Insurance for a $7,000 tractor - standalone policy

[chabat124]

I am trying to help a customer of mine. I am an insurance agent in Texas.

My customer just bought a $7,000 1970s Ford 3000 tractor with a shredder and box blade.

He has his homeowners with me but his deductible is nearly $7K on the home and personal property so it won't do much good to add it there. Also, their homeowners policy is not a farm and ranch.

I could write him an equipment policy (inland marine) like you would for heavy equipment but the minimum premium is high, close to $1,000. If it were is $50,000 tractor I would go this route, no question.

So my question: Is there any companies that someone here would recommend, for just tractor insurance by itself?

 

[week2479]

I am trying to help a customer of mine. I am an insurance agent in Texas.

My customer just bought a $7,000 1970s Ford 3000 tractor with a shredder and box blade.

He has his homeowners with me but his deductible is nearly $7K on the home and personal property so it won't do much good to add it there. Also, their homeowners policy is not a farm and ranch.

I could write him an equipment policy (inland marine) like you would for heavy equipment but the minimum premium is high, close to $1,000. If it were is $50,000 tractor I would go this route, no question.

So my question: Is there any companies that someone here would recommend, for just tractor insurance by itself?

Interesting

 

[5030]

Not a clue. All of our equipment is insured under our blanket farm policy with a $1000.00 deductible (all perils).

 

[LS Tractor Owner]

I have mine through State Farm, $30K coverage. Costs $350 a year..... $500 deductible.

 

[Nissan197]

I am trying to help a customer of mine. I am an insurance agent in Texas.

My customer just bought a $7,000 1970s Ford 3000 tractor with a shredder and box blade.

He has his homeowners with me but his deductible is nearly $7K on the home and personal property so it won't do much good to add it there. Also, their homeowners policy is not a farm and ranch.

I could write him an equipment policy (inland marine) like you would for heavy equipment but the minimum premium is high, close to $1,000. If it were is $50,000 tractor I would go this route, no question.

So my question: Is there any companies that someone here would recommend, for just tractor insurance by itself?

I am trying to help a customer of mine. I am an insurance agent in Texas.

My customer just bought a $7,000 1970s Ford 3000 tractor with a shredder and box blade.

He has his homeowners with me but his deductible is nearly $7K on the home and personal property so it won't do much good to add it there. Also, their homeowners policy is not a farm and ranch.

I could write him an equipment policy (inland marine) like you would for heavy equipment but the minimum premium is high, close to $1,000. If it were is $50,000 tractor I would go this route, no question.

So my question: Is there any companies that someone here would recommend, for just tractor insurance by itself?

Are you able to rate with other companies to see what their rates are for an IM? An IM is the best option IMO but $1K does seem steep.

 

[duffer]

Seems to me the simplest solution is either:

• decrease deductible on current policy down to <$1000
• Find a new HO policy that covers ALL personal property

 

[scaredychicken]

this sounds like it would be a separate insurance rider for that item. we did that for camera equipment.

I'm in Canada, so probably not as informed as others for this question.

My thought is however that you don't need to be a farm or ranch in order to own a tractor. For a $7000 tractor i wouldn't want the insurance or the deductible to be very high. Liability insurance is probably in the H O policy, so its really about how much do you want to spend insuring a vintage tractor ?

All the best.

 

[HP942]

Farm Bureau will do stand alone tractors.

 

[kenmac]

If he's only insuring against the loss of the tractor, for just 7K . I would just self insure.

 

[seville009]

I’m a homeowner with a tractor, skidsteer, commercial zero turn, and related attachments. Original cost all together of roughly $70k. I have never separately insured them.

In the 23 years of owning equipment, I’ve never had an issue where I would have needed insurance coverage for them. I’ve never worried about not having coverage.

My vote is for the OP is also to self insure. Obviously it’s all based on personal opinion/desires.