Insurance Tractor Insurance

[dtmarion]

Question: How are you all insuring your tractors? Homeowners policy? My tractor will be for non commerical use but I may take the tractor off my property to help out family and friends on occasion. My Homeowners policy says that it will only cover it while it's on the property. What about trailering? I was also told that the tractor will not be covered while on my trailer according to my auto policy.

My local Kubota dealer said that if I finance it thru Kubota I can buy insurance for the tractor while I am financing but what happens after?


I've put a few calls in to a few loacal agents but no word yet.

Any thoughts or insights??

Thanks

Dan.

 

[MikePA]

That's the same information I received from my agent (State Farm). Since I don't plan on taking my NH TC25D off my property, I never bothered to get a quote on additional insurance.

 

[ejb]

There are a lot of posts here if you do a search, but I think you'll find that most people with smaller tractors (no insults intended) have asked their insurance company and it is covered while on the property under their homeowners policy.

My tractor is a little larger, a JD5410, and my homeowner's policy wouldn't cover it because they decided it was atypical of the type of "property" a normal homeowner might own, so I bought a dedicated policy that specifically covers it up to about $40K (included attachments).

I'd ask your company and if they say they will cover it, GET IT IN WRITING. You don't want to fight it in court AFTER you have a loss.

If you can't get a guarantee in writing, then assume you are not covered for what you want, and buy a seperate policy (unless you can self-insure).

My policy was only about $200/per year and well worth it for me. Covers it whereever I am (i.e. even if it falls of a trailer on route to somewhere else).

Good luck.

 

[boatman]

this gives you a great reason not to take your tractor off your property. ie i would love to help you this weekend but my insurance only covers the tractor at home. otherwise get a policy for the tractor.

 

[dtmarion]

ejb: What type of policy was it? This may sound like a stupid question but since my homeowners poilicy won't cover it off the property what should I be asking for from my agent or was it an extra ryder that you bought off of your homeowners policy. What company holds your tractor insurance if you don't mind me asking?

 

[ejb]

Mine is considered a contractors equipment policy I guess, but I would tell your agent what you want to cover and see how they want to handle it.

 

[radman]

I have insurance on my tractor that covers it off property and during trailering. Tractor is for personal use. I actually have 2 tractors and atv insured. Cost is about $2 / $1000 of coverage. My insurance is through Farmers Mutual Insurance.

 

[dtmarion]

Thanks for the info!

Dan

 

[SynergyDPM]

Good question. I bought an L35 (35 horsepower) in May of this year. When I called my State Farm Insurance agent he told me that it was covered under our homeowner's policy...and only on our property. He called me back in about 20 minutes and said he called the insurance company claims adjuster and corrected himself...that it was always covered! No matter where I was using it, including if I was using it at a neighbors. With so many posts (above) saying that it wasn't covered, I'd better check it out again.

Thanks,
Dave

 

[ddl]

I would get that in wsriting that your policy covered your tractor no matter where it is at(a Rider). My tractor policy is just like an auto policy and a seperated policy on the loader, so of my policy is liabilty, just incase I do something to some one esles stuff. Always get the agents remarks in writing to protect yourself.

Dan L

 

[dtmarion]

One insurance agent asked me if I could register the tractor. He claims I can register it then I might be able to cover it under some type of auto policy... make any sense? Has anyone tried that?

 

[Rodneyd]

I'm insured thru State Farm for everything, auto, home, boat, etc. and on the smaller tractors they are covered under the homeowners policy. But, the minute it leaves your property you are not covered. So, I purchased a rider to my homeowners policy that covers it beyond my property, like on the trailer or neighbors property or wherever I take it.

Rod

 

[fishman]

I bought a rider to my homeowners policy that covers it no matter what, even while operating it on the highway. I bought it through a company called Germania which specializes in rural insurance. Cost was $62/year for $17,000 in coverage, which I thought was reasonable, considering how much boat insurance is.

 

[Anonymous Poster]

My regular policy covers it and I do have it in writing (faxed to dealer so insurance cost would not be added to my financing). It also cover it on or off the property, with a $500 dollar deductible. An extra rider was not required.

Nuru

 

[TerryinMD]

Ahhh... the best advice is to stay away from that agent!!! They should know the laws of the state and what one needs to do to insure a tractor.

Find another agent!!! /w3tcompact/icons/shocked.gif

Terry

 

[nnicklas]

Rod,

I have State Farm insurance as well. My agent is telling me it is NOT covered under homeowners and that State Farm may not insure me. Sounds hokey to me. I have a BX22TLB.

 

[pemad]

I have State Farm Insurance for Homeowners and they told me my BX2200 was covered on my land with a full replacement minus the deductible. They also told me that transporting it on my trailer to get if fixed or to take it to my other property was also covered.

 

[cj7]

My State Farm says the my L2500 is covered on my land only under my homeowners. Take it someplace else it is not.

 

[Fireman_dcb]

dtmarion,

I had to get an "inland marina" policy through my insurance company. This covers ANYTHING that I could possibly do to my tractor... from rolling it over to sinking it in a pond to running into it with a truck. It covers FULL replacement value for the tractor and any attachements that are damaged. The cost is $115 per year. I had to get this policy when I financed the tractor.

Good luck!
dcb

 

[Briarwood]

FWIW and from a retired insurance agent, the best advice is to consult your own agent. Coverage may differ from company to company and your agent should know how best to cover your equipment in your particular case. Some things that may affect how the coverage is written include where the tractor will be used, how it will be used (for business pursuit), and value to be insured, etc.

I have a B2710 and it is insured under my homeowner policy as personal property. My policy covers all my personal property up to a total of $139,000. My tractor is included in that amount. My policy provides that my personal property is covered "off premises" up to 10% of the total personal property coverage or, in my case, $13,900. I have replacement cost coverage with a deductible (but many times RC coverage especially on personal property is optional). In this case if my tractor was worth much more than 10% of my PP coverage, then I would need to talk to my agent about other ways to cover it if I take it off my premises or just increase my PP aggregate.

Some companies have a special policy for small "gentleman" farms that allows you to schedule farm equipment to insure it in addition to your PP coverage. However, usually if you use your tractor for business purposes (measured by the amount of gross income generated) you may need a regular farm or contractor type policy.

Trust your agent to give you the best advice based on the underwriting rules for the companies he represents. If you don't trust his advice or he doesn't know how to cover your tractor and doesn't take the time to find out, then you need to find another agent.

One last caveat. Don't read threads like this and assume that because my policy has a particular coverage that yours does. Although the major companies have polcies that are generally the same, they all have their own differences. So, don't assume, ask.

BTW, it is important to ask your agent for a clarification and, if you feel it is necessary, ask him/her to give you a letter or memo to confirm what you are told. Generally, if an agent purports that you have a particular coverage and it turns out you don't, the agent is liable. Of course, you have to prove that you were told you were covered (get some written evidence when you have any doubt). Most good agents carry errors and omissions coverage for such situations.

These are also good reasons to read your insurance policies yourself and become familiar with their provisions. Ask your agent to review them with you. If he/she doesn't want to take the time, find another agent that cares!

Retired on 90 acres with my best friend (wife), my hunt'n buddy (dog), and my B2710.

John