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Insurance on a new tractor

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Riosman
Join Date: Feb 2004
Posts: 10 california
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-15          98493

Does anyone have information regarding insurance on a new tractor?
Who covers tractors?
What would be a ball park cost for a 24,000 tractor?


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RodgerF
Join Date: Jul 2004
Posts: 13 N.VA.
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-15          98498

Hello,

Hopefully some of the dealers here will show up with better info. I got my insurance through my dealer. I'm at work right now and I don't remember who it is through but it costs about $9.00 per month, give or take. I'm into my tractor for around $15,000.

Hope this helps.

Rodger ....

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lbrown59
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Posts: 1
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-15          98499

There is more to insuring a tractor than proctecting againstloss of the tractor.
What about libility for damage to others?
If you plan on towing it on the highways does your trailer
meet Gov.Regs.?
Is the rig approved by the insurer?
Should you insure through your homeowners or auto policy or both?

....

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Riosman
Join Date: Feb 2004
Posts: 10 california
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-15          98500

I called my insurance agent. He refered me to the dealer for tractor insurance. I'm about to purchace the tractor and was checking out insurance options. ....

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nhsteve
Join Date: May 2004
Posts: 6 New Hampshire
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-17          98581

I use Farm Family Insurance. The provided Full insurance for cheap money on my L3300.

....

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lbrown59
Join Date:
Posts: 1
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-18          98655

Does Farm Family Insurance operate in each state?
How do i contact them?. ....

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brokenarrow
Join Date: Jan 2004
Posts: 1288 Wisconsin
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-18          98699

I went trhu my dealer also. It is $10 a month and the tractor is protected against evrything you can imagine even if I damage it in ANY way while on it. $200 deductable and 100 on comp. It is covered for fire , theft, acts of nature, stupid owner acts!!! I had financed my tractor for obvious reasons, (3 kids 2 houses and 160 acres of woods.) Everything is paid for BUT the tractor LOL. The catch to this insurance was I had to roll it into my loan and it is only good for 60 months, (the life of my loan) Payments never go up, but if I pay it off next week, I lose ALL the payments that I made when rolling it into the loan meaning I paid for insurance I no longer have. For me though its ok because I kinda like having a tractor payment!!! LOL. Sure beats a payment on something boring like a house or a wifes car!!!
Good luck with your insurance shopping ....

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nhsteve
Join Date: May 2004
Posts: 6 New Hampshire
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-19          98775

Cut and past this website, which shows all states they are in. They have my house, cars and life insurance. I did not insure my new BX23.

http://www.farmfamily.com/findagent/index.shtml ....

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Woodie
Join Date: Jun 2004
Posts: 109 Michigan lower
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-20          98854

For my 2.25 cents worth, when I purchased my tractor, NH credit wanted to know about how I was to insure it , My homeowner policy agent said I was covered under my home owner policy and as along as I was NOT doing commerical wrk and not driving on a public road I'd be okay ....

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brokenarrow
Join Date: Jan 2004
Posts: 1288 Wisconsin
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-20          98855

Woodie
So if your driving out in the back forty and you roll your tractor 10 times and luckily you were able to come out of it ok will your house insurance cover the tractor to be fixed? I dont think so, maybe so though but I really dont think so unless you have some form of rider, and even then I dont think so. (Maybe the key words here are "I DONT THINK") LOL.
Better check into that cause New Holland will still want their money even if your tractor is in 36 pieces. Of course fire or theft maybe a different story but I think rolling it would be excluded?
Just my .02 and now a days that is only worth about .01 ....

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lbrown59
Join Date:
Posts: 1
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2004-10-20          98862


I DONT THINK") LOL
brokenarrow
======================
A lot of people do that.
LOL
My home owner insurance Co. added a rider to my policy that covers the tractor.
Coverage includes rollover and operating the tractor on the highway.
I need to see if it also covers trailing the tractor.

....

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lbrown59
Join Date:
Posts: 1
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2004-10-20          98863

Cut and past this website, which shows all states they are in. They have my house, cars and life insurance.
1*I did not insure my new BX23.
nhsteve
================
1* Are you saying you didn't insure it with farm family or you did not insure it all period.

I had a rider added to my home owners policy that insures my new BX 23.
I didn't think 72 bucks a year was a bad premium


....

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bellaterra
Join Date: Jun 2004
Posts: 22 Brandon, Mississippi
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-24          99172

My next door neighbor is a (very successful) State Farm agent and he said your a homeowner policy would not cover the tractor. ....

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lbrown59
Join Date:
Posts: 1
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2004-10-24          99176

My next door neighbor is a (very successful) State Farm agent and he said your homeowner policy would not cover the tractor.

bellaterra
******************************

So what does this rider cover then?>---------------------->>I had a rider added to my home owners policy that insures my new BX 23.
I didn't think 72 bucks a year was a bad premium


....

