Tractor Insurance?

[WileyG]

I'm about to spend some money on a new to me tractor. My homeowners wants $600 a year for $20K insurance with a $1K deductible. My auto insurance is with State Farm and they don't do stand alone equipment policies any more. I'm located in north Alabama and looking for reasonable insurance if anybody has some advice/input.

 

[BigCountry1689]

I'm about to spend some money on a new to me tractor. My homeowners wants $600 a year for $20K insurance with a $1K deductible. My auto insurance is with State Farm and they don't do stand alone equipment policies any more. I'm located in north Alabama and looking for reasonable insurance if anybody has some advice/input.

Home - Holmes Murphy
515-251-5129


For a 2015 NX4510 I pay $330 a year for $25,000 coverage against Theft, Fire, Flood, Accidental Damage with $500 deductible.

 

[George2615]

I have my tractor and implements insured through CNH. Give them a call. They have much better rates than what you were quoted. Ballpark figure on mine is under 200 a year for about 28K worth of equipment. Note this is Physical Damage Insurance on the tractor and equipment (see the link) and not liability ins..
PHYSICAL DAMAGE INSURANCE* | CNH Industrial Capital

 

[efam3300]

I just insured my new LS 4143HC for 30,000 and my 2011 Kubota B3300 for 13,000 for $142.00 a year thru Shelter Ins and their Inland Marine policy, with a 25.00 deductible. I have my homeowners thru them but tractors are 150 miles away

 

[Lineman North Florida]

Surely in Alabama you all have Farm Bureau, find you're local office/agent and they will hook you up.

 

[chinton]

I called my local (AR) State Farm agent and got a quote of ~$20/year ($1000 deductible) adding ~$30K of tractor and implements to my home owners policy and ~$400 for a stand-alone policy ($250 Deductible).

 

[WileyG]

Surely in Alabama you all have Farm Bureau, find you're local office/agent and they will hook you up.

I kicked Alfa to the curb back in 2011 and will not do business with them. Rate raising bastards when I never had a homeowners claim.

 

[Lineman North Florida]

I kicked Alfa to the curb back in 2011 and will not do business with them. Rate raising bastards when I never had a homeowners claim.

I guess that just goes to show you how different it can be from one state to the next, from my experience Florida FB has always been good to deal with as far as home and farm related insurance goes, I had the same problem with State Farm raising my homeowners insurance when they decided they wanted out of Florida after all the hurricanes.

 

[Turbys_1700]

I just took out a 25K full coverage policy out on my brand new Workmaster with Farm Bureau. Cost is $150 per year. New Holland wanted $260 a year rolled into a 5 year loan. I ended up financing with Farm Credit for a longer term, lower payments, and no pre- payoff penalty. Farm Credit did not require insurance.

 

[WileyG]

I have a call in to Farm Credit up heere but haven't heard back yet. I bought my property thru them and they were amazingly easy to work with.

 

[meyerld]

You have plenty of input already, but here goes anyway. I insured my brand new Deere 5085M for all hazards insurance through State Farm for $360/year. The value insured was nearly 65k with the loader.

 

[mri4437]

Insurance will vary by state (with the exception of health insurance under the Affordable Care Act, insurance is generally regulated at the state level). I just went through this in Minnesota; for reference, here are the two options I had :

(1) Cover under homeowner's policy. This has no additional charge but has three very bad limitations :
(a) It only covers persons named on the policy (my wife and I), so no coverage if my brother or friend use the tractor.
(b) It only covers the tractor for use on our property (no coverage in transit or at the neighbors, etc).
(c) Deductible is the same as our homeowners policy. Particularly bad as we chose a high deductible plan for the house.

(2) Separate policy. This covers the unit anywhere with any user authorized by me for non-commercial use. Commercial use policies are available but more expensive as they generally assume higher use, less skilled employees, and include some degree of liability insurance.

I chose option (2) on a 3720 I purchased. $250 per year with $500 deductible or $365 per year with no deductible, $27k coverage. I think the cheaper plan has a no deductible for the cab glass, but I'm not sure as I chose the no deductible plan since this is a new unit for me to get used to. This covers any damage to the tractor, loader, or mower beyond normal wear. For example, if the tires go bald, it's my cost. If I hit an obstacle and tear out the sidewall, it's covered.

I got this through State Farm of Minnesota. I didn't have a chance to shop around as I bought it at relatively short notice in Iowa and wanted to get it covered for the trailer ride home! I hope these points of comparison help you in your decision.

I will probably shop around a bit a year from now, but my local agent is a good person to deal with. Prior threads I have read on the subject of tractor insurance have often described trouble actually getting things covered. All I can say is that when I hit a deer one night, I emailed my agent and woke up to an email from her authorizing the full repair, no problems. My friend hit a deer and his insurance company tried to not cover it because he didn't have a police report...

Peter

 

[kneedeep]

I had insurance with State Farm on my tractor and Kawasaki Mule in Alabama. You need a Marine policy.

 

[WileyG]

Today I got coverage for $174 per year with $200 deductible. Thanks for all the input, you guys helped a lot.

 

[HarleyMonster]

Today I got coverage for $174 per year with $200 deductible. Thanks for all the input, you guys helped a lot.

Would you please state who you got this coverage from? What is the amount covered, etc.?

 

[PhysAssist]

Would you please state who you got this coverage from? What is the amount covered, etc.?

What HM said, please!!

 

[Turbys_1700]

You have plenty of input already, but here goes anyway. I insured my brand new Deere 5085M for all hazards insurance through State Farm for $360/year. The value insured was nearly 65k with the loader.

That rate is very similar to what my coverage and cost is here in NC with Farm Bureau...
25K coverage for about $150 per year...

 

[chim]

You might find this discussion interesting:

http://www.tractorbynet.com/forums/owning-operating/322487-liability-insurance.html

 

[coralhead]

Is this insurance required since there is a bank note on the tractor? Is this a requirement like having full coverage on a vehicle since it is financed?

 

[Turbys_1700]

Is this insurance required since there is a bank note on the tractor? Is this a requirement like having full coverage on a vehicle since it is financed?

When I purchased my tractor New Holland Finance required insurance. It was packaged with the financing. Farm Credit did not. New Holland had a 5 year fixed rate that was a little smaller than Farm Credit's rate but Farm Credit was a 7 year loan without any pre-payoff penalties. The total payout with Farm Credit was the same as New Holland since the financed amount was $1300 less for the insurance.