Insurance for new 2520.

[lvivuk]

I am waiting to receive new 2520. While placing an order I was asked if I want to purchase JD insurance for about $150 or use my home owners insurance. I opted to use homeowners insurance.

As delivery date comes closer, I want to ask if someone at the forum could explain what this insurance actually is and if it's necessary to have one.
And if the are any cons and pros of using JD versus existing homeowners insurance.

Thanks for the responces.

 

[cast_and_blast]

Talk to your agent - you're most likely only covered if your tractor is only used on your property. For me, that's fine - for others, it's not. You can supplement it through your insurance agent as well. If you have an umbrella policy it's covered there too (just like your cars, home, motorcycle, etc.)

I'm not sure what the JD policy covers, but I'm guessing it's terms are not as favorable as your homeowners (or equal at best) and it costs additional $$. Plus, it's not covered under your umbrella policy (if you have one).

I use my homeowners and it's covered completely per my agent.

Scott

 

[Birdmayon]

If they are asking you about insurance I'm assuming you are financing part of your purchase. They need to know that their butt is covered in case your tractor is stolen, burned, whatever. The tractor is collateral for the balance that you owe, by requiring that you insure the tractor, they are ensuring that they won't take a hit on it if the tractor "goes away".

You will need to have a statement from your insurance company stating that the tractor is fully covered. If it isn't automatically covered under your current policy, you'll need to get a rider on it, and show that documentation to Deere.

I don't know which is the better route to go, really depends on the price difference I guess. If you use the Deere insurance, you can just roll that into the price of the purchase and finance it. I used the Deere insurance because I didn't want to be bothered messing with my home insurance.

 

[RollTideRam]

My homeowners has some kind of 10% rule meaning I had 90k insurance so they would pay 9k on my tractor. Deere insurance covers my tractor anywhere I take it for a little over 125$ /year. JC

 

[Spudland_Dave]

All depends on what you're gonna do with it and what you got for a homeowners policy....when I checked on mine they told me as long as it was on my property for home use, it was covered for cost of replacement. I then proceeded to say this is 30k worth of tractor as I wanted to be clear this was more then just a riding mower I picked up at Lowes...the agent looked at my policy and said it didnt matter how big it was or how expensive it was...the only hitch is its gotta be for home maintenance use.

 

[Gizmo2]

UltraGard is the insurance Deere offers, very good deal. My cost was $160.00
UltraGard Physical Damage Insurance

 

[Nuru]

Should be covered by your personal property replacement coverage and that is typically way more than the cost of even a $80k tractor depending on what you specified.

 

[lvivuk]

Thanks all for responses.

I went with Deere policy since it is fewer headaches. My homeowner's policy would go a bit up if I use it. It seems to be easier to pay $150 and forget about it.

 

[Nuru]

Is that $150 per year? Or $150 for multiple years?

 

[lvivuk]

Is that $150 per year? Or $150 for multiple years?

$150 one time payment to protect the possible loss or financing issues.