Insurance Insurance recommendations?

[Tractor2011]

I recently purchase a new tractor (Kubota L3940) and started looking into insurance to cover it from theft, etc. I checked with my home owners policy, but the annual premium seemed too high ($750/yr). Our vehicle policies don't cover tractors. Any suggestions? Thanks in advance.

 

[High Compression]

I have a writer, added to my business policy for my equipment. But I have quite a bit. $750 a year doesn't sound bad at all. What is the deductible and what all does it cover? Theft, fire, hail, being thrown off a trailer? I pay somewhere around $8000.00 a year for about 10 pieces of equipment and a few misc tools.

 

[blueriver]

CNH covers my tractor for $160.83 ... thats $25K with a $250 deductible. Kubota will also write the policy even if not financed with them.

 

[Bird]

Kubota has their own insurance and your dealer should be able to arrange it. Or go directly to KTAC Insurance Agency and talk to them.

 

[CompactTractorFan]

Kubota has their own insurance and your dealer should be able to arrange it. Or go directly to KTAC Insurance Agency and talk to them.

I think this would be the best choice. :thumbsup:

 

[KennyG]

How are you using the tractor? We had a long discussion on this a while back and most people who talked to their insurance agents found that the tractor was covered under their homeowners insurance as long as it was kept on the property and used for personal (not business) use. If you use it in a business (or a farm) it should be covered under that policy.

 

[ultrarunner]

When I bought my Kubota BX23 I called my agent and was told it was covered under my home owners as long as I used it on my property...

 

[BethesdaEC]

How are you using the tractor? We had a long discussion on this a while back and most people who talked to their insurance agents found that the tractor was covered under their homeowners insurance as long as it was kept on the property and used for personal (not business) use. If you use it in a business (or a farm) it should be covered under that policy.

That is true for a garden tractor, but a home owners policy has a limit of something like $5000 for yard equipment. I know if had my tractor stolen getting a $5K check from the insurance company minus the deductible would not make me very happy.

 

[bigbull338]

i have my tractor ins through the company that covers our house an farm.an it cost me i think $139 a yr for my tractor.

 

[Gordon Gould]

That is true for a garden tractor, but a home owners policy has a limit of something like $5000 for yard equipment. I know if had my tractor stolen getting a $5K check from the insurance company minus the deductible would not make me very happy.

This was how mine was but my agent added a rider for the tractor and impliments and other equipment. The additional premium is $120. Even covers my 4 wheeler.

 

[KennyG]

That is true for a garden tractor, but a home owners policy has a limit of something like $5000 for yard equipment. I know if had my tractor stolen getting a $5K check from the insurance company minus the deductible would not make me very happy.

I have State Farm and when I talked to the agent he told me there was no value limit on equipment. He said that as long as I didn't have a "farm" or use it in a business, there was no limit. I specifically told him it was a 20K tractor. Maybe different companies have different approaches to this.

 

[bp fick]

Kubota insurance has a bunch of benefits, even a lot of repair (with deductible) benefits. It's darn hard to beat.

 

[grsthegreat]

I had a quote for my tractor , and all impliments of $400/yr. Without this insurance i get nothing repaired/replaced under the regular farm policy. I guess ya just have to spend to protect.

 

[suzy]

Mine is for fire and theft as a rider on my house/farm policy for my m7040. It was $40 extra. Doesn't cover glass...nobody said anything about getting stupidity insurance!

 

[North Country]

I have State Farm and when I talked to the agent he told me there was no value limit on equipment. He said that as long as I didn't have a "farm" or use it in a business, there was no limit. I specifically told him it was a 20K tractor. Maybe different companies have different approaches to this.

My state farm agent wrote me a rider for $20K of tractor & equipment, $106/yr.

The way the exclusion to the standard homeowner's was worded to me was not "using it on a farm" is excluded, but "farm and/or construction equipment" is excluded. The agent said "it's just a lawn & garden tractor, right?" and I replied, "err...no. It's a subcompact TLB" - so we made a rider.

Advice for anyone who has an agent who says "it's covered under...." - get it in writing. That will help avoid a nasty surprise when you need it.

 

[NativeSon]

Kubota has their own insurance and your dealer should be able to arrange it. Or go directly to KTAC Insurance Agency and talk to them.

When I got my tractor I put a rider on my home owners policy,and it was fairly reasonable, but it didn't have coverage if I was off my property. After reading comments here I got the Kubota policy and I feel it has much better coverage and is very reasonable.

Be safe

Charlie

 

[blueriver]

Kubota insurance has a bunch of benefits, even a lot of repair (with deductible) benefits. It's darn hard to beat.

Yes and try to get your homeowners to do this ... you'll argue with them till your blue in the face.

I only had one problem so far and a email to CNH with a picture and bang it was done ... I would propbably still be getting voicemail from the homeowners!!

 

[kthompson]

As insurance agent: such coverage varies widely from state to state and company to company. No only the premium but what they cover. Theft only is way different in price than full coverage and is part of the reason for price difference being talked about. But wide differences in pricing of such is very common here as wide difference in what they cover. Some coverage is theft only where as has been pointed out some gives full coverage for the tractor itself even if you damaged it.

One thought at least for those who are in areas where homeowner polices are difficult to get, if you have a loss of any kind it affects your ability to be renewed or buy with another company. Might be a reason to NOT insured your tractor under your homeowner even if a few dollars less.

Reading that such and such company has no limit on equipment value...okay show me. Not many policies of any type don't have a cap to them. And remember it is just for my home use, and you drive across the road to help a neighbor and get in accident or your mower throws a rock or piece of metal hitting a passing car...

 

[sfloggie]

Bird,
I appreciate you taking the time to post with the insurance information. We have 112 acres that we do not live on, but all of the farm equipment is there where I work.

For over a year, I have tried to find an insurance company and could not do so or it was too expensive.

I sent off for a quote day before yesterday and received a very low, nice full coverage quote with low deductable. I feel much better, so thank you.

Jim

 

[Bird]

Jim, I had some rather interesting experience with insuring tractors. When I bought a little Kubota B7100 in 1995, I had an independent insurance agent in a very small town in a farming community with whom I had my homeowners and auto insurance. So he insured the tractor with Farmers Insurance for a year. Shortly before time to renew, I got a letter from the insurance company that they would not be renewing the policy.

So I went to see my agent and found he was in a real quandary. Most of his business was with farmers and using Farmers Insurance Company and the Farmers Insurance Company had decided to not insure farmers or farm equipment; supposedly because of a high loss rate in Texas. My agent was as puzzled as I was about a company with "Farmers" in their name refusing to insure anything farm related.:laughing: And of course that agent was scrambling to find other insurance for a bunch of his customers. Of course that was in 1996, so I don't know what Farmers Insurance Company does now.

Anyway, that's when I asked my Kubota dealer and he arranged the insurance at almost identical premiums. And I stayed with it when I bought the 1999 B2710.

The premiums were right, but as to how they handle claims . . . well, I never had one so I can't say.:laughing: