Pro / Cons of KTAC?

[eubie5]

The way it is supposed to work is:
The dealer submits a quote to Ktac for the repair of the loader.
Ktac compares the cost to repair versus the original contractual amount of the loader and decides to either total the loader or repair it.
If Ktac repairs the loader there should be no extra costs to you.
If they total it then they will give you an offer for the valuation of the loader. You can accept the offer and either receive a check or they can apply it to the loan (this I believe is at their discretion). You can also appeal the valuation.
If you accept the offer you can then purchase a new kubota loader and submit the invoice to Ktac. They will then issue a 2nd check or credit to your loan the difference between the accepted valuation and the original contract price.
If they decide not to do the pay the difference part you can try contacting Brian Carter who has posts here about Ktac to help resolve the issue. You should also lean on the dealer to help make it right. Some dealers are better than others at dealing with ktac.

From my understanding if you aren't happy with the current dealers evaluation of the repair you do have the right to get another dealer to do an estimate to repair.

pm me if you need email addresses to contact higher ups at ktac incase Brian Carter is no longer there.

Appreciate the reply.
The claims adjuster didn't say anything about that. Said they would either replace loader, and I'd pay the difference between what i paid and price for a new one.
2nd option would be they'd take what they'll pay for a replacement and pay towards my loan.
Then I'd pay, out of pocket, for a new loader. He didn't mention anything else you said. He said he was waiting on his end to see which way ktac wanted to take it.
My dealer says my loader is bent/totalled and i need a new one.
Like i said, i appreciate the info.

 

[eubie5]

My dealer is like a 2nd or 3rd generation dealer, with about 5 stores in my area, been around forever.
I think Moses bought his 1st tractor there.

 

[ning]

I'm curious as to how often people actually save money via the insurance. Certainly the occasional instance of "ktac covered it" catches your attention, but there's likely more that never get the money's worth (... pretty much guaranteed, ktac literally has to make money for them).

In my tractor's first 660 hours, 6 years, I've had nothing happen that I could've claimed on insurance, if I had it (I assume there's some catastrophic coverage via my homeowner's / USAA but truthfully idk).

 

[fuchifarm]

My dealer says my loader is bent/totalled and i need a new one.
Like i said, i appreciate the info.

Again this is where a good dealer is important. The easy answer is the loader is not repairable. Contact the service department manager and ask them what parts of the loader need replacing to repair it. Is it just one or both arms the quick attach etc. What parts are bent? The first step of the claim should be evaluating the loader and providing an estimate to repair to Ktac. Ask for a copy of that estimate. If it doesn't have an itemized parts list of what to replace then you need a different dealer. If it wasn't a ktac claim what would it cost to repair? Some dealers service departments when presented with a ktac claim just don't put in the effort to take care of their customer.

It is not up to the dealer to decide if it is totaled that is Ktac's decision.

 

[fuchifarm]

I'm curious as to how often people actually save money via the insurance. Certainly the occasional instance of "ktac covered it" catches your attention, but there's likely more that never get the money's worth (... pretty much guaranteed, ktac literally has to make money for them).

In my tractor's first 660 hours, 6 years, I've had nothing happen that I could've claimed on insurance, if I had it (I assume there's some catastrophic coverage via my homeowner's / USAA but truthfully idk).

Its insurance of course the payouts vs premiums is going to favor premiums.
Where ktac shines is that the dealers service department is responsible for assessing the claim and not an insurance adjuster. So there are some claims that Ktac will cover fully that an adjuster may try to find a reason not to cover or reduce what they will cover.
At the end of the day though it is still insurance. If USAA will write a comparable plan for less and you are willing to deal withan insurance adjuster if you have a claim go for it. Just make sure its an apples to apples comparison.

 

[jyoutz]

I'm curious as to how often people actually save money via the insurance. Certainly the occasional instance of "ktac covered it" catches your attention, but there's likely more that never get the money's worth (... pretty much guaranteed, ktac literally has to make money for them).

In my tractor's first 660 hours, 6 years, I've had nothing happen that I could've claimed on insurance, if I had it (I assume there's some catastrophic coverage via my homeowner's / USAA but truthfully idk).

So why is that any different than any other insurance policy?

 

[Omega Woods]

I'm curious as to how often people actually save money via the insurance. Certainly the occasional instance of "ktac covered it" catches your attention, but there's likely more that never get the money's worth (... pretty much guaranteed, ktac literally has to make money for them).

In my tractor's first 660 hours, 6 years, I've had nothing happen that I could've claimed on insurance, if I had it (I assume there's some catastrophic coverage via my homeowner's / USAA but truthfully idk).

If you roll your tractor down a hill, USAA isn't going to cover that and KTAC will (supposedly). It's almost certain that most of us will lose money on KTAC, just like all other insurance policies. If Kubota lost money on KTAC, they wouldn't offer it but I still don't want to have to pay for my $25k tractor out of pocket if something really bad happens to it.

I also hate paying $1000 per year for life insurance and hopefully all of the money I've spent on it over the last 15 years will be completely wasted but, if it's not, I sleep better knowing I covered an unacceptable risk.

 

[Bigshooter81]

Not only did Kubota warranty an incident that required a new hood, but I had a log roll off onto my hood and cause 3k worth of damage in the last month of my coverage and they paid out the claim without hesitation.

More than I can say for most insurance co's.

 

[eubie5]

The way it is supposed to work is:
The dealer submits a quote to Ktac for the repair of the loader.
Ktac compares the cost to repair versus the original contractual amount of the loader and decides to either total the loader or repair it.
If Ktac repairs the loader there should be no extra costs to you.
If they total it then they will give you an offer for the valuation of the loader. You can accept the offer and either receive a check or they can apply it to the loan (this I believe is at their discretion). You can also appeal the valuation.
If you accept the offer you can then purchase a new kubota loader and submit the invoice to Ktac. They will then issue a 2nd check or credit to your loan the difference between the accepted valuation and the original contract price.
If they decide not to do the pay the difference part you can try contacting Brian Carter who has posts here about Ktac to help resolve the issue. You should also lean on the dealer to help make it right. Some dealers are better than others at dealing with ktac.

From my understanding if you aren't happy with the current dealers evaluation of the repair you do have the right to get another dealer to do an estimate to repair.

pm me if you need email addresses to contact higher ups at ktac incase Brian Carter is no longer there.

So, ended up with a new loader, with me paying the difference on the price of a new loader today, vs what i paid 4 years ago + my $250 deductible. Still a pretty good chunk of $$,
but better than not having it insured at all.

 

[ning]

So, ended up with a new loader, with me paying the difference on the price of a new loader today, vs what i paid 4 years ago + my $250 deductible. Still a pretty good chunk of $$,
but better than not having it insured at all.

I'm not doubting that it paid off handsomely for you, but I am curious as to how much you've paid towards KTAC in total vs how much you've gotten from them?