Insurance Insurance Value

[TonyF]

I have a B21 TLB which I'm trying to get insurance for thru Alfa. Alfa already covers my house and BX2200 thru a rider. The agent wants me to break the value of the machine into 3 parts, loader, tractor and backhoe and assign a value to each part. The machine is a 2007 with 129 hours, its pristine. Anyone have a source for finding the value of the parts? Thanks.

Tony

 

[montelatici]

I have B21 which I'm trying to get insurance for thru Alfa. Alfa already covers my house and BX2200 thru a rider. The agent wants me to break the value of the machine into 3 parts, loader, tractor and backhoe and assign a value to each part. The machine is a 2007 with 129 hours, its pristine. Anyone have a source for finding the value of the parts? Thanks.

Tony

I think you would want to insure at replacement value, so i would go on the Kubota site and configure a current comparable BX and go with the list prices or if you want reduce them by 10% or so which is a guaranteed discount from most dealers.

 

[brin]

I have B21 which I'm trying to get insurance for thru Alfa. Alfa already covers my house and BX2200 thru a rider. The agent wants me to break the value of the machine into 3 parts, loader, tractor and backhoe and assign a value to each part. The machine is a 2007 with 129 hours, its pristine. Anyone have a source for finding the value of the parts? Thanks.

Tony

I bought a policy for my tractor for stated replacement value ...I will receive the full amount with no deduction for depreciation should it be stolen..I have it insured of $22,000 and the premium is $140 per year. I did not have to break down the cost of the FEL or the tractor..Just 22K for the package.

 

[crazyal]

I think you need to inform your agent that the B21 TLB is sold as a package (vs. add on attachments).

 

[CHDinCT]

I think you need to inform your agent that the B21 TLB is sold as a package (vs. add on attachments).

Agree. You can't even go to Kubota's website and get retail pricing on each piece; sold as a package TLB only. Don't think you can find used units for sale without either the FEL or BH to get market pricing.

 

[TonyF]

I informed them it was sold as a unit, the agent even called the local 'bota dealer. The underwriters would not budge. In the end, we just agreed on an arbitrary value for each piece that summed to the total agreed upon value. To me. it sounds like a way for the insurance company to save some money should something happen. Thanks for the input everyone.

 

[crbr]

I informed them it was sold as a unit, the agent even called the local 'bota dealer. The underwriters would not budge. In the end, we just agreed on an arbitrary value for each piece that summed to the total agreed upon value. To me. it sounds like a way for the insurance company to save some money should something happen. Thanks for the input everyone.

good..........

 

[CBW1999]

An arbitrary value assigned to each "component" will do you nothing if something goes wrong and you file a claim. Either you'll get short ended on the claim, or they will potentially "black list" you for having insured something for more than it is worth- Even though they suggested this method.

Your agent should have been a little more involved in researching this rather than putting it on your shoulders. The insurance industry has more info than they want us to know about. When you file a claim, they will "magically" find used parts, or the actual cost of replacement parts.

Don't get me wrong, no axe to grind against the insurance industry- I have an excellent Insurance Agent that has helped me through several claims over the years. Our Family has stuck with this agent for 30 years because of the customer service and fair pricing (not the cheapest).

I respect that you have several policies through this agent/company. I would suggest that you explore other services and see what info they can come up with, and then bring that back to your agent to discuss it with them.

I think you will be surprised what you find. Sometimes, thinking that they are getting new business, an agent or company goes the extra mile to gather info. Nothing wrong with shopping around.

just a little side thought- is it too late to get insurance through Kubota? That might be an alternative as well.

Good Luck!

 

[crazyal]

I would be a little worried. If you were to accidently drive into a pond killing the engine and transmission but not hurting the backhoe or loader would they just pay you for the tractor portion even though you most likely couldn't buy just the tractor to replace it? I know that's a little extreme but I wouldn't want the insurer to say there's nothing wrong with one piece and I get stuck shelling out the difference to replace the TLB and then trying to sell the extra parts to recoup some of my money.

 

[BruceWard]

I have my 2004 B21 insured through KTAC Insurance Agency . My guess is that your policy would be less than $200 a year through them.

The FEL is not removable. It can be removed for replacement, but is not intended to be removed.

 

[twbpc]

Insuring your equipment for "replacement" value doesn't mean you will get the "replacement" value in the event of a claim. Most insurance companies will only pay what the equipment is worth if the equipment is totalled or stolen not what you think it is worth. I would give KTAC a call since they are Kubota and will give you the right value and the price is cheap. At least you will have something to go back to your agent with.

 

[tchmango]

My FEL has a serial number just like the tractor. In fact most of the implements for my tractors have serial numbers. My current BX 2660 was "broken down" and insured as the tractor and mower with values for each. Whether Kubota sells the unit as a package is not relevant. They sell the entire tractor part by part. If the tractor were to "roll" into a pond and not be serviceable the insurance company would most likely "total" the tractor and sell the "salvage" Insurance is regulated state by state. A policy written in Texas is not necessarily the same as one written in New York.

I have had a tractor stolen that my agent did not add to my policy. Fortunately the loader was on the policy and I had added insurance at the dealer level for the tractor and loader. Now the fight was on to see which company would not pay for the stolen loader. And that is another story.

 

[BruceWard]

My FEL has a serial number just like the tractor. In fact most of the implements for my tractors have serial numbers. My current BX 2660 was "broken down" and insured as the tractor and mower with values for each. Whether Kubota sells the unit as a package is not relevant. They sell the entire tractor part by part. If the tractor were to "roll" into a pond and not be serviceable the insurance company would most likely "total" the tractor and sell the "salvage" Insurance is regulated state by state. A policy written in Texas is not necessarily the same as one written in New York.

I have had a tractor stolen that my agent did not add to my policy. Fortunately the loader was on the policy and I had added insurance at the dealer level for the tractor and loader. Now the fight was on to see which company would not pay for the stolen loader. And that is another story.

I believe most FELs are separate pieces of equipment with their own serial numbers. This is not the case for the B21. The B21 FEL is part of the tractor. The backhoe is a quick disconnect item but I have not seen a serial number on it.

 

[CBW1999]

HHhhmmm....
the bed can come off a pick up truck....The bumpers as well.....
Do you have floor mats that come out of the car....?

Should we have to declare their individual value as well? :confused2:

it is all about customer service....... Again, no axe to grind..have a great insurance agent. Also have a friend who has sold insurance. For the latter, sales were based on if they "felt like dealing with it". Something simple to do....great. If they had to invest time in researching something, not likely gonna do it. I was visiting one day when someone called about a "VW Dune Buggy". they put them on hold and asked me what kind of vehicle I thought it was......:ashamed:

In the end ( a few seconds later)..realizing they would have to do some work, they picked up the call and said "we don't insure those".

Maybe your agent isn't as skilled in this area as others, or perhaps he succumbed to the pressure of the "bean counters".....

A never ending source of fun and entertainment for all of us

 

[tchmango]

perhaps you characterize the agent wrong. Maybe he realized he nor any company he represented could properly insure the Dune Buggy. Rather than be greedy and write the business he concluded it better to not insure it. It is a litigious society and insurance agents get put in hard spots all of the time.

I am not familiar with Vermont insurance regulations but can tell you that in Texas any additions or replacements of original equipment(radios, wheels, towing equipment, electronic dvd etc.) must be added to the policy.

If the back hoe does not have a serial number or any other identifying mark it would be unusual. As such that it doesn't most insurers probably do not realize it and request one by mistake.