractor is stored at my home and used at my home. If you decide to trailer it for outside jobs, then the trailering and liability at some other location might not be covered.

 

[gpaintjr]

I was told just today that my home owners would not cover my CK30 (4 weeks old) and the premium would be at least $500.00 per year.

 

[Noland]

I was told just today that my home owners would not cover my CK30 (4 weeks old) and the premium would be at least $500.00 per year.

That sounds steep.
The inland marine policy for my CK20 and all of my implements is less than $100 per year.

 

[IH3444]

$500????!!!! Sounds like someone else wants a new CK30 also. hehehehe

 

[DIRTCUTTER]

That sounds steep.
The inland marine policy for my CK20 and all of my implements is less than $100 per year.

Is inland marine a homeowners policy or does it just cover your tractor?

 

[dn58]

When I bought my CK20, I phoned the insurance company and they told me that it would be covered under the part of the policy that covers outbuildings and their contents. Then I told them how much the tractor and new workshop to hold it were worth. $264 CDN a year later, it's now covered. Make sure that there is not some $ limit on your policy. There was on mine.

 

[Noland]

Is inland marine a homeowners policy or does it just cover your tractor?

It is an additional policy from my insurance company that covers the tractor and the implements that are listed on it.

My homeowners covers them as well but I opted for the inland mmarine policy because it is zero deductible, as opposed to the $1000 decutible on my homeownwers policy. The $1000 deductible would not do me any good if someone were to steal my box blade, etc..

 

[MadReferee]

Is inland marine a homeowners policy or does it just cover your tractor?

It is a type of insurance policy not related to a homeowners. Do a search here on TBN for "inland marine". You will get plenty of hits and some very good explanations of what it is and isn't. There are several types of inland marine policies. I have a commercial inland marine policy even though I do no commercial work. It's what's covered that makes the IM policy attractive, and it's relatively inexpensive too..

 

[bluechip]

I ask my customers to check with their ins. agent. Many will say it is covered thinking it is a garden tractor. some will cover the value, but most will charge additional premium. Kioti Finance( agri-credit) offers competitive insurance during the loan term and we have aobut half taking that after they check with thier agent. Where the tractor is used (on or off you own scheduled property) also plays a part. Now for what I hear of insurance lately, high deductible is best that way you won't be tempted to do something immoral that will prevent you from ever getting insurance again, like actually filing a claim. I have had an agent tell me that you have a very hard time and pay high premiums if you ever filed a claim on your homeowners. not only that, but you may have trouble selling a property if a claim has been paid on it as the insurance companies seem to be keeping a blacklist of high risk addresses.
For years the insurance companies have been guaranteed a profit anyway, with regulators basing thier allowed premiums on losses paid plus profit, but perhaps they have realized that eventually the premiums will be so high no one can afford them. Opps, off topic, and Mom allways said if I couldn't say anything nice.....

 

[Dodgeram]

Kinda OT, but Bluechip is dead on about the Homeowners Insurance Claims.
'Bout 2 years ago, we were shopping for a house in the country. Found one we liked and put a contract on it, settlement in Nov. Our insurance agent (20+ years) calls and tells us they "might not" be able to insure it. Seems the owners had made two claims against their insurance company, One for a leak at a roof valley (10K+) and one when the washer hose broke (3K).
She told us that most companies won't insure a house which has had a substantial claim in the past two years.
Fourtunately, the two year period ended in Oct. There was a contract on the property before, but the buyers couldn't get insurance.
Since then, I have re-activated my RE license, and have found that alot of companies are using this approach.
Welcome to the computer age, where your (or your houses) life history is only a keystroke away.
BTW, my homeowners insurance covers the replacement cost for the Tractor & implements (added about $100.00/yr to the premium).

 

[gmsssi]

My homeowners went up ~ $150 when I bought my DK, value of the unit needs to be conveyed to the agent!

 

[dieselsmoke1]

I found out the same thing when I purchased my CK30hst. But that coverage via my homeowners insurance is for when the tractor is stored at my home and used at my home. If you decide to trailer it for outside jobs, then the trailering and liability at some other location might not be covered.

Same here, and in my case I'm sure the agent knows the value as he provided the proof of insurance to MUSA.

I've trailered it, but not for hire, and gotten away with it so far. Last payment next month, time for me to bite the bullet and go the inland marine route.