Insurance Increase in Kubota insurance premium

[NativeSon]

I just got a email from Kubota Insurance informing me of a 35.6% increase in my annual premium. Wow, what a shock. I have never had a claim with it for anything. The premium went from $368 per year to .......wait for it.......$499 per year with a $250 deductible for an insured value of $32,000. I have had the policy for 2 years with no jump in the cost till now.

I called the office and was told that I could drop the insured value and the premium would decrease, which I might do, but I'm also going to shop around. Has anybody else seen this kind of increase in insurance for their tractors?

Charlie

 

[Redbug]

Hi Charlie...

Yes, It happened to me also. I debated about renewing the policy. Then they called me asking if I was going to renew since it was a few days before it would expire. The lady said that I could increase the deductable and that would lower the cost. Their parent company's cost went up she said. I finally did renew on the last day, still mulling it over. If it goes up next year, I will not renew anymore.

 

[KTAC]

Redbug... We do not offer a higher deductible option so if someone told you we do it wasn't a licensed agent of KTAC. The deductible is $250. You can lower the equipment value which will lower your premium. For example, NativeSon could lower the policy amount (value) from $32k down to $28k and the annual premium would go from $499 to $437 for the year. Based on market values, we want to make sure you have enough value so you (hopefully) buy another Kubota in the event of a total loss. Due to Tier 4 engine prices for new models, not just Kubota, some older models are holding their value better.

Yes. There was a price increase last August but we were way underpriced based on the coverage we offer and claims paid. I don't know what every insurance company charges but I have heard we are still very competitive when you compare what we offer. Most of us, including me, are skeptical of insurance companies. If anyone has experienced a claim filed with us, you know the difference between KTAC and most other insurance providers. The best way I can put it is... We are owned by Kubota. :thumbsup:

 

[HeLa]

I just got a email from Kubota Insurance informing me of a 35.6% increase in my annual premium. Wow, what a shock. I have never had a claim with it for anything. The premium went from $368 per year to .......wait for it.......$499 per year with a $250 deductible for an insured value of $32,000. I have had the policy for 2 years with no jump in the cost till now.

I called the office and was told that I could drop the insured value and the premium would decrease, which I might do, but I'm also going to shop around. Has anybody else seen this kind of increase in insurance for their tractors?

Charlie

my insurance rates have gone up considerably across the board over the last two years (auto, home, personal articles, health) and i've personally wondered how the KTAC insurance has been so affordable. i haven't personally filed a claim, but based on the quality of service and breadth of claims covered that i've read about here, - i've been surprised that KTAC is as affordable as it is.

sounds like it might have been a little too good to be true (or sustainable)

 

[ultrarunner]

We just placed 30k insurance on the new L3800 and attachments.

Found adding it onto the Farm policy with a 3k deductible was $102 per year

Biggest worry is a total loss from theft, fire or a tree might fall on it.

 

[KTAC]

Agree with you... We get the "you will cover THAT" about once a week when someone calls us to file a claim because not every insurance provider covers what we do. As most of you know, I won't lie to make KTAC seem better than a legitimate (good) policy. Most farm policies provide you the protection you should want on a $30k tractor and the price is good since you are just adding it to the existing policy. That being said, the claim process is probably better with us since we deal directly with the dealer and cut out the middle man (don't have to wait days for someone to inspect the unit). An agent with another insurance provider doesn't care if you repurchase a Kubota in the event of a total loss.... we do! That gives you, the policyholder, the comfort of knowing your insurance agent doesn't want to screw it up. :thumbsup:

 

[jeff9366]

What does KTAC stand for? I have often wondered.

 

[KTAC]

KTAC stands for Kubota Tractor Acceptance Corporation (aka: KTAC Insurance Agency). Some of the tenured employees here at Kubota don't know and never ask so I appreciate the question. :laughing:

 

[Kenneth in Texas]

Use the farm bureau here and just got the renewal and it was $96 for the year, $1000 deductable, value of tractor and attachments $16.5k, it has rose though since it started out 5 years ago at $58 a year.

 

[ritschner]

I have found cheaper insurance than KTAC but it is not that much cheaper and they only covers my equipment on my property. Since I do some charity work for a veteran and church plus the occasional trip to my dad's place I need road and off property coverage. KTAC is the only one that I know who does that for the price.

