Insurance question

[bluefin650]

Is insurance mandatory when financing a new kubota tractor?

 

[CobyRupert]

Probably. However, check your homeowner policy, it may cover non-registered vehicles and that may satisfy Kubota financing requirements. But your homeowners won't cover tractor if you plan to take it off your property.

 

[mddorange]

Is insurance mandatory when financing a new kubota tractor?

Yes it is. KATC has good insurance and you can finance it at 0% if you finance your tractor.

 

[Doofy]

Financed my new LS and had to have a special rider on my Homeowners policy, to the tune of $500 per year. Shop around.

 

[tjkubota93]

Is insurance mandatory when financing a new kubota tractor?

When I bought mine they tried force the ktac on me. I said no, so they made me provide proof it was covered under my home owners. That was not a problem, called usaa and they emailed it to me in 5 minutes.

I think the ktac is good based on hearsay, but so far I'm glad I didn't buy it. Haven't needed it and tractor was paid off in 20 or so months.

 

[mljenkins]

Is insurance mandatory when financing a new kubota tractor?

Absolutely yes with any tractor with a loan. Agree with others, check your home owners. I was going to have to convert to a farm policy which would have cost as much as KTAC so I just got KTAC since I was able to finance it in at 0% with the tractor.

 

[the old grind]

I borrowed 'against shares' at my CU, got a great % rate for that (3.01%) and since it's 'secured' there was no insurance requirement.

Many homeowner policies declare coverage for equipment used to maintain the premises. That said, one insco may include a <"x" hp SCUT by default and another may require a rider for a >"x"-deck ZTR. We have to ask 'em and be sure, that's all.

I'd still rather pay for insurance I didn't need than get stung thinking I had coverage on a $10k yard tool and really didn't.

 

[robertm]

Insurance is required when a note is on the tractor, but KTAC IS NOT required. Proof of homeowners is acceptable.

 

[MachAF]

Insurance is required when a note is on the tractor, but KTAC IS NOT required. Proof of homeowners is acceptable.

Does anyone know what the specific requirements Kubota requires for home owners insurance when financing a tractor?

My dealer stated Kubota requires it covered on and off property (I don't see how a home owners insurance can cover off property unless you specifically get a add-on), $1000 deductible, covered for rollover and cover the total cost of the tractor in event of a total loss.

 

[Doofy]

My insurer insisted that the tractor be garaged and kept on my property. Not sure what they'll say if it needs to go back to the dealer for anything?

 

[David_Kb7uns]

Not all homeowners policies will meet the coverage requirements that is needed. When buying the Grand L they wanted coverage for upset and the only way to get that through the home insurer was a separate rider and it was costing close to the price of a street vehicle and that is when we went to the AG insurer. I am sure other states and other insurers will vary.

David

 

[timswi]

In my case, KTAC is much cheaper than what my home owners company wanted for a policy on any of my Kubotas. My dealer told me that many home owner policies don't cover the loan security requirement.

 

[BubbaJr]

Probably. However, check your homeowner policy, it may cover non-registered vehicles and that may satisfy Kubota financing requirements. But your homeowners won't cover tractor if you plan to take it off your property.

That's not the case with State Farm Insurance. They will cover the tractor to and from the dealer, and also to and from another of your properties and also while on that property.

Several years ago I needed to clear about a foot and a half of snow from a rental property that we owned. I called my agent to see if we were covered and they told me yes as long as we followed the above rules.

Joe

 

[flingwing1969]

When I bought mine they tried force the ktac on me. I said no, so they made me provide proof it was covered under my home owners. That was not a problem, called usaa and they emailed it to me in 5 minutes.

I think the ktac is good based on hearsay, but so far I'm glad I didn't buy it. Haven't needed it and tractor was paid off in 20 or so months.

Hmm, that's interesting. When I bought my tractor, USAA told me that the tractor was only covered to $1000. I'll have to call them again.

 

[UpstateSC_Papi]

Hmm, that's interesting. When I bought my tractor, USAA told me that the tractor was only covered to $1000. I'll have to call them again.

USAA told me mine wasn't covered either (maybe up to $1000, but I'm thinking not a all).

 

[George2615]

I have mine insured through CNH. Physical Damage Insurance. Basically they sub it out to Inland Marine and it cover me on and off property, glass coverage, even tire damage.
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital
Very reasonable price.

Here's another thread on ins.
http://www.tractorbynet.com/forums/buying-pricing-comparisons/360544-tractor-insurance.html

 

[flingwing1969]

Just got a quote from CNH, actually underwritten by Wesco Insurance Company. They value my tractor at $14,000 and all attachments at $6000 with $500 deductible. Premium, $213 per year. I forgot to add my backhoe and snow blower so it will go up from there. They ask the value of the tractor and all attachments, combined. They valued my 4n1, rear blade, TPH chipper, and forks.

 

[PILOON]

Face it, what they are insuring is a guarantee that you will pay off the loan.
If you default they can repossess but if stolen or a write off there is nothing to repossess hence insurance and few folks enjoy paying for something they no longer have.

You will note that insurance is always a requirement on mortgages as well, but with a mortgage the cheapest route is a simple term policy with the mortgage holder named on the policy.

 

[KTAC]

I have mine insured through CNH. Physical Damage Insurance. Basically they sub it out to Inland Marine and it cover me on and off property, glass coverage, even tire damage.
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital
Very reasonable price.

Here's another thread on ins.
http://www.tractorbynet.com/forums/buying-pricing-comparisons/360544-tractor-insurance.html

The biggest advantage of KTAC is locking in the rate for the full term of your loan. You can't include CNH insurance in your loan so you run the risk of your insurance rate going up each time you file a claim. With KTAC, your insurance rate is locked in regardless of how many claims you file during that term or until you pay it off.

Regardless if you purchase KTAC insurance in your loan or you elect to buy an annual policy (for equipment you own outright), KTAC's goal is to keep a Kubota customer buying Kubota so we try our best to make a bad situation (filing a claim) as painless as possible. Besides, I don't think CNH wants you buy another Kubota so we have more of a vested interest...