Insurance Personal use tractor insurance

Cliff_Johns · Jun 5, 2004

I have tractor insurance with State Farm. I had to get some so I could get financing, but I wanted insurance anyway. It turns out that, new this year, State Farm tractor insurance does not cover liability off property even if you have the "off property" coverage. They changed it -- it used to. Your personal liability poilicy doesn't cover this either -- that only increases other coverage, it does not give you any new coverage you don't already have. If you have been relying on this and didn't read the fine print they send out each year, take a close look.

So now, since I want to drive on the road, maybe go to a neighbors house and do some work, I'm looking for an insurance company that actually insures the tractor for liability. Anyone have preferences?

Cliff

MadReferee · Jun 5, 2004

Ask your agent about a Commercial Inland Marine policy. It will cover your tractor for what you want. Plenty of insurance carriers will write this type of policy. Your premium will be based on the declared value of your tractor and implements. There have been many threads on this type of insurance. Do a Search for "Commercial Inland Marine".

Now actual liability insurance will be another mater altogether and could get rather expensive. This has been discussed also.

dbelisle · Jun 5, 2004

I have mine registered and insured to drive on the road .

I have full liability, fire , and theft.
It cost around $325.00 for the year.
It is for the minimum required by New Hampshire but I also have a $1,000,000.00 umbrella policy.

The local ATV club is getting ready to buy a DK40 with a hoe and I want to register that for the road also.

The agent is looking at that in a commercial policy because it is a club and the cost is going to be around $850.00 for full coverage.

What is the kicker is that in NH, if you put a backhoe on the unit, the registration goes from $10 to $12 to $75. Because they consider it construction equipment instead of farm.

Dave in NH

jpr62902 · Jun 5, 2004

I have Inland Marine coverage (not commercial) for my tractor, and all it covers is damage to the tractor -- not liability for damage caused by the tractor. My annual cost is about $200.00.

SnowRidge · Jun 5, 2004

I don't know how much land you have or if you grow anything, but you might look into your eligibility for a farm policy. Check with the farm bureau in your state. They should have that sort of information. You may not actually have to be a farmer.

Here, our farm policy automatically provides liability coverage, which includes tractors. Equipment loss is extra, and is priced per thousand dollars of specified coverage.

SnowRidge

shadled · Jun 6, 2004

I had to also obtain insurance on my TC33DA. I spoke with my insurance agent and I was able to add it to my home owners policy for 79.oo per year and I have full coverage on the tractor and any property damage that may result as an accident from my tractor. This is for Pennsylvania and the ins co. is Motorist Mutual.

Dennis

Cliff_Johns · Jun 6, 2004

Wow, Dennis that's really cheap. State Farm wants 3 times that and there is no liability off property, only damage coverage. I definatly need to look around.

Cliff

8561 · Jun 7, 2004

I'll say the same thing in this post that I've said in many previous insurance threads - MAKE SURE YOU GET LIABILITY INSURANCE. In the long run, fixing some damage to your tractor is cheap. Fixing someone else who has been injured as a result of your tractor can be financially devastating.

KiotiMutt · Jun 7, 2004

I just got my policy from Farm Bureau. It covers everything, including rollovers. It was $109/year for a $27,000 tractor.
You must also be a member which cost $40/year, and you don't need to be a farmer.
They also wanted me to check their rates for auto and homeowner insurance.

KiotiMutt

hammer1995 · Jun 7, 2004

Don't hesitate to compare their rates. I've been with them over 20 years and have yet to find a company with better rates.

shade2u2 · Jun 7, 2004

I have Inland Marine coverage through Erie Insurance for about $50 per covering $17000...

Cliff_Johns · Jun 8, 2004

( I just got my policy from Farm Bureau. It covers everything, including rollovers. It was $109/year for a $27,000 tractor.
KiotiMutt )

Does it include Liability off your property? That's really the sticking point.

Cliff

SnowRidge · Jun 8, 2004

(( I just got my policy from Farm Bureau. It covers everything, including rollovers. It was $109/year for a $27,000 tractor.
KiotiMutt )

Does it include Liability off your property? That's really the sticking point.) 