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kyvette
Join Date: Feb 2004
Posts: 194 Central Kentucky
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2004-10-25          99203

Riosman,
I have my tractor insured with State Farm. My homeowners will cover the tractor while on my property. However, it will not cover the tractor during transit or on another's property.

I got a commercial "Inland Marine" policy for mobile equipment to cover my tractor in all situations, with a $500 deductible.

Checkout the insurance thread on the general board.

Dave. ....

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Riosman
Join Date: Feb 2004
Posts: 10 california
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-25          99270

I have coverage for the tractor through State farm. It’s covered under the property issuance. What this means is the tractor will be covered under fire, flood, earthquake or other natural disasters.
I need to contact my agent to get the correct policy.

Riosman
....

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bluetay
Join Date: Feb 2004
Posts: 44 Shippenville,Pa. 16254
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-28          99438

This might help with the home owners coverage. In 1990 a guy run off the road into my lawn and hit me headon on a Kubota B6100. My home owners paid for a new tractor and a few medical bills (thank God) and then got reimbursed from the guys'car insurance. Travel on a road may be quite different. Oh, the Buick was totaled and the tractor had a broken bell housing and tranny. State Farm says the tractor I have now is covered the same. ....

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Chris
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Posts: 1
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2004-10-29          99472

FYI
As an insurance agent I can tell you what my company covers.
Most Homeowners policies will cover tractors used solely for the purpose of maintaining the property up to 40 hp.
There is usually no additional charge, but check with your individual carrier.
This would come out of your personal property protection. Make sure you have replacement cost on your personal property! his will replace items at current dollar amount. ....

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Riosman
Join Date: Feb 2004
Posts: 10 california
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster

2004-10-29          99477

My tractor deal fell through. See my post ....

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n88wrl
Join Date: Jul 2004
Posts: 48 Clover, SC
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2004-11-01          99634

Well, I just had a long conversation with my State Farm agent. He explained that the tractor would be covered under my homeowners unless it *ever* left the property. That is, it is covered for damage, etc. for use on my property, but if I ever took it even across the street it would *no longer* be covered. I guess that's really only true if I filed a claim for damage encurred off my property, but even that wouldn't be covered. Also, even if I damage something off property I'd still be covered for the liability, just not the repair.

He said this comes up a lot with 4-wheelers - people buy them and assume it's covered on their homeowners, which it is - on their property only. Then they take it hunting or something and file a claim only to learn of that limitation.

He's looking into whether or not a 'farm or estate' policy would be more cost effective for me than my existing homeowners with an additional personal property policy for the tractor.

-Brian ....

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ScooterMagee
Join Date: Jul 2003
Posts: 201 Nebraska
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2004-11-01          99636

That’s different from what I was told. When we were in the process of building a new home, just prior to competition, we were considering storing the tractor at the new place. And, we were told by our agent, that our homeowners police covered “off-site” personal property up to 10% of the personal property limits. Or in our case $10,000. Were weren’t real comfortable with this, so we waited until we moved in. And now it’s covered to the full personal property limits.

A couple things to note. The personal property coverage within a homeowners policy, only provides coverage against stated perils, such as fire, theft, vandalism, wind, etc. If your read the policy, there should be about 19 stated perils, give-or-take.

In addition, your tractor, if used for maintenance of the property, and under a certain hp limit, is covered as “personal property”, in most cases. Just like your push-mower or Weed-eater. Where as a 4-wheeler is usually considered a vehicle, like a motorcycle, and would require a separate policy.
....

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n88wrl
Join Date: Jul 2004
Posts: 48 Clover, SC
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2004-11-01          99639

Yes, that's right - but what he's telling me is that if I walk across the street with my 'weedeater' and break it, it won't be covered. Then, and from then on.

So I'm getting a seperate personal property policy which covers it anywhere (like a car).

-Brian ....

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ScooterMagee
Join Date: Jul 2003
Posts: 201 Nebraska
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2004-11-01          99646

I agree, if you walk your weed-eater across the street and break-it your homeowners personal property coverage will not replace it. But this is because, "you" broke it. Say for example, you take it across the street and a rogue wind and hail storm destroys it, then it’s covered under your homeowners personal property coverage (less your deductible).

My homeowners policy will cover my CUT, as personal property, if (as another example) its in the garage and the house burns down. But, if I roll it while mowing, it’s not covered under my homeowners. I would need a separate policy for that. ....

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n88wrl
Join Date: Jul 2004
Posts: 48 Clover, SC
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2004-11-01          99649

Ah - that makes sense. I guess it helps to talk in terms of what might happen. I basically said "I want to treat it like a car - I'll take it who-knows-where and I want it fixed if it breaks".

-Brian ....

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