Insurance INSURANCE COMPANY PRICING?

SHIFTY · Dec 20, 2000

I am very interested to find out what other members are paying for insurance coverage on their equipment,I added a
ryder to my homeowners policy to cover my 3710hst-FEL
approximately 20k in coverage 500.deductable,it upped the policy by 185.00 ish,In compatison to a house at165kcoverage @ approx.400.00 per year,Are their other companies that just cover equipment that are reliable and more reasonable or is 185.00 per year a fair price?I think that it would be interesting after polling the form to find out what we all pay,How much do you pay for coverage?
SHIFTY

fishman · Dec 20, 2000

I live in Texas, and my insurance company quoted me a price of $25/year for $5000 coverage (don't remember the deductable). This was, of course, several months ago and before I realized that I would need at least $15000 coverage for the tractor I wanted. In comparison, I pay $155/year for $6000 in boat and trailer coverage with a $500 deductible. Placed in that light, your tractor coverage seems like a bargain, particularly if you are trailering it. I did, however, find a lot of variation in boat insurance quotes, much more so than my auto insurance. So this is an interesting question.

Bird · Dec 20, 2000

Since I let Kubota finance my B2710 for 4 years, I also got it insured with them for $558 for the 4 years, so I guess that comes to almost $140 a year.

Bird

rja · Dec 20, 2000

I live in NJ and after seeing some posts on insurance questions, I called my insurance co. They told me that as long as I was using the equipment solely on my property that my current policy would cover any loses. (fire, theft). Am I missing something here?

MarkV · Dec 20, 2000

This has come up before and I believe that homeowners policies will work for you (some cover, some want more $)as long as you don't leave your place. Go next door and you are in trouble if you have a problem.

Anonymous Poster · Dec 20, 2000

AS LONG AS THE TRACTOR IS ON MY PROPERTY MY HOME OWNERS COVERS IT. THE ONLY CONCERN FOR INSURANCE I HAVE IS THEFT. IF I USED IT AT MY NEIGHBORS HOUSE (AND I DO )I TAKE IT BACK EVERY NIGHT.SO MY INSURANCE COST ME $0.00

john_bud · Dec 20, 2000

I also am using a rider on my home owners insurance. I upped the coverage by 20K to cover for the odd tornado and such. It added about 20.00 per year to the total. I live about 1 mile from the fire department, so I get a pretty good rate. My agent told me that as long as I store the tractor at home, it's covered. Even if something happens while off the property. Good luck with your tractor!

Merry Kubotamass!

john bud

Joeinindy · Dec 20, 2000

My L3410 is covered by my homowners policy so long as I don't leave my property with it. Didn't change my premium at all. If I wanted to use elsewhere I would need a different policy.

kevincook · Dec 21, 2000

I just checked this last week with my Allstate agent. He said if I don't leave my property that it was covered under my homeowners policy. No extra charge.

ddl · Dec 21, 2000

I live in MO. and I just got my insurance renewal. The tractor policy cost $162.50. It is a policy like a car policy. My loader is insured for $32.20. People who rely on their homeowners policy should be careful. As an example if you are working on your land and you back onto the road, you are not covered. If you do any work for the neighbors, you are not covered. If you have land off lot from your house, you are not covered by your homeowners. For $200 dollars you are covered, pretty cheap for $15000 of equipment. And if you do custom work it is tax deductable.
JMHO.
Dan Lutter
P.S. If you insurance agent tells you that your tractor is covered by your homeowners, ask the agent if he has errors and omissions insurance himself.