Our policy from the TN Farm Bureau does. BTW, Farm Bureau policies are written by different companies in each state. Be sure to check what your state's Farm Bureau insurance covers.

SnowRidge
.

slowrev · Jun 8, 2004

Farm bureau was the only company that would insure my home on my farm when I bought it a few years ago. I had been a state farm member for 30 years and they would not insure it, too far out of town. Guess they don't want to take any risks anymore.

Well I swithched all of my stuff from State Farm to Farm Bureau and have had no problems and saved more money than going with the lizzard.

JazzDad · Jun 8, 2004

SnowRidge hit the high points in his latest post: Make sure to get liability and check around. Any agent worth a mound of beans will explain the coverage available. Don't try to use information from your cousin (twice removed, on your pet aardvark's side) who bought a policy in some other state. The coverage will vary from state to state and from company to company. And when you get your policy- READ IT! Make sure it's going to serve you if the need arises.

ronbo3 · Jun 12, 2004

My tractor is insured on a policy that I bought from my Kubota dealer, but it is through an independent company, and not Kubota. It is an all purpose policy (fire, theft, weather, vandalism, accidents, etc.) that costs about $100 a year. State Farm wanted more than $300/yr to insure the same tractor. You may want to check with your local tractor dealers to see if any of them sell tractor insurance.

TORQUIN · Jun 14, 2004

( My tractor is insured on a policy that I bought from my Kubota dealer, but it is through an independent company, and not Kubota. It is an all purpose policy (fire, theft, weather, vandalism, accidents, etc.) that costs about $100 a year. State Farm wanted more than $300/yr to insure the same tractor. You may want to check with your local tractor dealers to see if any of them sell tractor insurance. )

I asked my dealer about this insurance when he delivered my 3830 today. He said he doesn't push it because it is only for the duration of the financing, essentiallyinsuring THEIR interest in the ttractor. If you pay it off early the insurance is cancelled. They will give you a refund on the "unused" protion of the policy though.
This may or may not be different from what you got from your dealer.

Chris

Lazy · Jun 15, 2004

Hi
Do you really need Liability Insurance on a tractor if its not driven on a public road? I can see having Insurance to protect the lender and or the dealer. How could a guy with more than one tractor afford it? If a person didn’t have to buy Insurance and pay taxes they could retire by the age of 35.

Charlie.

Poppa · Jun 15, 2004

( Hi
Do you really need Liability Insurance on a tractor if its not driven on a public road? I can see having Insurance to protect the lender and or the dealer. How could a guy with more than one tractor afford it? If a person didn’t have to buy Insurance and pay taxes they could retire by the age of 35.

Charlie.
)

Charlie, I did it for one reason. Brush cutting along the frontage of my property. That is an area most likely to have something tossed into it that I don't know about and I just had a vision of my Rhino, tossing the remains of a rock or coke bottle or car battery into the windshield of someones car as they drive by at fifty miles an hour.

Farfetched? Probably. No, make that Hopefully. But then again, isn't insurance always the thing we buy that we hope is the biggest waste of money???

Anyway, big, strong, diesel-powered Kubota came onto my property and I instantly boosted all my liability insurance across the board. Like I said, I hope it is money wasted.

Mike

Cliff_Johns · Jun 15, 2004

( Do you really need Liability Insurance on a tractor if its not driven on a public road?)

I guess not.

But, the reason I posted this was that I wanted to drive on a public road. The rental place is only a couple blocks from my house so I thought I would just drive the tractor up there and hook up the chipper and drive strait to my back yard. It seemed easier than hooking it up to the truck, pulling it home then switching, then switching it again to take it back. Then the Insurance CO said, the tractor itself is covered, but I have no liability insurance if I'm off my property.

I need to rent various equipment so I figured I'd get the insurance if it's not too expensive. It turns out the price and coverage varies quite a bit. It pays to shop around and READ THE POLICY.

Cliff