Go BottomTractor Insurance Help Please
 | Gro_Kiwi
Join Date: Sep 2003 Posts: 12 Clivis, CA 
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2003-12-05 70317
Now that I have a new B2710 ready for deliver, I called my insurance agent (Farmers Insurance). I was told Farmers insurance can not insure a B2710 tractor. As a matter of fact, the agent said Farmers Insurance can not insure any tractor no matter how small.
As I will be putting a large down and financing a small balance, I have been told that Kubota's insurance will cover only the remaing balance due on the Kubota contract, thus if stolen, I would lose my entire equity.
So my question is, please let me know what insurance company insures your tractor and how is it covered. Is it part of the homeowners policy, a seperate policy or a farm policy?
Does any of yoru policies allow you to loan it to a really good friend?
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| Hog
Join Date: Nov 2003 Posts: 4 Insane Diego
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2003-12-05 70319
Funny you should mention this as I was just talking to my Farmer's agent about the same thing.
She said she could write me what I guess would be a farm policy, if we are using the tractor for genuine agricultural work, but there are a bunch of questions you have to answer (regarding what you grow, etc). However, she said this type of policy would only cover liability! No comp or collision.
She looked into getting the tractor covered under our existing homeowner's policy. I think it is possible to do that, but she said it would run $250 every 6 months. She said she's never insured a tractor before and she didn't sound too sure about what she was saying, so I'm taking it all with a grain of salt.
Neither option is attractive. It seems like you should be able to insure one of these things against theft for a reasonable amount...
Hog ....
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 | grinder
Join Date: Oct 2003 Posts: 677 central Maine 
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2003-12-05 70320
I recently purchased a kubota 7500. I too was curious and call my home owners. I was told it is covered, under contents I believe? They only asked the value. I think I
will have them send me a note in regard to our conversation.
I don't believe if it left the property it would be covered.
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 | moosefishing
Join Date: Jul 2003 Posts: 54 weatherford texas
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2003-12-05 70324
Sir;
I am suprised that the dealer will let you off the lot with a FINANCED tractor without insurance. The key word is FINANCED. If you paid for the tractor, lock, stock, and barrel, that is a differant story all together. Here in Texas, everything must have "fire and theft" insurance on it, IF, AND ONLY IF IT IS FINANCED. Reguardless of what it is. A car, tractor, boat, pocket knife or drinking glass.
I do not know what California requires.
Again, here in Texas all insurance companies are trying to get the "hell out of dodge". Most of my coustomers are unable to get coverage for a tractor on there own, at any price. It is not avalable. (go away!!!) However the company that finances my retail sales will provide fire and theft coverage. A $15,000.00 purchace will cost you about $15.00 a month. FIRE AND THEFT ONLY... forget about getting the insurance co to pay up because a tree fell on the machine, or you rolled it down the side of a hill, or someone got hurt. That is your baby !!!
If you plan to pay for the machine, you might consider only paying 90% of the machine and FINANCING the rest. This is how I am able to get insurance for my coustomers who "pay for the machine".
I still believe that the dealer will be able to assist you this matter.
By the way, I do not make one red cent on the insuring of machines.
I hope that I have ben a help to you. ....
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 | DRankin
Join Date: Jan 2000 Posts: 5116 Northern Nevada 
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2003-12-05 70326
I have financed two of the three tractors I have had in that last three years. One was with Deere Credit the other with Kubota Credit.
In both cases a letter from my State Farm agent was all that was required to pass muster. It stated that the tractor(s) were covered under my homeowners policy just like all my other possessions. There was no additional charge to me for the coverage.
I was also told, but I will have to double check this, that if the tractor is damaged while I am towing it with my State Farm insured truck and trailer, that it is covered under the automobile policy, for those circumstances. ....
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| TomG
Join Date: Feb 2002 Posts: 5406 Upper Ottawa Valley
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2003-12-05 70327
My tractor and implements are carried on a special schedule of the homeowner policy. Costs are moderate.
The tractor is required to be suitable for property maintenance and that's what it's used for. Coverage is for the standard theft, fire, vandalism set of things. Property damage or liability is not covered. Like in many things with insurance, I can't get a straight answer whether there's coverage when roading the tractor between our properties but the answer seems closer to yes than to no.
I'm happy enough to have some coverage available in my area even if it is likely full of loop holes large enough to drive the tractor through. I suppose the industry does have it's problems but I'm not sure that many of them aren't of its own making. I haven't heard many industry proposals for helping themselves other than dumping on their customers. Particularly liability coverage seems to be a looming social issue. The cost of responsible adult behaviour is starting to be unaffordable or unavailable for many; but then all you have to do is get poor and then you're judgment proof--even if that's not responsible behaviour. ....
