Insurance Tractor Insurance

[NewTrac01]

This is a first time posting on this board, however I have read many, many posts as I pondered over what tractor to purchase. I finally decided on a Kubota L3710 HST with a FEL.
I got my new baby a couple days ago and can't wait for a weekend to play with it.
So thanks to all who shared your experiences on this board.
It along with the inevitable budget constraints narrowed my decision making process.
My question is:
Does anyone have thoughts on insurance to cover it. I approached my insurance agent, thinking it could be covered under my homeowners policy (Grounds keeping equipment) , but they want to put it under my automobile coverage, to the tune of $800 a year. That sure sounds high to me !!!!
Any thoughts !!!!
Well I think I'll go tuck my new tractor in.....And thanks again!

 

[Harv]

NewTrac01 -

Welcome aboard and congratulations on your L3710. /w3tcompact/icons/cool.gif

We recently ran a thread with the title, coincidentally, Tractor Insurance. If the answer ain't in there, it's nowhere. /w3tcompact/icons/laugh.gif

When you get more comfortable with the controls and performance of your new baby, c'mon on back here and flesh out your profile a little so's we know more about where it lives. /w3tcompact/icons/smile.gif

 

[JJT]

I added my L3710 to my homeowners policy. I remember something to the tune of $50 for a $20K rider.

 

[EddieW]

I think I posted to the chain Harv mentioned but, as an addendum, I have since converted from covering my tractor in my homeowner's policy and taken out a policy that covers the tractor and all my impements. It costs about $120.00 a year. I had to insure the trailer separately like a car and it caosts about $25.00 every 6 months. I chose to change because the homeowner's policy really only covered the tractor from theft or damage from a fire or natural disaster and covered it only when being transported if I was taking it for maintenance. I use my tractor 99.9% of the time on my place doing property maintenance but I just didn't like the restrictions so I thought it was worth the money to be able to use it wherever I wanted. Just an opinion.

 

[MarkV]

Eddie,

Is your new insurance a rider to you home owners?

MarkV

 

[PaulT]

Can you provide more details on the separate tractor/implement policy? Who offered it, and what is it called, etc.

thanks,

PaulT

 

[EddieW]

No Mark, it is a farm policy on the tractor and implements. I hate to admit a listened to the folks here at this site /w3tcompact/icons/smile.gifbut the discussion that Harv mentioned convinced me that I should insure the tractor on its own policy. You can teach an old dog new tricks./w3tcompact/icons/tongue.gif

 

[EddieW]

PaulT, the policy is called a farm implement and equipment policy and the company is Oklahoma Farm Bureau Mutual Insurance. They specailize in insuring farms and acreages. I talked with Farmers Insurance, Prudential, State Farm and a couple others at the time and OFB was the only one that offered the farm policy. If the tractor were to fall off the trailer and hit a car while I was going down the road it would cover the tractor and all damages or if I ran the tractor through a house it would cover but ii doesn't cover normal breakages from use. My homeowner's policy would cover the tractor but no other damage unless it was my house I ran into and I was on my property. I do favors for friends occasionally and just didn't like driving around not knowing whether I was covered or not. I got my policy out and I misspoke on my last post. I pay $152 / year for 100,000/300,000/100,000 coverage with $100 deductible on the tractor (JD4300, FEL, brushhog, box blade, rototiller, fertilize spreader, and auger. I hope this helps, let me know if you want more info. I'll tell you what I know.