Tombo
Member
Anyone have this? The dealer offered it to me for $169, w/a $500 deductible. I am just wondering if I should keep everything w/ Deere instead of some third party, ie; my homeowners???
Insurance John Deere Insurance?
- Thread starter Tombo
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JDGREEN4ME
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I went with the JD insurance. I compared it to others and it was very competitive. With the home (renters) insurance we have the tractor wasn't covered. JMHO /forums/images/graemlins/smile.gif
timb
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There are a lot of good posts here regarding insurance you can review. Be careful what it covers - I didn't specifically look into the Deere insurance but many times the 'company' insurance only covers the outstanding lien amount when you finance through them, not the full value, and it may not cover all the various risks.
You want an 'inland marine' 'all-risk' policy or the equivalent - and from what folks here have posted the price can vary greatly in different regions and from different insurers.
Pricing seems to start around $3.00-$4.00 per year per thousand of coverage and goes up from there. (i.e. $100 a year for $25,000-$30,000 coverage).
You want an 'inland marine' 'all-risk' policy or the equivalent - and from what folks here have posted the price can vary greatly in different regions and from different insurers.
Pricing seems to start around $3.00-$4.00 per year per thousand of coverage and goes up from there. (i.e. $100 a year for $25,000-$30,000 coverage).
sticky
Bronze Member
You didn't mention how much liability insurance you are getting with that quote. Chances are you will get more liability coverage for the same amount of money with your home owners policy. I have a mill in liability. Say you are helping grade your neighbors front yard for him for free and you hook a fiber optic cable. Goodbye $20,000. Or your 15 year old boy hits the side of the barn and takes out your corner post. Just something to keep in mind
timb
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</font><font color="blue" class="small">( You didn't mention how much liability insurance you are getting with that quote )</font>
That's a very good point - you do want to make sure you're comparing apples to apples on these things.
My policy (had to check last night to be sure) is a $500 deductable, with no liability coverage. I have my liability coverage, covering among other goofups - using the tractor on (or off of my property for non-commercial use), via other policies. So that's not in this number. The policy also is a 'lowest cost' claim settlement - meaning they cover the lower of repair, replacement, or current market value (like an auto policy) up to the max of the coverage. Since tractors and implements depreciate far less than standard autos that's not too awful. But it is an all-risk which is important.
My policy also automatically covers any new equipment I may buy for a short time period (I think it's 30 days) before I contact the company and have that equipment added to the policy.
For that type of coverage - I'm paying $97 per year for just under $29K coverage.
From what I've read here, that seems to be a decent enough premium and about par for the course for non-commercial use. Commercial use off the property will send that number through the roof.
That's a very good point - you do want to make sure you're comparing apples to apples on these things.
My policy (had to check last night to be sure) is a $500 deductable, with no liability coverage. I have my liability coverage, covering among other goofups - using the tractor on (or off of my property for non-commercial use), via other policies. So that's not in this number. The policy also is a 'lowest cost' claim settlement - meaning they cover the lower of repair, replacement, or current market value (like an auto policy) up to the max of the coverage. Since tractors and implements depreciate far less than standard autos that's not too awful. But it is an all-risk which is important.
My policy also automatically covers any new equipment I may buy for a short time period (I think it's 30 days) before I contact the company and have that equipment added to the policy.
For that type of coverage - I'm paying $97 per year for just under $29K coverage.
From what I've read here, that seems to be a decent enough premium and about par for the course for non-commercial use. Commercial use off the property will send that number through the roof.
BillyP
Veteran Member
JD insurance covers fire, theft, collision and against Mother Nature. If it's a total loss it will pay fair market value. It will pay transportation cost to and from the repairing dealer. It does not pay replacement cost and has no liability insurance. The coverage area is anywhere in the US and Canada. Your insurance ends when you make your last payment. If you pay it off early, your insurance ends but they pro rate your premium and deduct that from the payoff. I paid $272 for 5 years of coverage (about $55 a year) and as soon as it's paid off, I'll add it to my farm policy (about $100 a year).
In other words it works just like full coverage on a vehicle (coverage wise) except no liability insurance.
In other words it works just like full coverage on a vehicle (coverage wise) except no liability insurance.
JJT
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Kubota offers a similar policy. In fact it's far cheaper than my insurance agent could do and it covers collision. The homeowners covers everything except collision. Switching to an specialty insurance was 10X the cost. I prepaid the kubota ins for the life of the loan and it was under $300.
2nstonge
Gold Member
I live in Vermont. I just bought commercial liability and replacement coverage for my truck, cargo trailer (hauls my tools) & the tractor (no trailer yet to haul that). Coverage is $1M for liability, $5k in tools replacement & $25k for the tractor replacement. The annual premium is approx $750.
I took delivery of the tractor in December. Deere said I had to have insurance either from them or thru my own agent to cover, at a minimum, the outstanding loan amount. I had to provide a copy of my policy to the dealer prior to them delivering the tractor.
-Norm
I took delivery of the tractor in December. Deere said I had to have insurance either from them or thru my own agent to cover, at a minimum, the outstanding loan amount. I had to provide a copy of my policy to the dealer prior to them delivering the tractor.
-Norm