KTAC Insurance Rate Increase

[Tractor2011]

I've had Kubota insurance (KTAC Insurance) on my L3940 for the last few years. I've never submitted a claim but this year my rate jumped up approximately 30% for no particular reason. When I inquired about the rate increase I was told everyone's rates were increased. KTAC is now charging me almost as much as I pay for my Corvette, so I'm in the process of looking around for an insurance company that can cover my tractor at a reasonable rate. Any suggestions?

 

[blueriver]

Try CNH

 

[Rocky Hoffler]

I've had Kubota insurance (KTAC Insurance) on my L3940 for the last few years. I've never submitted a claim but this year my rate jumped up approximately 30% for no particular reason. When I inquired about the rate increase I was told everyone's rates were increased. KTAC is now charging me almost as much as I pay for my Corvette, so I'm in the process of looking around for an insurance company that can cover my tractor at a reasonable rate. Any suggestions?

Does this cover tractor for loss or is liability included also

 

[MarentetteService]

I insure my tractor for peanuts with my homeowners.

 

[Monster5601]

I insure my tractor for peanuts with my homeowners.

Please, tell me how you did it. I've had several insurance providers tell me they can't insure my tractor since it has a value greater than 15K, that is as high as Michigan allows or requires. Somehow the state is involved in this.

 

[MarentetteService]

I called Grady at bay view insurance,(231) 941-2244, gave hime the vin number, and he added it. I also had to give him a value and model name. Call him lol.

 

[Gem99ultra]

I went through the same thing with them last year... They're deaf to reasoning that a 30% increase in one year is "reasonable". I discussed my tractor coverage with my homeowner insurance company - and Yes, it's totally covered while on my property. No extra charge.

That does not cover it on public roads, but that's an extremely rarely a situation for me.

 

[KTAC]

Yes. There was a rate increase last year and some of you are noticing it now that your policy is up for renewal. I understand some people look at the percentage increase and have a problem with it. However, the point is not as much to do with the increase (I understand that is easy for me to say) but rather how cheap our insurance was before. My point... a 30% increase for insurance that was priced too low is different than a price increase for insurance that is already priced above our competitors. Insurance through KTAC provides excellent coverage, service by a Kubota owned company, and is still competitively priced for all that is offered.

For those comparing coverage, a homeowner policy is not the same coverage. In addition to lack of off property coverage, during transit, accidental damage (hitting a stump), and limited value coverage (cap on how much $$$ they will actually cover), a typical HO policy has a very high deductible ($500, $1,000, or 1% of the value of your house) compared to $250 with KTAC. If you ever file a claim, the difference in deductible alone (if the damage is covered) is enough to pay for another year or more of insurance through KTAC.

Another way of looking at it... If your income is $30k a year and you get a pay raise of 30%, you will be making $9k more. If your income is $130k a year, that same 30% increase equals a pay increase of $39k. The thing to consider is the actual dollar increase and not the percentage because KTAC was priced very low. The price increase for a $15,000 tractor went from $180/year to $234/year which is $4.50 more per month.

Question... Does an insurance agent through another provider care if you buy another Kubota? Something to consider.:thumbsup:

Brian

 

[The Fred]

30% increase is highway robbery.

Shop around guys, even healthcare does not see increases of more than 20%.

Regards, Fred

 

[k0ua]

I paid the increase and went on. It is darn good insurance guys. It covers a lot.

 

[Hinomotoman]

I paid the increase and went on. It is darn good insurance guys. It covers a lot.

All insurance is good until you need it. My tractor is covered for $20,000 with $250 deductible for $11 a month at Farm Bureau.

Eugene

 

[Pharm]

Looking at my renewal now. A couple of years ago when I checked on coverage my state farm insurance agent said they wouldn't cover my tractor so I went with KTAC. Last month when I checked they said they would cover it at about $100 less per year with similar comprehensive coverage. I have no problem with KTAC but I like to save money.

