Insurance Insurance needed to finance through Kubota?

[tpiini]

Hey guys,
I've been lurking for a bit and have decided to get to some dealers to get a BX-23. While I can pay cash, I know that Kubota has a 0% finance deal going and it makes sense to me to use their money so long as it's free.

BUT... Having never bought a new tractor, I don't know about the necessity of insurance for financing one. Obviously, if I finance a car, I need full coverage insurance to keep the finance company happy. Does that apply to tractors as well? I only have a few older tractors and have never even thought about insurance for them, so I wouldn't even know where to look for insurance, if needed. I'm thinking that if I need to carry insurance to finance, I'd just buy it outright & skip the financing thing. I know I can call a Kubota dealer to get my answer, but I want as much knowledge as I can get before approaching any dealers.

Any help/suggestions/advice?

Thanks, Tom

 

[jfdlaw]

I had to provide Kubota with proof of insurance when I financed my tractor. I added the tractor to my Homeowner's insurance policy. The agent provided me with a declaration page listing KCC as an additional insured. I don't even think it added to my premium. If it did it was a negligible amount.

I think it only covers my tractor when its on my property. Which is fine for me, but might be a problem for others.

Now that I think about it, I guess I have to be careful clearing my neighbors' driveways. Either that or be ready to drag it back onto my property if something happens.

Check with your agent and see what its going to cost before you make the financing decision. 0% is hard to pass up.

Welcome to the site. You'll usually find plenty of people willing to share their opinions.

John

 

[tpiini]

Thanks for the quick response, John. I had a feeling that I would need insurance. Guess I'll just write them a check. I'm one of the few left in the world who HATE paying for insurance on anything.

 

[gsxr1100]

check around since some insurance places do cover and some do not. I got mine through MET and pay well, 100 minus 100. /forums/images/graemlins/smile.gif

 

[btolle]

If you are lonely using it on your own property your homeowners insurance would cover it, probably at no additional cost.

If you are going to use it off your property: I joined the County Farm Bureau for $35 a year and was then eligible to buy Farm Bureau Insurance. $13.2K insurance cost $53 a year. Covers all hazards but does not include liability insurance. Note that it is only good for an area within 50 miles of the address on the policy.

Bill Tolle

 

[edski]

I purchased a B7610 last Friday and recieved 0% financing through Kubota. Yes, insurance is required. I'm covering the tractor under my homeowners and it is at no additional cost. All it took was one phone call to my agent basically giving the Kubota dealer permission to contact them Re: my policy. The agent's additude was...we'll fax them what ever they need, enjoy your new tractor.
Cheers, edski

 

[JJT]

My homeowners policy covers everything but collision, without that I couldn't take advantage of Kubota's 0% deal. The inland marine rider from my agent was $500/yr, I went back to Kubota and prepaid a 3 year policy for under $200.

The ZD21 zero turn followed me home the morning I purchased it. I chased down insurance in the afternoon and got to my dealer at closing time. He hadn't processed the papers, they were in his to do pile. I could have easily ignored the issue, but figured the Kubota ins was the right thing to do.

I've said it before, but my Kubota dealer is a heck of a guy. Straight shooter and as honest as they come. PM me if you need a Kubota dealer in central/upstate NY.

 

[ByronBob]

I didn't need any and I financed through Kubota. I've asked twice about the tractor and as long as it's used for my home I don't need to do anything special to my homeowners as it's covered.

 

[edski]

Wouldn't your auto insurance cover collision (assuming that we're talking about trailering your rig)?
Or do you mean collision on a road, off of your property, where you're operating the tractor and cause damage to another parties' property?
I'm not sure I understand, and don't want any surprises when I pick my tractor up. I haven't purchased a tractor in 10 years and don't recall any such issues. Maybe cause I live in the sticks and tractors are commonplace.
Cheers, edski

 

[KubotaSteve]

When I got my 7800, the insurance agent asked how many HP the tractor was. He said anything 30 HP & over needed a separate policy. Wouldn't you know the 7800 is 30 HP? I changed insurance companies and got a straight policy for the cost of the machine and I can take it and use it other places.