Insurance Recommendations for insuraance

[bwalley]

Just a quick request on what some have found to be the best and/or most cost effective insurance for a new CUT. I have been quoted $250/year for rollover,theft, vandalism, collision and limited damage repair- (but not for burning should I use it for adding wood to a burning pile)

 

[bwalley]

bump up

 

[edgarrian]

home owners should take care of it. I use mine to add to the burn pile and not once thought that it would go up in flames.

 

[Ivan49]

Check with your home owners but make sure to ask if it is covered off you property

 

[AxleHub]

Just a quick request on what some have found to be the best and/or most cost effective insurance for a new CUT. I have been quoted $250/year for rollover,theft, vandalism, collision and limited damage repair- (but not for burning should I use it for adding wood to a burning pile)

Bwalley,

With all due respect, you are leaving out the most pertinent piece of info. . . . that new tractor . . . What brand is it?
Kubota offers very good options on their products and Massey has even a bit better. I don't know about the other brands.

But be aware of the idea of just relying on Homeowner's coverage unless you get a rider added to the policy specifically for your tractor. Virtually all homeowner's policies do NOT cover the list of items you showed in your post unless you have a rider on you policy. Think of homeowner's coverage as merely personal property coverage. . . Not moving or using coverage. That is why your vehicles have a separate policy.

Now as an example, a rider on my homeowner's for my SCUT would have been $285 a year and still would not have covered acts of God like flooding. But my Massey qualified for Massey insurance and that was less than $300 for 5 years of coverage that does cover flooding etc.. Now a farm policy is a different thing than just homeowner's because a farm is a commercial endeavor and potential policies are different than just homeowner's.

I don't know of any policy under normal purposes that covers fire when you intentionally and willfully move your tractor into and close to a burning area.

The real key to insurance is to understand that "using something" is different than "having something". That why rollover coverage is not part of homeowner's coverages unless specifically with a rider.

 

[edgarrian]

I guess for me I don't see a good reason to insure it if you only use it on your own property. I don't think i have ever heard of limited damage repair. What does that exactly cover. And lets be honest of things u listed that you would be covered for theft is about the only one that may happen and thats a big if. Rollover, vandalism, collision, and the limited damage repair isn't necessary. It all sounds good and gives you that peace of mind if you are really that worried. I had a excavating business so it sat onsite many times and not once did it get vandalized. If your a decent human being chances are you won't need to worry about that. Id save the 250 and invest in a needed or wanted implement.

 

[TheMan419]

Check w homeowners. I have a farm policy. It is covered as part of just my possessions. I am getting a quote to add it and implements as a rider for better coverage.

 

[George2615]

I have my LS insured thru CNH Physical damage Insurance. It covers most any damage on or off property and I have implements covered too. If I remember, the policy is Inland Marine thru CNH.
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital

 

[gunmonkeyintl]

I also have an Inland Marine policy, through Farm Bureau Insurance.

I honestly couldn't tell you what it costs, because they also have our home and cars, and our Rep gave me a package deal.

The reason an Inland Marine policy is important is that most "tractor" or homeowners policies do not cover you when you're off your property. The Inland Marine policy covers you when you're, say, trailering it to the shop for warranty work, helping the neighbor across the road right the skid steer he flipped, or, in my case, driving on my state-maintained dead-end road the 700 yards it takes to get to my bottom barn and pasture.

State Farm had all my policies until I bought the tractor. I asked, specifically because of advice I got on here, for an Inland Marine policy, and they just wanted to keep arguing with me that it wasn't a boat.

I walked into Farm Bureau and told them I needed to insure a new tractor, and they said "now, this is going to sound crazy, but what you really need is an Inland Marine policy. Let me show you what we got." An hour later, they had all my policies.

 

[von-mil]

I'm looking at my homeowner's renewal bill right now. I added a farm equipment rider 2 or 3 years ago and I was thinking of removing the rider but after viewing this thread I think I'll leave it for another year. It's $150 for the year and, yes, the rider is through Inland Marine.