Insurance tractor insurance

[Sherrell]

Anyone who has State Farm inland marine insurance - Did you get a real insurance policy for your money or did you just get a certificate stating that you are covered for the amount you requested ? A certificate is all that I received and they will not give me any kind of policy. They say it covers too much to issue a policy - policy would be like a telephone book. I had my agent call about this twice and I get the same answer.

 

[sneaky_pete]

My regular State Farm homeowner's policy covers my tractors, at no extra cost and with no certificate - my Kubota dealer just called my agent to verify the coverage for Kubota Credit Corp. Not sure what the difference is between this and the "inland marine" division of the company - I know there are a lot of State Farm divisions. Can't tell from your profile or post what part of the country you might be in.

 

[MadReferee]

</font><font color="blue" class="small">( Not sure what the difference is between this and the "inland marine" division of the company - I know there are a lot of State Farm divisions.)</font>

Inland marine is a type of insurance coverage. This definition I got from a simple internet search:

<font color="red">Inland Marine coverage is designed to cover property away from your premises or in transit. Coverage is generally provided on an "All Risk" basis with certain exclusions applying to the coverage.

Inland Marine/Equipment Insurance generally covers business (or even personal) items, inventory or equipment that is moved from a primary facility to any remote location, as well as some specialized equipment that remains on a primary facility site. Inland Marine Insurance may cover anything from earth-moving equipment for a construction company to cameras and strobe lights for a photography company. </font>

I got a complete policy document that spelled out each area of coverage when I first purchased my commercial inland marine insurance. Depending on your state of residence, there may be a law that requires this document be given to you at the time of purchase.

 

[sneaky_pete]

OK, that makes more sense now - Sherrell is asking about a commercial policy, which was not obvious (to me) from his post. I guess I'm too lazy to do a Google search on behalf of someone else's question. /forums/images/graemlins/blush.gif

 

[MadReferee]

This coverage is not limited to commercial businesses. I am not a commercial entity but I chose to get this type of coverage since I do leave my property on occasion. Additionally, inland marine coverage provides many more features than your normal homeowners policy does. For example, if you roll your tractor in your back forty, inland marine insurance will usually cover the cost of a tow truck and/or bulldozer to get you pulled out.

It will also cover cleanup of diesel spills that may get into the brook you just tried to cross. It also covers rental equipment and a rental while your tractor is being repaired.

Yes, it costs more but you get more coverage too.

 

[penokee]

Talked to my State Farm Rep today about this, and he informed me that here in Michigan my Kubota L3130 is covered under my Home Owners Ins when at this location and when pulling it down the Highway I am covered for Liability by my Auto Ins., but if in an accident when moving the Tractor, the tractor wasn't covered.

Kubota Credit may require additional ins, and sounds as though it may something along the line herein discussed. The benefits of the Inland Marine sound better then I thought.

penokee /forums/images/graemlins/smile.gif

 

[frank_f15]

HMMM? this brings up a good point. when i bought my tractor i had ALLSTATE ins. both for cars and home, and the tractor was covered, but since then i have changed ins co. i will have to check with them to see the coverage i have.

 

[BANDAMAN]

I am also in Michigan and have State Farm. I was told the following: My BX2230 is fully covered under my homeowner's as long as it is used for the Maintenance and upkeep of my own property. If I run around the neighborhood and do work on the common grounds (subdivison) or on another's property, my homeowners would cover any liability damage to the neighbors property. If I wrecked the tractor while off my property I would be S.O.L. If I trailer the tractor somewhere else, it would not be covered while in transportation (fell off trailer, got hit, etc) If I want it covered while taking it other places, it would be about $190 a year. If I was making money with the tractor, it is a whole different story! I don't think I would ever make enough to cover the cost of insuring it!

 

[JRobyn]

Regarding the original question...!!

I got State Farm Inland marine also. This was necessary because the regular homeowners only covers if the tractor is at your house, or you at least live where the tractor does. I don't.

If I recall right, State Farm did give me a 5 or 10 page policy summary plus a certificate of coverage (declarations page). I can imagine that a full inland marine policy that describes everything would be large. If I remember, I'll look at it tonight and get you the State Farm document ID number for your agent.

 

[Mahlon]

Muy importante! Recommend that you get the ENTIRE policy from your agent and read it. Yes, it will be lengthy, but the policy summary that State Farm provides isn't detailed enough to describe all of the in's and out's of your coverage.

This was discussed at length in other threads, like this one:

Click here

regards,

Mahlon

EDIT: I shortened the link /forums/images/graemlins/wink.gif MR