 

[JOHNTHOMAS]

I'm a shop around kind of guy and also fair at comparing apples to apples and oranges to oranges.
I have a Kubota that I originally bought in 2008 and it resides in my locked storage building located at my rental property. I need some insurance just in case some low life were to be able to get access to it and steal it or it caught on fire and burned up. Anyway, I shopped for same dollar coverage with KTAC and adding it to my commercial Farm Bureau policy as a Marine add on. KTAC was a few dollars cheaper for the same dollar coverage but KTAC should provide a bit better coverage so will be calling KTAC 800 number with my serial number and credit card and obtaining another KTAC policy.
I have KTAC for my tractor that I move off of my home property and my RTV that goes off of my home property but my F3080 that I use just on my home property is covered under my homeowners Farm Bureau policy for no additional cost but no, not same coverage as KTAC.

 

[NativeSon]

I am going to shop this around next week. I also may lower the value or the deduction, but a 35% increase is pretty stout.

My middle class and fairly comfortable lifestyle is taking a real beating here lately. With price increases(^) in a lot of areas: Grocery(15-18%^), Gasoline (+$3.50/gal and no sign of dropping), Doctor office visits(100%^ and I've got good ins.), utilities("expect large increases"- said the President), and then throw in the price of Ammo.........if you can find it, and it's starting to get a little unbearable out here in "fly-over country".

Charlie

 

[Gator6x4]

For what it worth, my insurance man apologized to me over my insurance bill and it wasn't from Kubota. He advised claims are going through the ceiling because people are finding creative ways to get someone else to pay. He advised if the insurance industry could not get things under control, look for annual increases to become very common.

 

[Ken45101]

I have found cheaper insurance than KTAC but it is not that much cheaper and they only covers my equipment on my property. Since I do some charity work for a veteran and church plus the occasional trip to my dad's place I need road and off property coverage. KTAC is the only one that I know who does that for the price.

FWIW my farm policy does include off premisis volunteer work, I take my equipment to state land to do bridal trail maintenance.

Yes insurance sure is getting expensive. Our agent saved us some by not listing individual equipment but rather insuring an aggregate total. If we lost everything we probably would be underinsured but since its stored in different barns, that scenario is unlikely.

BTW, we changed insurance last year. We had a bad motorcycle wreck where the other person was at fault. They had yhe same insurance as we did on our farm policy and we found out how dishonest and lying their people were. Very disgusting. I complained to our agent and received zero response.

 

[ritschner]

Tractors are covered on my homeowners at no additional charge, but only up to $10,000 with a $1,000 deductible and only on premise. It works out OK if it is a glorified lawn mower. To get the coverage I need through homeowners I have to take out a commercial policy.

 

[BeezFun]

When I read some of the stories about what KTAC pays for, I'm amazed they're still in business. My experience collecting on an insurance policy has ranged from disappointing to maddening. I had an elderly lady lose consciousness while driving past our house, the car went off the road and knocked down most of our fence as well as the telephone pole. Her insurance claimed they didn't have to pay because she had no history of health issues so this was unforeseeable, therefore they didn't have to pay. They cited some court case where a guy had a heart attack while driving, and the courts ruled the insurance wasn't liable because it was unforeseeable. I argued that the whole reason I buy insurance is for unforeseeable events. I don't need any coverage for things I know are going to happen, I just avoid them.

 

[ultrarunner]

Very true...

My understanding is Kubota Insurance is very broad and offers the highest level of protection which might really make sense when buying on time.

The farm bureau has very good coverage too... just not as comprehensive.

 

[Jeff F.]

I had a similar accident happen. An elderly lady had a stroke, crossed the centerline and hit me head on. My vehicle was totaled and I had 2 surgeries with a week long hospital stay. My girlfriend at the time had a month in the hospital and 20+ surgeries. Her insurance company didn't pay us a dime

 

[ultrarunner]

My sister in law was t-boned when she was 6 months pregnant.

The drivers company denied the claim and lawyers wanted 40%.

My brother is a smart guy and he filed a lawsuit in superior court... all of a sudden the insurance company wanted to talk to him...

The day of the trail, he settled outside the court room.

Standard operating practice seems to be deny and delay...

Brother had all his ducks in a row and spent a lot of time on it... sister in law was bed-rest the last three months...