Tractor Insurance...cost

[woodlot]

For those of you you have added extra coverage on your CUT, what are your yearly premiums. I'm going to be trailering to some of my undeveloped land and want the tractor covered for accidents and theft while on the road, away from home. I got one quote for $190 a year for a insured value of 16,000. I thought that was a little steep.

 

[GerardC]

That comes out to just under $16.00 a month. Shop around and see what else you can come up with. That doesn't sound that unreasonable to me.

 

[MadReferee]

Actually that's not bad, depending on the exact coverage. My Commercial Inland Marine policy is based on declared value and is $15 per $1000 of declared value per year.

As with all insurance, prices will vary by company, locale, and coverage.

 

[timb]

I'm paying a little over $3 per year per thousand $ coverage for a personal (non-commercial) inland marine policy with a $500 deductable. ($97/year for $31,000 declared value coverage). I believe a commercial policy would have been several times as much.

 

[fishman]

I'm paying somewhere between $5 and $6 per thousand of coverage for my tractor. Unfortunately, they required that I list the loader seperate from the tractor and so now I have two $500 deductables. I use Germania.

 

[heehaw]

i have all my insurance with Nationwide: when i first asked, last year, to insure a $22,000 tractor, he quoted me over $600 a year: i checked with him again a couple months ago, and he said they had a new policy that let him write it for so much per thousand: and its about $150 a year for $22,000 coverage: i wouldn't need it, except as you, i move my tractor around some, and thats when i need the insurance.
heehaw

 

[Alan L.]

I just paid $86 to add my tractor to my farm policy, covering it for $12,000.

 

[dmccarty]

Woodlot,

If there is a Farm Bureau for your state call 'em quick.

I just put my tractor on a policy with the NC Farm Bureau. Here is what they charged me. You don't have to be a farmer to be a member.

The price is $500 deductible - $.60 per $100
$1000 deductible- $.57 per $100
$2500 deductible- $.50 per $100

This was for covering my non commercial equipment.

Later,
Dan

 

[Cliff_Johns]

But these prices are for the cost of the tractor and damage to it only. It does not cover damage that you might cause to someone or something else, right? That is, it's not liability. Don't assume your other liability coverage includes tractor use. I probably doesn't -- though apparently some do.

Cliff

 

[Dargo]

I just called and specifically went over my coverages with State Farm for my tractor, trailer, RTV900, and Rhino. These are the specific items that I trailer from where I live to other property I own.

I had the agent call their home office to make sure, but my tractor, RTV, and Rhino, are all declared as covered for actual replacement value (32k, 12k, 10k respectively) for theft or damage while being transported to my property. I'm glad I called, because my new trailer was not covered. That cost me $44.40; comprehensive and liability.

Since I don't do jobs for hire, I don't need any liability coverage for my tractor unless it fell off of my trailer during transport and damaged someone's property or someone. However, if I'm using my tractor, RTV, or Rhino on my property and somehow cause a liability while operating them, I am covered for that as well. So, after going over with my agent exactly what I have, and exactly what I do with it, I was all covered except for my trailer. I think I can handle the $44. /forums/images/graemlins/cool.gif

 

[MadReferee]

</font><font color="blue" class="small">( But these prices are for the cost of the tractor and damage to it only. It does not cover damage that you might cause to someone or something else, right? That is, it's not liability. Don't assume your other liability coverage includes tractor use. I probably doesn't -- though apparently some do.
)</font>

The Commercial Inland Marine policy covers certain damages that the tractor may do. For example it will cover the cost of cleanup after a diesel spill whether on or off your property. So I guess you could say it kind of like a "limited liability" coverage.

I would, however, never assume that the "limited" coverage is a substitute for full all peril liabilty coverage (if that is what you call the coverage?).

 

[psuedofarmer]

just picked up a policy through state farm. general liability was around $225 (tractor value was approximately 30k).

pf

 

[dmccarty]

Cliff_Johns,

I talked to my agent and my policy does not provide liability coverage. However since I'm not using the tractor as a buisness or as a farm my homeowners policy would provide liability coverage.

Later,
Dan

 

[dstacy]

Local Farm Bureau was $84 with a $250 deduct on a $20,000 tractor

 

[robb01]

we did a policy with state auto, it cost ~300 for a 35k tractor

 

[warhammer]

25 cents per $100 coverage.
~ $325 per year for building, liability, replacement cost on all listed equipment for the farm.

For those of you you have added extra coverage on your CUT, what are your yearly premiums. I'm going to be trailering to some of my undeveloped land and want the tractor covered for accidents and theft while on the road, away from home. I got one quote for $190 a year for a insured value of 16,000. I thought that was a little steep.

 

[firefighter9208]

Kubota M 4800 Tractor, Bushhog M346 Loader, Bushhog SQ720 Cutter, Grasshopper 223 Zero Turn Mower, Kawaski TransMule 4x4 Diesel.

Combined value: $40,500.00
Deductible: $500.00
Premium $235.00 a year
Alfa Insurance Machinery and Livestock Policy