KTAC vs. Homeowners insurance

[dae06]

I was just informed by KTAC that if my home owners insurance doesn't cover my tractor off of my property or on a trailer, I cannot do the 0% financing. Has anyone been told this before? I know many people that got the 0% and use home owners that do not cover off property or on a trailer. Is this new or was he telling me a story?

 

[art]

That is the way that it is. I would talk to your insurance agent as we do have some picking up what Kubota is requiring at a lower price. The kubota insurance is good! It is similar to a commercial policy but it pays replacement cost if totaled! It is only a 250 dollar deductible as well.

 

[nybirdman]

I have a separate Inland Marine Policy on my tractor($157/yr.),wasn't covered by home-owners.

 

[TractorNH]

I went with a State Farm "Personal Articles" policy. Covers whatever I put on the policy for any damages up to the insured replacement cost AND it covers the insured items wherever they are. The tractor is on the policy and I can also add implements. This is like a catch all policy where you schedule the items to be insured. My agent said I could put anything on it including jewelery, coin collections, guns, etc.

 

[searcyfarms]

ditto, I have a separate policy for my tractor/skid steer - sad that we cant drive over to the neighbors or help a neighbor out of a ditch much less haul something over to mom n dads and help them when their septic needs dug out or water line breaks, those days are gone unfortunately, so much for being neighborly........its risky now days

 

[HillStreet]

Homeowners would cover your tractor if it was in the garage, or shed, or barn, and the building burned down and destroyed the tractor. Same if it was stolen but check the dollar limits (homeowners insurance isn’t going to pay $40,000 for your tractor without you paying premium).

Kubota insurance will cover your tractor if it started on fire (fuel, electrical), a rollover, damage from limbs etc. I had a claim last year and Kubota paid for $2300 in repairs and pickup and delivery. I paid $250.

 

[oosik]

When I bought my 2009 Kubota M6040 new - I had to finance it for four months while I rearranged my funds, so I could pay it off in a lump payment. KTAC required that for the four month period of the financing - I had to have insurance that covered all that was purchased, both on and off the property. My homeowners insurance only covers while on the property.

To satisfy this requirement - I purchased KTAC insurance for that four month period.

 

[chim]

Here's a quote from a thread from 3 years ago when I was looking for insurance. I wanted to make sure I had loss and liability insurance because I do snow removal at the church and for a couple older neighbors. Some coverage is automatically provided through homeowner's insurance and the rest is a separate policy. The agent said that since I don't charge for the work it is a much cheaper premium than it would be for a commercial application:

"I thought I posted the final info, but apparently didn't. Erie worked out for me. Switched everything over to Erie and got better coverage of house and vehicles. Small tractor (less than 21HP) covered automatically for liability everywhere and damage to tractor at home. kubota (32HP) covered for $1M liability and loss on or off property. Whole works less than I was paying with State Farm."

The entire thread:

https://www.tractorbynet.com/forums...rance.html?highlight=insurance+liability+erie

 

[buckeyefarmer]

I have Erie, my tractor only covered on my property.

 

[TractorNH]

Homeowners would cover your tractor if it was in the garage, or shed, or barn, and the building burned down and destroyed the tractor. Same if it was stolen but check the dollar limits (homeowners insurance isn’t going to pay $40,000 for your tractor without you paying premium).

Kubota insurance will cover your tractor if it started on fire (fuel, electrical), a rollover, damage from limbs etc. I had a claim last year and Kubota paid for $2300 in repairs and pickup and delivery. I paid $250.

Homeowners would cover it for any peril listed on the homeowners policy as long as it isn't used off property. I spent a lot of time on Q&A with my agent and getting all of the info. With homeowners it wouldn't be covered for damage occuring while you were using it, like if you roll it over. If it had a fuel leak and catches fire though it would be covered because fire is a covered peril, just like if a tree fell on it or if it was stolen. The better route though is to go with a separate policy on the tractor specifically.