Tractor Insurance

[kthompson]

I know a lot about insurance, but there is a lot I don't. When I was selling house insurance it was interesting the people who asked me what they coverage was. Really your agent should be doing that. We have Wind Deductible here as we are in Hurricane susceptible area that is option to the insurance company or a flat dollar amount. The Wind Deductible is often a percentage of the house value. I have had many tell me it was not explained when they bought it, but learned how it worked when they had a wind claim. I sadly think the biggest reason so many did not explain it was, they did not understand it either. Folks as every body with a tractor is not an expert on even driving the tractor there are those in every walk of life.

One last word on tractor insurance, from my little experience am not sure ever say a "replacement cost" policy, rather the cash value method. Now that is my state and it can and probably varies across the states. The other is when I compared JD and Kubota's insurance to my Farm Bureau, they were wider coverage than the Farm Bureau's was. I had a loader to be replaced under the JD coverage an it was only for about 60% of the replacement cost.

 

[retiredin1993]

Just purchased my JD 3038E and insure it through Kentucky Farm Bureau for around $156.00 a year for purchase price.

 

[Deleted member 371759]

State Farm $30 monthly. Covers everything. We have out autos,life and homeowners through them too. Easier that way, for us.

 

[TCowner]

I am a licensed agent. Have not actively been selling property insurance for last few years. Do not depend on what others are telling you here, not they are not correct on their situation, but the laws and plans will from state to state. Last, I know State Farm will not insure anything related to a farm in my state. But have no reason to ask them in several years. Farm Bureau here is the best. You need to ask about all aspects of the coverage, not just how much the tractor is covered for. Ask what it is not covered for? Ask if I get in wreck on the road how is it covered? (been there on that one) If it is damaged say by a falling tree, a wreck, fire, your rolling it down a hill, is it covered in all such situations? How About you damage it using it, such as twist a front-end loader? Don't miss what or how they determine the value of the tractor for repairs or replacement.

Here, most companies don't want to insure a home on I think it is 5 acres of land but may be 10.

If you use a rough cut mower near others house or roads be sure how you are covered. They can do major damage when they hit something.

Yes we have to ask the right questions or I think we run the risk of not having the coverage we expect. I've told this story before so please forgive me if I am just bring up old information.

Several years ago when I questioned my State Farm representative about insurance on my small utility tractor he told me that it was covered under the personal equipment section of the policy. But he made it clear that it was not covered for loss once it leave the property. It was not covered during any transport to a neighbor or to the dealership for service nor was it covered on the right of way next to my property.

Like many of us I mow the right of way (ditch) and I also have the need to remove snow on the part of the driveway that is owned by the State of Minnesota. My agent clarified that there is no physical damage coverage nor liability coverage should I be involved in any accident with a motor vehicle.

As many of know the drivers today are mostly insane. They pass on the shoulder of a two lane road at 70 mph. WE take our lives into our own hands some day. So for me, liability protection in the event of an accident was perhaps more important than the physical damage to the tractor.

 

[WinterDeere]

As many of know the drivers today are mostly insane. They pass on the shoulder of a two lane road at 70 mph. WE take our lives into our own hands some day. So for me, liability protection in the event of an accident was perhaps more important than the physical damage to the tractor.

When combined with @Yander's stories on strapping things down, this paints a picture. Imagine getting into an accident while hauling your tractor on a trailer, and then watching it fly off the trailer toward you or another vehicle, at the speed you were previously traveling. I'd guess an airborne 3033R moving at 60 mph could do quite a bit of damage to a passing Toyota Camry.

 

[Tractor Seabee]

Bought my BX in 2011 and have maintained the Kubota KTAC insurance since. Now has 1600 hours on it. Several years after buying working on forest trails I dropped a large limb on the hood and instrument panel. UNK to me that little plastic tyransmission fan had been chewed up somewhere during my trail clearing project. Took to my local dealer for repair and they discovered the fan's demise and that the transmission had been overheated. KTAC covered all the repairs to the tune of almost $9k. Because of all the hoorah here on TBN over insurance at that time I decided to check on what my homeowner's carrier would have covered. Turned out they only cover fire and theft not operating casualties. Convinced me to stay with KTAC as operating causality was a greater possibility than fire or theft.

Ron

 

[ultrarunner]

When I bought the BX23 new I checked with my agent who said my garden tractor is covered… I then asked what is a garden tractor and was told as long as I use it to mow at my residence and not commercially it is covered and it was all done by email.

During times of big loss it seems like private adjusters are expert in what they do…

A home and contents was damaged as a result of an earthquake and insured was told sorry, you don’t have earthquake coverage but a private adjuster proved coverage because the home burned from earthquake caused gas leak… in my mind loss was earthquake but adjuster successfully claimed fire…

 

[WinterDeere]

in my mind loss was earthquake but adjuster successfully claimed fire…

No chance of getting a report from the fire inspector, stating cause of fire was earthquake?

 

[ultrarunner]

It was the 1989 LomaPrieta quake…

 

[kthompson]

When I bought the BX23 new I checked with my agent who said my garden tractor is covered… I then asked what is a garden tractor and was told as long as I use it to mow at my residence and not commercially it is covered and it was all done by email.

