Insurance

[presnewt]

Does everyone out there insure their tractor and implements? I am making my first purchase (about $20,000), will be used strictly for farm use. My dad farmed all his life but I don't think he ever insured his stuff. Thanks

 

[jlgurr]

I have a GC1705 with insurance coverage. Non-commercial policy. I think it's about a $100 per year. Includes the MMM attachment. My other attachments are not valuable enough to include IMO.

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[Industrial Toys]

I had an agent come through a few years ago. He itemized every building and peice of equipment. Talk about a shocker, and it would be much, much worse today.

Bottom line, no insurance what so ever for me.

 

[oosik]

My tractor & implements are covered thru my homeowners policy. This coverage is only while I use the tractor on my property. There is no additional cost for the coverage.

 

[Looking4new]

Because my tractor is financed the finance company wanted a insurance policy on it to cover them in case of a loss. I can understand that. I pay State Farm 400$/year for an Inland Marine policy that covers the tractor for the full purchase price even though there is only 16 months left on it. (I shelled out 10 grand down stroke). I am allowed to go to town (2miles) but that is as far as I am covered and that is only for fuel.

 

[DK35vince]

My tractor, attachments and zero turn are on an Inland Marine policy.
$164/year.

 

[George2615]

As mentioned, when a new tractor is purchased the company financing usually requires it be insured at least until paid off. Most homeowners policies will cover this if you notify them. If you do not have to finance then insurance coverage is up to you.
I did not finance my tractor purchase and my homeowners ins. has limits. I also obtained an Inland Marine policy that covers much more than HO ins. Covered perils include, but are not limited to: collision, theft, vandalism, wind, hail, earthquake, fire, flood, tornado, overturn, ingestion of foreign objects and vermin infestation. Also included is glass coverage and tire damage.

 

[k0ua]

I still have KTAC on the Kioti. Not the cheapest insurance, but good coverage. I needed insurance of some kind when it was financed, But I have kept it now that it is payed off.

 

[Fossil Farm]

Does everyone out there insure their tractor and implements? I am making my first purchase (about $20,000), will be used strictly for farm use. My dad farmed all his life but I don't think he ever insured his stuff. Thanks

If you are really using it for farm use, you should have an insurance policy for all your farm equipment and liability coverage, especially if you are on the road and renting cropland. If you really mean personal use, check with your homeowners insurance to see what is and is not covered. You probably will have to have an additional policy to properly cover it, as said, usually around $100 per year.

 

[roadhunter]

My tractor & implements are covered thru my homeowners policy. This coverage is only while I use the tractor on my property. There is no additional cost for the coverage.

When you say covered what exactly do you mean?

I am curious as my insurance company never offered any no cost insurance for my tractor or implements.

Inland marine here. Couple hundred bucks a year.

 

[Code54]

My tractor, attachments and zero turn are on an Inland Marine policy.
$164/year.

I am also using an inland marine policy - covers my machines on or off my property, The BX25 (BH, Loader and MMM),and my MX5100 with loader and $3400 of extra implements is $129.71 a year. (just got the bill today) $500 dollar deductible

 

[JBourquin]

Because my tractor is financed the finance company wanted a insurance policy on it to cover them in case of a loss. I can understand that. I pay State Farm 400$/year for an Inland Marine policy that covers the tractor for the full purchase price even though there is only 16 months left on it. (I shelled out 10 grand down stroke). I am allowed to go to town (2miles) but that is as far as I am covered and that is only for fuel.

When I first got my tractor I had to put a separate rider on my policy for about $90/yr. That was through Farm Family. Then when I switched to State Farm my agent told me one policy covered everything on my property, from machinery to every out building/garage. Kinda surprised State Farm made you get a separate policy.

 

[fishheadbob]

I have 2 tractors insured for a total of $27,500 , cost is $110 per year.

 

[Looking4new]

When I first got my tractor I had to put a separate rider on my policy for about $90/yr. That was through Farm Family. Then when I switched to State Farm my agent told me one policy covered everything on my property, from machinery to every out building/garage. Kinda surprised State Farm made you get a separate policy.

Agri-Credit wanted to be named exclusively in a insurance policy for the tractor when it was new. I made S.F. write the policy to A-C. Now because there is only 16 months left on the original loan, the policy is still written for the original purchase price with me having more of the policy coming than A.C.
Always remember, in Ontario we get hosed regarding insurance.

 

[oosik]

Roadhunter,

The tractor & implements are covered for the same thing as the house. Fire, theft, vandalism, lightning, wind & hail, explosion, riot & civil commotion, smoke, falling objects, etc, etc. The one limitation is - only while on my property. I have insurance with State Farm.

 

[Looking4new]

Something I did not mention is that I am not classed as a farm. In order to be classed as a farm I must clear a minimum of $3,000.oo profit off my property and be living in an area that is zoned rural/farm. I am not. I am zoned rural/residential as a result although I can 'get away with' a few hens and can flog some eggs in town once in a while, I am not a farm.
I could probably have the zoning changed, but in order to produce eggs commercially I need to join the egg marketing board and jump through a bunch of goobermint hoops.
This being Canada, the insurance rules are a little different and Ontario is out to hose the residents any which way they can.

 

[Texasmark]

Does everyone out there insure their tractor and implements? I am making my first purchase (about $20,000), will be used strictly for farm use. My dad farmed all his life but I don't think he ever insured his stuff. Thanks

I checked with my State Farm agent on that very subject and his answer was that since I was a retired farmer and no longer had a large operation I could include my equipment required to maintain the property as part of my home owner's insurance without having to list each item and insure it separately. The coverage for buildings is under "out buildings" (from the main homestead dwelling) and the equipment is under personal articles which has a tidy sum attached.

The caveat is that the deductible for that company is 1% of the homestead. So if you had a 200k homestead, thieves could rid you of a couple of k worth of tools before the insurance co would be involved. Agent said that the practice (deductible) was popular in the industry and some others discount 2 to 3% before they pay.

However, back when I was farming on a larger scale, and had a Farm and Ranch policy, each item was a line item with a price accompanied by a fee and everything I had of any value was insured.

You have to decide which is more important to you....your money, your decision.

Wife's mom and dad bought about a 1995 Mercury Montclair or something like that...big sedan. Were at the hospital not long after purchasing it and when the hospital business was finished they went out to get in their car........what car? Her dad had paid cash for it (pulled some money out of their retirement....not well off folks) and had forgotten to get it insured...........I think her mother said they paid around $20k for the thing........think about it? Is it worth it to you? Your money, your decision.

HTH.
Mark

 

[roadhunter]

Roadhunter,

The tractor & implements are covered for the same thing as the house. Fire, theft, vandalism, lightning, wind & hail, explosion, riot & civil commotion, smoke, falling objects, etc, etc. The one limitation is - only while on my property. I have insurance with State Farm.

That is certainly an interesting way to get no cost insurance on the tractor. I'm jealous!

 

[japody]

My farm insurance covers equipment (tractors) breakdown with a $500 deductible.

 

[chim]

Here's a thread from a little over a year ago that covers some things on insurance coverage I ran into.

http://www.tractorbynet.com/forums/...ility-insurance.html?highlight=erie+insurance