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 | Chief
Join Date: Jul 2003 Posts: 4297 Southwest MiddleTennessee
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2003-12-05 70328
The Armed Forces Insurance Co. folks told me that my 4410 was covered as long as it was for my private use to maintain my property and it did NOT leave my property. The coverage cost was minimal but I contacted them in advance to verify this and make sure they were aware of the new tractor purchase. When I explained to them that I had a similiar sized tractor here for my use for that past 10 years, they were much more at ease about the tractor. It is coverage along with the rest of my home owners items. ....
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| moosefishing
Join Date: Jul 2003 Posts: 54 weatherford texas
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2003-12-05 70331
Sir
Maby I should add that the insurance that I am able to get for my coustomers will only pay the machine off. It will not pay REPLACEMENT COST.
Loaning the machine to a friend... Humm, let me think about this. I believe that if it was a real good friend, I would do the work for him and have him fix the steaks and go get the beer. Loaning out machines, tools and stuff like that is sort of like loaning out your wife. If it comes back at all, it will never be the same again.
As far as coverage while the machine is loaned to a friend..... I really doubt it. The insurance co will most likely find some excuse to turn you down. (Insurance companies are not at the top of my "love list")
Enjoy your new machine ....
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| Chief
Join Date: Jul 2003 Posts: 4297 Southwest MiddleTennessee
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2003-12-05 70333
Loaning out the tractor is ABSOLUTELY out of the most remote consideration! As is my Dodge Cummins truck and pretty much anything else with a motor or engine on it. I subscribe to moosefishing's policy. ....
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 | ScooterMagee
Join Date: Jul 2003 Posts: 201 Nebraska
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2003-12-05 70347
If the tractor is used primarily for the maintenance of your property (non commercial use, non farm use), it is normally covered under you homeowners policy, under personal properly. Personal property is usually covered at 10 percent of the policy value. So if your home is insured for $150,000. You would have $15,000 available to cover your tractor. Personally property coverage is limited to the stated perils, such as fire, theft, etc, etc. Usually your policy can be written to include additional personal property coverage, for jewelry, art collections, etc, etc.
NOTE: States vary, Insurers vary, and Policies vary, so you will have to check your policy closely, or contact your agent.
When trailering your tractor from place to place. If you are hit by someone, then their auto policy is responsible for coverage of the damage they caused. However, if you veer into the ditch to miss a deer, damage to the trailer is typically covered under your auto policy (if you have full coverage), But the tractor (or other items on the trailer) are considered personally property and would fall under your homeowners policy. The exception would be if you are trailering a vehicle that has its own policy, such as another car or motorcycle.
Once again, States vary, Insurers vary, Policies vary, so the only way to really know what’s covered is to check your policies closely, or contact your agent.
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 | shortmagnum
Join Date: Nov 2003 Posts: 848 Wisconsin 
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2003-12-05 70350
Insurance (or lack of) sounds like a very good reason to turn down friends who ask to borrow equipment. It always takes hours to become familiar with new equipment and you can be sure your friends will cause more wear and tear learning the machine than you did. ....
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| kubotaguy
Join Date: Nov 2003 Posts: 360 Shepherdstown, WV
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2003-12-05 70368
I had the same problem and my agent said if the tractor was under 30 HP it was covered under my homeowners but if it was 30 HP and over it would require a special policy that would run a couple hudred a year. That logic made no sense to me as the 2710 costs more than a 7800!! I guess that's insurance companies for you!!!! ....
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| TomG
Join Date: Feb 2002 Posts: 5406 Upper Ottawa Valley
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2003-12-05 70375
The comments about trailoring tractors is useful and gets at the issue. It likely wasn't in response to my comment about roading my tractor, but by 'roading' I mean driving it along public roads. In my case it's 10 miles of 2-lane highway with narrow shoulders in places, bridges and a lot of transport traffic. There are issues here and it's not something I want to do regularly whether or not there's insurance.
I suppose a local trucker we know might give me a lift on a flat bed along with some of his equipment sometimes and that would solve the liability thing that I'm not sure about. ....
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| Gro_Kiwi
Join Date: Sep 2003 Posts: 12 Clivis, CA
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2003-12-07 70451
Moosefishing.
You are right. I have not taken delivery on the tractor yet as I need insurance first. Kubot'a Insurance will cover the loan only. Though I have about $250,000 of coverage for my personal property, the new Farmer's agent will not cover the tractor. We are looking at other insurance companies. As for the loaning, ya, under normal circumstances I do not lend or borrow, except I was borrowing his tractor for the last 20 years, it would be hard to say, you can not borrow my new tractor. ....
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| DRankin
Join Date: Jan 2000 Posts: 5116 Northern Nevada
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2003-12-07 70462
State Farm has been very easy to work with in the last three states I have resided in, including California. I have been using them since 1966 and have found no reason to change. ....
