Insurance tractor insurance

[heehaw]

how many of you folks have an insurance policy on your tractors? i checked with the insurance co that has my homeowners; and for @ $700-800 a year, they would insure the tractor, but not while it was being hauled . my homeowners policy covers some stuff, not sure exactly what. but when i bought the new tractor, according to the dealer, kubota would insure it for @ $250 a year, even if i'm hauling it. i was going thru my finance papers the other day, and saw nothing about the insurance, so i have got to check and see if he forgot to add the policy. i also want to find out if i can continue the insurance(once i get it), when i get the tractor paid off. anyone else done this with kubota?
heehaw

 

[Anonymous Poster]

I just bought a BX2200 and the dealer never mentioned additional insurance. I checked with my agent and he said it is covered by my home owners policy as long as it is on my property.

John

 

[Knight9]

My insurance simply had to add a specific statement indicating a rider on the tractor and attachments. I had to provide copies of the receipts for all the goodies, but the actual insurance cost was under $50/year when lumped in with my home insurance.

Kevin

 

[grainger12002]

HeeHAw: you should be able to get a (inland-Marine)type policy or floater for a lot less than 700-800 dollars-what state are you in,there are many companies who offer these.Your homeowners policy needs to have enough (cov c) to cover the extra value fo the tractor,and make sure it is at home when it happens-Lloyd

 

[BigDave]

My homeowner's insurances has a rider on my policy to cover the tractor. It costs about $100/year for personal use. I am allowed to take it on the road to a gas station, and I am still covered.

 

[Inspector507]

I specifically checked with my agent when I purchased all my equipment including trailer. I was told, as long as it is on my property they cover it at no additional cost. If towing, then my auto policy covers it all.

 

[WALT]

I have a "inland-marine" policy, for my BX 2200 and implements that costs $200.00 a year. The coverage is for $17,500.00 through the Peerless Insurance Co.
As I am at work now I can't give you all the details, but this is comprehensive coverage on & off my property, including while being towed on my trailer.
I feel that $200.00 is worth the piece of mind that comes with protecting my investment.

WALT

 

[FamilyFarm]

quote by Inspector:
"I specifically checked with my agent when I purchased all my equipment including trailer. I was told, as long as it is on my property they cover it at no additional cost. If towing, then my auto policy covers it all."

I did the same with mine. I did increase my homeowner's policy coverage amount for 'contents' by about 20k, and this raised my monthly premium about $7, so essentially my tractor and implement insurance is $84 yearly. No coverage provided if using tractor off my property.

Terry

 

[kyoders]

The insurance through Kubota was offered to me (actually, I think it was more like demanded) when I financed it through Kubota. The price was pretty reasonable, and it covered just about every situation. I asked if I could renew the policy after I paid it off, and the lady at the dealer said she didn't think so, it was only for Kubota's protection while it was financed. Actually, now that I think about it, they are probably insuring the tractor as a third party and just passing the cost on to me (i.e. if I total the tractor, the insurance company gives them the money).

Anyway, I plan on checking this again with Kubota directly, but it makes sense. I can see them wanting to insure something that is collateral for their loan. I would guess they actually have some other company underwriting it, they just offer it to people who finance through them. I can't see where there would be any business reason for them to offer it beyond the finance period.

Kevin

 

[frank_f15]

according to my agent, my tractor is covered under homeowners policy, just like any thing else, as long as it is not being used for comercial use, hope i never have to find out for sure tho. according to ins. co. u are covered for everything <font color=red> UNTIL SOMETHING HAPPENS</font color=red>

 

[soarkrebel]

I have a policy with state farm ins. for the tractor. my home owners covers it here but i haul it 80 miles to other property i have. to be safe i got an additional policy. They call it a personal articles policy and covers all implements and trailer also. it cost like a 150 @ year .

 

[krickard]

heehaw just looked at my policy for a L3600 and Fel the yearly cost is 69.00 Not a agent but talk to Shelter for a Farmowners policy.
Also notice you live in a great area,Pope County I'm over in Van Buren and use Homestead Kubota for most of my parts se'ya ken

 

[JDGREEN4ME]

Insurance for damage and theft on my tractor was $174 for the term of the loan...

 

[karmakanic]

I used someone besides Kubota to finance my tractor, but I still purchased the insurance from Kubota. Mainly because I couldn't find anyone else who would insure it for a reasonable price. My homeowners insurance (USAA) specifically said they wouldn't cover it. Kubota charged me around 100/yr for the policy, but the effective rate was actually higher since they made me pay the 5 year premiun upfront. And they also said they wouldn't cover it past the finance period. I don't know what I'm going to do after I pay it off later this year.

Getting coverage for the dozer was even more of a pain. Finally got a referral from USAA to a high risk company that charges me $500.00 a year for 25k in coverage. A rip, but I feel like I gotta have it, since we spend only 2 days out of 7 at the farm.

If anyone's got a lead on a company that will write a policy on these types of equipment at a decent rate, I'm all ears.

Dave

 

[heehaw]

talked to the dealer, i do have the kubota insurance, but it stops when the tractor is paid off; according to the dealer, it is one of the best insurance policies around, they do not pro-rate the tractor: he had a guy get his tractor stolen, it liked @6 months being paid off, from a 5 year loan, and kubota gave him a new tractor, no questions asked. i sure wish i hadn't made extra payments, i wouldn't have to be shopping for insurance so soon. my home and cars are all with nationwide insurance, and according to the agent, the tractor is only covered while at home. i need a little more than that, so i will be checking with other insurance companies soon.
heehaw

 

[oombala]

mine too was covered by homeowners , with the exception of a roll over. i explained to the agent i have a pond with small hills, and wanted coverage for that and if i was at a friends and damaged there property or mine, it was dirt cheap, like 100 bucks for a year