Insurance Insurance Help Needed

Anonymous Poster · Apr 3, 2003

Kubota requires insurance on a financed tractor. I found from my Allstate agent that they cannot cover my tractor (B7500) homeowners or automobile. Has anyone else had these problems? /forums/images/graemlins/confused.gif

Bird · Apr 3, 2003

Not surprsing; some insurance companies insure tractors and others do not. The thing that surprised me was when Farmers Insurance quit insuring farmers a few years ago in Texas. /forums/images/graemlins/blush.gif At the time, I had my Kubota insured with Farmers and shortly before time to renew, they sent me a notice that they would not be renewing the policy (I'd never had a claim at all with them). My agent said he was really scrambling to find new policies for all his real farmer customers.

Hootie · Apr 3, 2003

I am an independent insurance agent. My tractor is covered by my homeowners because it is used only for use on my premises. I have five acres and know that is is covered. I am an Allstate agent and if the same as I said above applies to you, then I believe your tractor is covered, just as your riding mower would be. How many acres to you have and did you tell your agent it is used just on your premises? All this makes a difference. If you are bailing hay and/or farming then that is a different story. You should be automatically covered if the useage is I would say <10 acres and for the upkeep and maintenance of your premises.
Hootie

chrisjbell · Apr 3, 2003

I'm in the same boat. Mine is covered under my homeowner's insurance policy because I'm at 10 acres (that is the cutoff for my insurance company), it stays here, and is for personal use. If I take it elsewhere I'm probably out of luck (although I do occasionally take it over to the neighbor's to help out).

But if you're in doubt, you should probably buy a rider. If your agent won't help out, try contacting the local farm bureau.

gsxr1100 · Apr 3, 2003

I was looking at maybe a new tractor and yup, you need insurance. My current insurance company does not cover it tractors. So I called Liberty, All-state, State-farm, Travelers and they all said no for a tractor coverage in the state of MA. Nice ha.....
I called one more and Metlife does and they require a payee or rider. Ok I said.
I had the same problem with my dogs (pitbulls and rottwilers). Give me a break....They stop insurance because I have a "so-called" bad/dangerious breed! I flip-out over that. My dogs are great, respectfull, TRAINED, and do events with all of them; but, it is ok for the next door frech puddle or there cat to run over into my lawn and bit or scratch my evil/man eater 6-year old fe-male rottie, that would not hurt even a cat or squirrel? Give me a break.
Now the tractor issue. Gee, what is next? Pools, cars, etc. Opps certain insurance places will not cover certain cars... /forums/images/graemlins/mad.gif

surfran · Apr 3, 2003

I also have Allstate, and my agent explained it to me that the tractor would be covered for the normal perils of your policy as any other personal property is (ie. fire, theft, vandalism, other acts of god that are covered), BUT it would not be covered for Collision and Upset. These are two of the ones on the Kubota finance. So I had to go out and get another policy OR use Kubotas. The Kubota was $595/5yrs which I thought was high, so I callled all over. I ended up finding Erie & Niagra here in NY for $75/yr. State Farm also would have covered, but the agent required me to already have a policy with them which I didn't. The Erie & Niagra Policy is a Agriculture Inland & Marine Policy. This appears to be the way many do it, so you may want to inquire about that specifically with other insurance companies as well. In another post I read on this forum someone mentioned Citizens as another company that covered.

Mark_in_NH · Apr 3, 2003

</font><font color="blue" class="small">( Kubota requires insurance on a financed tractor )</font>

Are we talking Finance insurance or Liability insrance ?
When I bought my tractor 2 weeks ago, New Holland also required insurance to cover the tractor for Fire and Theft.
It basicly means that if such type tragedy occurs, they will still get there money.
It was cheaper for me to get this insurance right from NH credit, then it was from my insurance agency. About $900 for the 72 months. It added about $12 a month to my payment.
My agency wanted approx. $300 a year, or $25 per month , $1800 for the 72 months. OUCH !!!!
I can't imagine that the necessary required coverage isn't obtainable right through Kubota financing as part of your loan aggreement.

surfran · Apr 3, 2003

Kubota requires Physical Damage Insurance consisting of all risks including fire, theft, collision, and upset. This is straight from my finance agreement with Kubota. Like I posted above, Kubota offered the insurance for my tractor at $595 over the 5 years. I elected to get it from anther source at $75/yr.

If it was only fire, and theft, my homeowners would have covered for my property. I also will be traiering my unit between two properties about 100 miles apart during the summer, so I wanted something that would cover that in case of a wreck. The homeowners would not nor would your auto insurance. The auto would only cover the liability of the trailer causting damage to another.

frank_f15 · Apr 4, 2003

when i bought my tractor ,part of it was financed with kubota and they required proof of ins. i showed them my ins. pol(allstate at the time) and that was good enough. i beleive as long as u use it stricky for your private use and not for hire most ins. will cover it.