 

[RPW]

My homeowners insurance covers my tractor either at home or off site. During transit my auto insurance covers it.

 

[MessickFarmEqu]

My homeowners insurance covers my tractor either at home or off site. During transit my auto insurance covers it.

We've not seen the corresponding rate increase on contacts. It maybe because they are deciding that people who buy it directly are at higher risk... that would make some sense.

Just to point out, Homeowners falls far short of KTAC. Typically homeowners does not cover for flood, and is a declining market value not replacement cost coverage. KTAC is on or off your property. If you have a claim KTAC has provisions for rental and trucking costs. Having worked with insurance adjustors in the past, there is no comparison to who takes care of the customer better. If KTAC is close in price to other insurance options, I'd take KTAC every time. Would I pay double the cost for it... probably not... but I'd pay 20% more.

 

[amaxwell]

We've not seen the corresponding rate increase on contacts. It maybe because they are deciding that people who buy it directly are at higher risk... that would make some sense.

Just to point out, Homeowners falls far short of KTAC. Typically homeowners does not cover for flood, and is a declining market value not replacement cost coverage. KTAC is on or off your property. If you have a claim KTAC has provisions for rental and trucking costs. Having worked with insurance adjustors in the past, there is no comparison to who takes care of the customer better. If KTAC is close in price to other insurance options, I'd take KTAC every time. Would I pay double the cost for it... probably not... but I'd pay 20% more.

For those that think their homeowners ins.covers their tractors both at home ,on the road, and off site,would suggest a long talk with their agent as most don't. I had to buy a separate policy called inland marine to cover mine , and it is about $307 a year for about $21000 coverage. Still worth it to me,and it still doesn't cover hitting a stump etc.

 

[OldMcDonald]

I feel sorry for you people. I pay under €50 for full coverage, including road use with a trailer. If I felt inclined I could drive over the border into Spain and still be covered - in fact use in all of Europe is included.

 

[ultrarunner]

Those European policies are a wonder...

Same for personal auto insurance over there... you can drive through something like 40 countries and be fully covered for a owned car.

Not quite the same for rentals... which often list specific exclusions for some countries for some vehicles.

 

[David_Kb7uns]

Was bound to happen as some of these people that make claims for repairs that were operator error caused that other insurance would not cover.

David Kb7uns

 

[bucktaker]

Yes. There was a rate increase last year and some of you are noticing it now that your policy is up for renewal. I understand some people look at the percentage increase and have a problem with it. However, the point is not as much to do with the increase (I understand that is easy for me to say) but rather how cheap our insurance was before. My point... a 30% increase for insurance that was priced too low is different than a price increase for insurance that is already priced above our competitors. Insurance through KTAC provides excellent coverage, service by a Kubota owned company, and is still competitively priced for all that is offered.


Sorry I call BS on this reasoning. Dont have ktac as my Farm poilcy covers my uses. But 30% is out of line, almost like bait and switch tactics.

For those comparing coverage, a homeowner policy is not the same coverage. In addition to lack of off property coverage, during transit, accidental damage (hitting a stump), and limited value coverage (cap on how much $$$ they will actually cover), a typical HO policy has a very high deductible ($500, $1,000, or 1% of the value of your house) compared to $250 with KTAC. If you ever file a claim, the difference in deductible alone (if the damage is covered) is enough to pay for another year or more of insurance through KTAC.

Another way of looking at it... If your income is $30k a year and you get a pay raise of 30%, you will be making $9k more. If your income is $130k a year, that same 30% increase equals a pay increase of $39k. The thing to consider is the actual dollar increase and not the percentage because KTAC was priced very low. The price increase for a $15,000 tractor went from $180/year to $234/year which is $4.50 more per month.

Question... Does an insurance agent through another provider care if you buy another Kubota? Something to consider.:thumbsup:

Brian

Sorry I call BS on this reasoning. Dont have ktac as my Farm poilcy covers my uses. But 30% is out of line, almost like bait and switch tactics.