Tractor Insurance

[CloverKnollFarms]

Hey, so with people lighting their tractors on fire this summer, it crossed my mind to see if I was insured.

Homeowners covers up to $16,700 per SINGLE item.(personal property) Tractor is worth $35k.

Ok, so I'm going to explore tractor insurance. It stays in a locked barn on my personal property. Who do y'all insure with? What are typical rates?

If I'm spending thousands per year, I'll save it to cover what my current insurance doesn't on the off chance it bursts into flames.

Ideas??

 

[sea2summit]

Travelers for me two tractors, baler, disc mower, and rake is right at $1,100 I'd have to look what the covered value is but it's well north of 100K. Kind of shocked it didn't go up this year, but not complaining! KTAC was more than double that without the baler, so absolutly shop around.

 

[mike0000]

After I bought my L3901 I had my insurance rep. add it to our homeowners, cost about $80 more a year. I added it after a fire scare myself. Mice had built a nest against the exhaust manifold, while brush hogging one day I smelled smoke, I wasn’t far from my house so I headed that way. That nest put off a bit of smoke but luckily did no damage, sure got me to thinking about insurance.

Mike

 

[CloverKnollFarms]

After I bought my L3901 I had my insurance rep. add it to our homeowners, cost about $80 more a year. I added it after a fire scare myself. Mice had built a nest against the exhaust manifold, while brush hogging one day I smelled smoke, I wasn’t far from my house so I headed that way. That nest put off a bit of smoke but luckily did no damage, sure got me to thinking about insurance.

Mike

Our homeowners will cover it, but only to $16,700. I have $167,000 in personal property insurance, but only 10% can be applied to an individual item, max.

 

[Lineman North Florida]

I use Farm Bureau for both tractors and skid steer , they also insure my home and farm, I don't remember off the top of my head but it is really minimal, not even close to vehicle insurance.

 

[Rdrcr]

My tractor and other equipment is covered for full replacement cost through my homeowners policy.

Mike

 

[caver]

Inland Marine policy through Shelter. Very reasonable.

 

[Torvy]

Inland Marine policy through Shelter. Very reasonable.

Inland marine policies are only valid for commercial use and transit between job sites. Unless this is true for you, you are wasting money as a claim can easily be denied. They are derived from marine (shipping) policies that evolved into 'inland' or overland shipping coverage. Just because an agent says it will cover you does not make it so. Be sure to read the entire policy in detail.

 

[WM75Guy]

I use Texas Farm Bureau for trailers, tractors, and implements. Everything is itemized for purchase price value. Now that I look at the list, I missed a few things. I also belong to the Texas and Southwestern Cattle Raisers Assoc. for added theft protection, even though we don't have cattle. They employ 30 Texas Rangers to work theft cases involving member's livestock and equipment. Thieves tend to steer clear of property with the TSCRA blue sign hanging out front, knowing the Texas Rangers will be after them. Cheap protection at $150 a year.

 

[etpm]

Travelers for me two tractors, baler, disc mower, and rake is right at $1,100 I'd have to look what the covered value is but it's well north of 100K. Kind of shocked it didn't go up this year, but not complaining! KTAC was more than double that without the baler, so absolutly shop around.

I had Travelers insurance for years, homeowners and umbrella policies. Never made a claim. When the latest bill for renewal came the bill was nearly twice what the year before bill was. I was shocked. Nothing had changed in my life except that I was one year older. So I shopped around and was able to find insurance for just a little bit less than my last yearly bill. So it pays to shop around. I think I shoulda shopped around a little bit earlier than I did. I did ask about the reason for the big increase. Nobody could or would tell me. Nor would they negotiate on prices.

 

[Thomas]

Also had tractor added on homeowners insurance...been good since 1995.

 

[Hoss710]

I have Mariners insurance as well. but jot as cheap as some of the numbers mentioned here.

 

[Yander]

My insurance company is grange, they just added it to my current policy at the amount that the tractor was purchased for $21,000 I think. I don't even know what the bump in increase was.

It seems odd to me that an insurance company would have a cap. It seems they would just ensure whatever you have and use an actuarial table to calculate the rate.

 

[K5lwq]

I have a Farm Bureau policy for both my tractors, a trailer and several implements. It went up this year and is now $350 a year. I also use them for my autos. There is a $45 membership fee each year. The policy covers on and off my property as long as I am not paid for the work I do for others.

 

[Hoss710]

unfortunately my farm credit doesn't deal with insurance. and sent me to several insurance companies looking. out of all of them they sent me to. The 1 I have for my autos was the only 1 that would write the policy. $65.00 a month which I feel is on the high side. It's a stated value of 35k and only for 1 tractor.

 

[CloverKnollFarms]

I mean, I’m not totally against not insuring it. My liability would be anything currently exceeding $16700. That’s tied to my homeowners policy. I could reduce the liability by increasing my personal property coverage. The tractor is paid in full, so this is just for personal risk management

 

[mike0000]

I mean, I’m not totally against not insuring it. My liability would be anything currently exceeding $16700. That’s tied to my homeowners policy. I could reduce the liability by increasing my personal property coverage. The tractor is paid in full, so this is just for personal risk management

I hear what you’re saying, we didn’t finance our tractor either. I look at at like a kick to the b@lls, sure I’d survive it (if the tractor was lost with no insurance), but with the insurance on it, I have one less thing to worry about.

Mike

 

[WinterDeere]

Homeowners covers up to $16,700 per SINGLE item.(personal property) Tractor is worth $35k.

Call your homeowners' insurance agent, and ask for pricing on a rider to cover this one high-value item. It will likely be your lowest-cost option, and help you avoid ever playing the game between two fighting insurance companies if your tractor causes your barn to burn, or vice versa.

FWIW, I called my State Farm agent, and they said my 3033R was covered under my homeowners' policy, no rider required. I told them the value was about $45k, as configured. I don't know if this is a "fraction of home value" thing or a fixed dollar thing, I didn't think to ask that.

 

[Yander]

Cash purchase or not, people steal tractors. I would be sick if I had a $20 or $30k tractor stolen with no insurance. Not a risk I'm planning to take.

 

[CloverKnollFarms]

Cash purchase or not, people steal tractors. I would be sick if I had a $20 or $30k tractor stolen with no insurance. Not a risk I'm planning to take.

It would be a feat to get it out of a locked barn with no keys... At my house. But possible.