Tractor Insurance Help Please: Kubota Review  -- Kubota Tractors Discussion Forum and Review Tractor Insurance Help Please: Kubota Review -- Kubota Tractors Discussion Forum

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 12-05-2003, 00:37 Post: 70317
Gro_Kiwi



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 Tractor Insurance Help Please

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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 12-05-2003, 03:01 Post: 70319
Hog



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 Tractor Insurance Help Please

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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 12-05-2003, 04:36 Post: 70320
grinder

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 Tractor Insurance Help Please

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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 12-05-2003, 06:45 Post: 70324
moosefishing



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 Tractor Insurance Help Please

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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 12-05-2003, 07:52 Post: 70326
DRankin



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 Tractor Insurance Help Please

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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 12-05-2003, 07:53 Post: 70327
TomG

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 Tractor Insurance Help Please

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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 12-05-2003, 08:02 Post: 70328
Chief



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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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 12-05-2003, 08:10 Post: 70331
moosefishing



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 Tractor Insurance Help Please

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"Wink yeah right
Enjoy your new machine






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 12-05-2003, 08:21 Post: 70333
Chief



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 Tractor Insurance Help Please

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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 12-05-2003, 10:17 Post: 70347
ScooterMagee



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 Tractor Insurance Help Please

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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Discussion Boards > Active Subjects > Messages as Posted > Kubota Review Forum

Thread 70317 Filter by Poster:
AV8R 1 | Burger 1 | Chief 2 | DRankin 2 | flyboy 1 | grinder 1 | Gro_Kiwi 2 | Hog 1 | JParker 1 | kubotaguy 2 | kwschumm 1 | moosefishing 2 | ScooterMagee 2 | shortmagnum 1 | TheWDCTexan 1 | TomG 2 |




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