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Scott Seaborne
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2003-06-17          57858

I purchased a JD compact tractor (4300). What type of insurance should I carry on it and what is fair annual premium for coverage on a tractor?

Thanks,

Scott Seaborne


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Misenplace
Join Date: Jul 2003
Posts: 875 Michigan
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2003-06-17          57860

I recently purchased a JD 2210 and went through the same thing. I tow mine so I especially wanted insurance in case of a auto accident. If you store your tractor at your primary residence in the garage or in a out building it should be covered under your home owners policy. If you keep it else where you might be able to buy a independent policy however that would cost more than scheduleing it under your homeowners for all perils. Mine was about $50.00 per year. When you schedule property no deductible applys. This of course will vary by regions and certainly with insurance companys. ....

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Scott Seaborne
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2003-06-17          57861

Thanks DocsKnotInn!

I keep mine in a neighbor's out building on land adjacent to mine. I use the tractor to maintain 11 acres of land I own which is 15 miles from my home.

I don't trailer now but intend to in the future. I called my agent and the want $271.00 annually. This would be a seperate policy altogether.

Does this sound fair?


HERE IS YOUR QUOTE FOR THE TRACTOR:

BI/PD 150/300/100 28.80
COMP 0 DED 154.00
COLLISION 500 DED 87.00
UM 100/300 .90
UIM 100/300 .90
--------------------------------------------------------------------
ANNUALLY $271.60

OTHER DEDUCTIBLE OPTIONS:

COMPREHENSIVE
100 DED 123.00
250 DED 108.00

COLLISION
100 DED 109.00
250 DED 93.00

WE WOULD ALSO NEED TO LIST OUT ANY ATTACHMENTS FOR THE TRACTOR. PLEASE CALL US WITH ANY QUESTIONS.

THANK YOU,

AMERICAN FAMILY INSURANCE
....

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kwschumm
Join Date: Feb 2003
Posts: 5764 NW Oregon
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2003-06-17          57862

You have to realize that even if it's covered under your homeowners insurance it is unlikely to be covered for all risks. This means that if a tree falls on it due to high winds it will likely be covered (acts of God) but if you are falling trees and a tree lands on the tractor it won't be covered. Homeowners insurance is also not like auto insurance collision coverage - if you smack it into a tree or roll it your homeowners insurance is unlikely to cover it.
....

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JAZAK5
Join Date: Jul 2003
Posts: 276 coxsackie,ny
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2003-06-17          57897

I have my 790 covered under my homeowners for additional $90 a year which is covered under "ACTS OF GOD/NATURE" and if I tow it , my auto insurence rider covers it however if I do nay digging on someone elses property THEIR home owners has to cover it do to the noncomercial financing.I do not use this machine for profit!!!!I live in NY which has the highest insurence rates any where and people are suit happy here !!! ....

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Billy
Join Date: Oct 1999
Posts: 975 Southeast Oklahoma
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2003-06-17          57899

Check with your John Deere dealer. They sell a cost replacement policy that is real reasonable. Your tractor will be covered anywhere in the US and Canada. It's covered for everything but liability. The insurance on my JD 4610 and FEL is $272. for a 5 year policy. It would have been $186 per year to add to my farm policy. ....

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harvey
Join Date: Sep 2000
Posts: 1550 Moravia, NY
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2003-06-18          57905

Mostly your insurance needs to cover your use. If it is a lawn mower and stays in your yard and never in the road homeowners is probably ok.

If it is off your primary property and travels on the road at all a seperate policy would be a good thing.

Me thinks it is best to treat tractor seperate like my other hi value items. I have seperate rider policies on several items here...

JAZAKS just a thought: I live in NY and help a neighbor now and then. If you are digging, their homeowners WILL NOT cover you. You are way out on a skinny limb. Their insurance carrier will probably sue you also if you hit a utility line or cause damage to property that requires a claim. My insurance carrier fusses real bad because I do not have contractor insurance when I help a neighbor. This is a rural farming community and that practice is still accepted in heart but not by insurance people. Digging in NY is a whole seperate insurance issue because of utility laws. Several insurance companies that will write for compact will not write if it has a backhoe on it.

Harvey ....

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Misenplace
Join Date: Jul 2003
Posts: 875 Michigan
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2003-06-18          57906

Scott, Personally I do not think that sounds like a very good deal. Based on the quote you are showing it looks like they are writeing a auto policy. Why would you neecd collision on a tractor ? Your regular homeowners policy is unlikely to cover it if you store it at a neighbors property under your REGULAR policy. Do your self a favor and ask your homeowners agent about scheduleing it under your home owners. This covers ALL PERILS and should only cost around $50.00 per year. This does include if a tree falls on it or anything you can think of at all. This is the same type of policy you would write for your wifes diamond ring. It covers it if she losses it swimming, down the garbadge disposal or throws it out the back door. You do have Jewlery coverage under your regular policy as well but usually only for theft/fire with a low limit say 3,000. When you schedule an item you schedule for the exact replacement value. There will still be some caveats so get the details before you make the decision that is best for you. A good agent is tuff to find theese days so shop a little. ....

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Billy
Join Date: Oct 1999
Posts: 975 Southeast Oklahoma
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2003-06-18          57914

Here's a link ....


Link:   JD Insurance

 
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kwschumm
Join Date: Feb 2003
Posts: 5764 NW Oregon
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2003-06-18          57917

Doc, this must be different from carrier to carrier. If your tractor is covered ALL RISK on your homeowners policy could you tell me who your coverage is with?

Our homeowners insurance is through Amica, and they will not provide ALL RISK coverage for a tractor on a homeowners policy, even as a rider. I called, begged, and pleaded. Most financing requires ALL RISK coverage so I'll have to obtain coverage elsewhere, probably through JD.