During times of big loss it seems like private adjusters are expert in what they do…

A home and contents was damaged as a result of an earthquake and insured was told sorry, you don’t have earthquake coverage but a private adjuster proved coverage because the home burned from earthquake caused gas leak… in my mind loss was earthquake but adjuster successfully claimed fire…

Just wondering here, could it be they were not able to prove the fire was totally due to the earthquake? We had a client who did not have flood insurance but the adjuster did approve some water damaged to a business because a front glass was damaged by the hurricane's wind allowing it to rain into the building. The flooding was caused by the hurricanes rain.

 

[ultrarunner]

My take away is the difference between covered and not is often a very fine line

 

[CaptPat]

Very timely thread as Im actively shopping for a new CUT with a cab. One dealer said they had an insurance company (maybe affiliated with MF) that offered a policy that would cover losses due to fire, rollover, glass breakage, and probably other mishaps as well. The dealer said most homeowner’s policies don’t cover the aforementioned issues, apparently, Farmers will issue a tractor policy rider if you have their home insurance. He thought full coverage for a $50K CUT would be around $400/yr, we didn’t talk about deductibles. The last time I purchased a tractor with a loan the lender required specific tractor insurance, in that case, I used KTAC but that was 15 years ago. I'm pretty sure that my homeowner's company (USAA) will send me elsewhere for specific tractor coverage.

 

[Torvy]

Legally, Kubota (KTAC), or anyone else, absolutely cannot require you to carry Their insurance. They can require you carry specific levels of coverage and that they are the lienholder and, thus, first in line to get pain in the event of a loss.

Often, dealers will cajole, coerce or manipulate people into thinking otherwise. The dealership (and likely the sales and/or finance guy) get paid extra for each policy coerced...er...sold.

 

[geteh]

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??View attachment 810794 auto insurance ontario canada

I am looking for insurance companies that will insure antique tractors mainly used in rides and parades. We currently have State Farm which insures all that stuff, but my son in law just took a job with All state and they don't insure that kind of thing. The wife is wanting to switch because the price is cheaper, but I keep reminding her we are loosing some coverage (the tractors) that we will have to pay for separately which could make our monthly premiums roughly the same. So who do you guys use?

 

[ultrarunner]

I have antique auto policy with 27 vehicles on it including the restored Jubilee.

Exhibition only and not for hire and the tractor is excluded from performing any farm work… but fully covered in parades for liability and stated value for loss.

The underwriter made it clear it was an accommodation for 45 years claim free large count policy holder.

 

[WinterDeere]

I am looking for insurance companies that will insure antique tractors mainly used in rides and parades. We currently have State Farm which insures all that stuff, but my son in law just took a job with All state and they don't insure that kind of thing. The wife is wanting to switch because the price is cheaper, but I keep reminding her we are loosing some coverage (the tractors) that we will have to pay for separately which could make our monthly premiums roughly the same. So who do you guys use?

I assume they've gone to the web by now, but when hunting for such a thing back in the day, you'd pick up a copy of Henning's Motor News. There were always specialty insurance companies advertising in those, for things like antique cars and other specialty items.

I race an antique wood boat, and most boat insurance specifically excludes organized racing, let alone an antique racing boat. There was a member of our racing class who happened to own an insurance company, who realized this was a problem, and set up a special policy type that most of the class members now use. Point is, there might be something similar among the 2-cyl tractor clubs, if you check in with some of them.

 

[JeepHead]

I have Farm Bureau for my tractor insurance. It's covered for pretty much anything that happens to it, accidental damage such as tweaking a loader or breaking an axle, rolling it, it catching on fire etc. I pay $180 a year for this coverage and it's replacement value, not prorated based on age.

 

[Rmart30]

those insuring under homeowners... if it leaves your property its more than likely not covered. State farm was like that for mine. They said you should have full coverage for it to be covered when trailering, and that if i took it to my hunting lease then I needed another policy on that property to cover it there... it would have been 8x what its costing me now.
I went with KTAC and it covers it where ever its at.

 

[JeepHead]

those insuring under homeowners... if it leaves your property its more than likely not covered. State farm was like that for mine. They said you should have full coverage for it to be covered when trailering, and that if i took it to my hunting lease then I needed another policy on that property to cover it there... it would have been 8x what its costing me now.
I went with KTAC and it covers it where ever its at.

My Farm Bureau coverage is for anywhere it's at unless I am using it for hire in which case it would have required a policy under my business insurance. Also, I was told that while trailering it, it would then be handled under my auto insurance which is a business policy. I have pretty much same coverage as KTAC for a fraction of the cost.. But I paid cash for my tractor so wasn't forced to KTAC.

 

[WinterDeere]

those insuring under homeowners... if it leaves your property its more than likely not covered. State farm was like that for mine. They said you should have full coverage for it to be covered when trailering, and that if i took it to my hunting lease then I needed another policy on that property to cover it there... it would have been 8x what its costing me now.
I went with KTAC and it covers it where ever its at.

Good to know, as I suspect damage or theft during transport must represent a relatively high fraction of total loss cases.