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| ScooterMagee
Join Date: Jul 2003 Posts: 201 Nebraska
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2003-12-08 70530
The comment about “under 30hp” is interesting. But, once again read your homeowners policy. If it says, “tractors under 30hp are excluded”, then I guess the agent is correct. However, I don’t recall seeing language like that in a homeowners policy. I think the key is whether it is for maintenance of the residence, or farm use. If it is used to farm (or other commercial venture), then it is no longer considered personal property under your homeowners policy.
As for “roading”, it would be considered personal property “away from the residence” and is subject to coverage under your homeowners, limited to the (18?) stated perils.
If you roll it over because the grade is too steep, it’s NOT covered by you homeowners policy. However, if a tornado picks it up and slams it down upside-down, then it IS covered, up to the personal property limits of the homeowners policy.
Once again, States vary, Insurers vary, Policies vary, so the only way to really know what’s covered is to check your policies closely, or contact your agent.
I’d be curious, are there any members out there who actually have had a separate policy written for their CUT? Or, additional coverage added to their homeowners policy, exclusively for their CUT?
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| kubotaguy
Join Date: Nov 2003 Posts: 360 Shepherdstown, WV
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2003-12-08 70533
I'm in the process now of getting one for my 7800. The agent is suppose to be writing it up for me. I didn't understand the 30 HP rule either, but that's what they told me. Insurance companies are putting in so many exclusions in their policies, I'm not really sure what the purpose of it is anymore. When I bought my little girl a trampoline, I had to get the netting (I was going to buy it anyway) or they would write an exclusion for it. ....
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| TheWDCTexan
Join Date: Jul 2003 Posts: 18 Davidsonville, MD
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2003-12-14 71171
It differs by policy. My home policy is with State Farm in MD but the tractor is located on my property in VA financed withthat special Kubota deal last year. I just called and it is completely covered once I gave them the details like serial #, etc. So is the shed it is stored in. I was looking around into other companies and most of them would not support like State Farm. ....
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| flyboy
Join Date: Jul 2003 Posts: 7 PA
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2003-12-15 71254
Like most of you, I was also faced with the insurance dilemma. I ended up with Kubota insurance (no liability) $150/per year for the life of the loan. Allstate, after much arm twisting, offered $300/year no liability Oh Boy!
Well after many call I found the only way to get liability is to insure it as a business venture, like a landscaping business. The quote was $1000/yr.
If anyone comes up with anything better please let us know.
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 | AV8R
Join Date: Oct 2003 Posts: 882 North Central Wisconsin
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2003-12-15 71258
Talk to your insurance rep about an "Umbrella" policy for your liability needs. $1m worth of insurance fairly cheap and it covers anything you do (almost). ....
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 | JParker
Join Date: Oct 2003 Posts: 152 Richmond, VA
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2003-12-15 71260
When put the first building property I just purchased in the country, I tried to get insurance to cover the shed and contents. I couldn't get it since I didn't live there. The bank recommended I speak with the local Farm Bureau insurance rep. They couldn't help either for a policy on just the land and buildings, but said if I transfered to them for my home owners, they could add a rider for the country property.
I thought I was being set up, but after getting the quote, it was better coverage than I had previously. The rider was very inexpensive. I have recently added a separate policy for the tractor ($ 70/yr). I have yet to receive the policy to read, but was told it covers fire, theft... as well as damage. You might want to see if there is a Farm Bureau in your area.
No, I don't work for them...but they have been very helpful at least for my needs. ....
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 | kwschumm
Join Date: Feb 2003 Posts: 5764 NW Oregon
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2003-12-15 71261
The umbrella is the way to go for liability. The catch is that you usually have to have your auto and homeowners insurance through the same company to qualify. We have a $2M liability policy that costs us around $150/year. Our homeowners policy covers the tractor for theft and fire, but it doesn't cover "collision" type of damage. We also bought JD insurance which covers about anything that might happen to the tractor. ~$40/year for all three years of the finance period. ....
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| Burger
Join Date: May 2004 Posts: 26 Montana
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2004-05-09 85579
Way back when i was a young pup the Family ran the Case dealership. J.I. Case made an excellent Loader backhoe, and we rented them out as well a sales and service. One particular fella wanted to rent a 680 Case Backhoe, no small machine this, a 65 HP peice of construction equipment. He balked at Insurance. Yes, we wanted insurance for the rental. He whined, he moaned, he went looking for backhoe's else where. Finally after much grumbling, he returned, rented the Machine, ponied up for the Insurance, loaded the Backhoe behind a dump truck, and hit the first bridge he came to with the Backhoe boom.
He thanked my Father Repeatedly for the insistance of Insurance.
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