....

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Misenplace
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2003-06-18          57948

Sure my coverage is with Citizens but I have also used Allstate and they schedule property all perils as well. If You are haveing trouble you might also try State Farm or AAA. ....

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Misenplace
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2003-06-18          57949

I think you might want to check your contract if you used JD to finance. They do not require that strict of insurance. To the letter of your contract with them your standard homeowners is adequite to satisfy your contractual obligations but is certainly not the best deal if you can schedule. I have a personal policy of only buying insurance from an insurance agent never any company like JD GM Ford etc. Be sure to read the fine print if you do. I am not knocking them as for some they may be a good deal but I usually find those sort of policies a poor buy. ....

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kwschumm
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2003-06-18          57951

Thanks Doc. I haven't seen the actual JD financing agreement yet. The Kubota agreement I was given is quite strict on the ALL RISK requirement, and their insurance was pretty darn expensive - but I didn't buy Kubota. If my homeowners is good enough for JD it's good enough for me. I guess I'll find out soon.
....

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Misenplace
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Posts: 875 Michigan
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2003-06-18          57952

The JD agreement is very basic. I notice on their insurance page that they only appear to offer insurance while you are makeing payments and they include it in your monthly payment. I have never seen one of theese type of policies be cost effective. They also only right for actual cash value (depreciated net worth) at the time of loss. I'll bet you can guees how much less they think your tractor is worth the minute you drive it off the lot ! I would never recommend this type of insurance. Replacement cost or in my view its really not insured. You are a long ways from me so just try any of the National brands. In case you dont realize or for those who may not you can usually get a very nice discount by insureing your autos and home with the same carrier. I like Citizens due to the fact that they offer professional organization discounts. ....

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Billy
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Posts: 975 Southeast Oklahoma
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2003-06-18          57957

Hey Doc, Coverage For Actual Cash Value At Time Of Loss (Less Deductible) is exactly what you have on your truck. If you don't believe me, you better check. Also, in the policy, it says you have the right to an independent appraiser.
....

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Misenplace
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2003-06-18          57958

That's true but were not talking trucks were talking tractors. All auto coverage is depricable so that really is a moot point. In the case of the tractor it can be scheduled with some insurance companys for full replacement cost. By the time you get to that independent appraiser how much in legal fees have you put out to get your money. The reason for that clause is that most companys who write this sort of policy begin their depreciation based on whole sale price. If I'm not mistasken this is not insurance you can go back and buy later, you have to opt for it when you sign your loan so they can charge you more for breaking those payments up real small. Like I said though, for some folks this might be the only option but it certainly is not at the top of the list of good deals in my view. ....

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Chief
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2003-06-18          57962

The John Deere insurance only covers you for as long as you owe John Deere Credit money on the tractor. When the tractor is paid off, you no longer have insurance through them. I would love to be able to obtain one of their insurance policies. Bottom line is, report the purchase to your homeowners insurance company and your intended use (i.e. maintaining your personal property only) and they can add it as a rider or already cover it in the exhisting policy. I already checked with mine. They told me as long as it stay on my property and it is for my personal use to maintain my property; it is covered. Farm Bureau sucks, they are a bunch of crooks. My father's equipment building with 2 tractors, 2 trucks, 2 cars and a bunch of equipment had the roof colapse during a freak heavy snow/sleet storm this year and they told him "sorry, we don't cover roof colapses caused by snow. ....

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kwschumm
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Posts: 5764 NW Oregon
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2003-06-18          57965

Man, that sucks. It is incredible that they wouldn't cover a roof collapse due to snow.

I originally spoke with my Amica rep when I saw the Kubota "all risk" coverage requirement. He told me that the tractor would be covered for Fire/theft/vandalism/acts of God, etc, but if I rolled it or smacked it into a tree it wouldn't be covered for that, so it wasn't all risk coverage. Homeowners covers most of it, but what I'd really like is collision coverage on the tractor. I'll call back in the morning to see what can be done.
....

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Billy
Join Date: Oct 1999
Posts: 975 Southeast Oklahoma
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2003-06-18          57976

Dadgumit Doc, I hate to admit it but when you're right, you're right. They definitely won't pay more than what the tractor is worth at time of loss. They also took my 272 bucks and screwed me for 5 years.

They just ain't no justice, huh? ....

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JerryG
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Posts: 54 NW AR
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2003-06-18          57977

Billy,
We both know about roof collapse insurance.
Don't we?;) ....

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Misenplace
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Posts: 875 Michigan
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2003-06-19          57983

Billy, If you are comfortable with that coverage then it surely is good insurance for you. I personally am not comfortable with depricated insurance when full replacement cost is available for the virtually the same price. Clearly you have a 5 year JD loan. In my case I only have a 2 year loan and then how does the JD insurance help ? I suppose it does not really matter if you are just insureing to fullfill your contract. As far as getting what its worth from them well we certainly have different opinions about that. If I total a 20,000 tractor in six months what do you suppose their wholesale depriciated cost is ?? around 12 k ? I dont call that getting what its worth. When I insure an item I want to get the replacement cost. Especially if the loss comes a few years down the road and that cost is higher. In my case All perils is $50 per year as long as I want coverage. That's $250 every five years. You live in a different area though and insurance is not always available to everyone which is one of the reasons they offer it. In point of fact though my JD dealer is the one who suggested my homeowners. I am VERY thankfull for a helpfull and honest dealer. ....

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Billy
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Posts: 975 Southeast Oklahoma
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2003-06-19          57987

We sure do, Jerry. After the last few years of snow, ice and tornadoes, it's a wonder we can get insurance. ....

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