How To Find Tractor Insurance | You May Not Be Protected!
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- เผยแพร่เมื่อ 20 ก.ย. 2024
- Got a viewer e-mail from Rick, who wanted to know why Allstate wouldn't insure his tractor. Today we dive into the exciting world of tractor insurance. If you're a tractor owner, you should watch because you may not be protected. Here's what I learned...
First, a lot of the big name insurance companies won't insure tractors. They don't understand the risk that goes into equipment insurance, so they won't touch it. That leaves you with two options that both have disadvantages. Your agent may go to an outside source that insures specialty items, but they're going to have a very high premium. Or, if you're buying a new tractor, you could insure it with the finance company. Many of the manufacturers have finance companies that offer insurance so they know it's always covered while they have the note on it. That insurance can be fairly cheap and the premiums can be included in the payment stream, but it usually doesn't cover liability and it ends when the contract ends.
Second, you need to list ALL of your attachments on the policy, even the front end loader and a belly mower if you have one. They may not be considered a part of the tractor. Especially include brush hogs, box blades, rock rakes, augers, etc. If they're hooked to the tractor and it is stolen, the tractor may be covered, but you're on the hook for the attachment if it's not on the policy.
Third, if you've not updated the amount of coverage on your tractor recently, it may be woefully under insured. Tractor values have risen sharply the past few years and replacement costs may be way above what the policy covers. I personally have my tractor insured for what I paid for it and there's no way that amount could buy anything close to it today. I'm scheduling a meeting with my agent to get that corrected.
Finally, if you don't have a farm policy, you're probably not covered when you drive the tractor off your premises. If you pull a Christmas parade float, a hayride, or drive up to the local station to fuel it, you may be exposing yourself to a huge liability issue.
My thanks to Jamie and Will of Burch & Liles Insurance Solutions LLC for taking time to talk with me today. If you live in the Midwest and can't find someone to insure your tractor, call them at (660) 679-6165, or go to their website at www.blinsure.com/.
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My homeowners insurance covers my tractor under the contents portion of my policy for named perils. Since collision is not named as a coverage and I occasionally take it off the property I bought a separate policy to cover the tractor. Great topic!
I've been looking for this exact type of off premise coverage on my tractor and attachments. It seems ironic to me that my existing insurance is with "Farmers" yet they will only insure me while I'm on my own property. They don't offer the coverage you've discussed. Thank you for this most helpful video.
Great topic, Mike. My tractor is only insured by my homeowners on premises. I do want to be able to go off premises, and also have business/farm policy to do brush hogging for pay. It's complicated.
Very good information! Thanks Mike.
I have State Farm insurance on my tractor, implements & trailer (plus home & car). I'm also covered when my equipment is off my property. When I buy a new implement I just email my agent a copy of the invoice with serial number.
Thanks Mike, great information.
I am calling them tomorrow! My insurer, Farmers, does NOT cover tractors!!! I financed my tractor so I needed insurance. My agent found a company but the cost is stupid.
😢
Thanks for making this video. My wife's family uses this agency. We live about 25 minutes from them and I've thought about giving them a call. I'm definitely going to now.
People said they couldn't hear, here's my thought check your ears! Turn the sound up and I have bad ringing in my ears but could hear this just fine, Mike!
There is an echo sound and the sound is not good
I’ll be contacting them to find a good agent in Alabama, bought 65 acres but I live in Georgia. Getting the place ready for our retirement years.
Excellent topic, thank you!
Real world information. Thanks Mike!
Thank you for the video.
Buddy I am a long time viewer but the sound on this was very bad!
Agreed, but we are watching tractor Mike, not producer Mike!
@@sgtaaronpsome people would bitch about the smallest problems!!!!!!
You hate because I tell you the truth!
I'm a beekeeper and made over 300 videos. Mike's sound is not good. Echo@@sgtaaronp
You must be a relative. Truth is truth@@leovogelgesang4398
Try closed captioning at top of video , this helped me😊
We use farmers for the tractor, and they have paid out far more than we have paid them. Busted box blade, broken bucket lift (at the weld), broken front tire spindle.
My mistake it is the Farm Bureau, not farmers, they have the cars.
If you have a mobile home and less than 10 acres in Texas, good luck getting financing insurance....of you can get it but its gonna be stupid high. Ive been with my insurance company 30 years and they wouldnt touch it
Tractor Mike
I have a New Holland TN70 2wd bought second hand.
It has the lift o matic. I am not familiar with it. I don't know if the cables are frozen or how it's supposed to work.
If possible would you do a video on the NH lift o matic?
I own a tree farm and co-own a saw mill. Between them, I have five vehicles, four trailers, two tractors, a UTV, etc. all insured through the VA Farm Bureau. In nearly three decades I've only had one claim so they have made six-figure profit from my policies. At some point, they should be required to pay back clients like me. But I guess they would use the excuse that my warehouse could burn down a week after the check cleared.
Great video Mike
I wonder if they would insure my 1954 Jubilee for $20k??
Great conversation. Completely inaccurate as an owner of 41 acres. Insurance agents speculating what an adjuster will do in relation is always 50/50. Since when does an adjuster reach out to an agent to verify value?
I have KTAC for my Kubota...covers everything, regardless where the tractor is. Homeowner's insurance only covers the tractor as far as damage from a fire, theft, and that type of stuff where KTAC covers the mechanical side too, if it breaks, they either fix it, or replace it...that includes any attachments/implements that were included in the initial policy.
What it don't cover is damage to someone else's property done by you or your tractor...if you are doing work for people you need to have business insurance period...it has nothing to do with the tractor itself, you need to be insured as a business since you are operating as a business by hiring yourself/tractor out you are a business at that point and need coverage for that, which is expensive because of the major liabilities concerning running a tractor and implements on someone's property other than your own.
If you are creating a policy as talked about in this video...you need pictures, and videos of everything you are claiming on the policy. With serial/model numbers included. Not just the tractor, every implement, and attachment that you want insured needs to be photographed or make a video. Any time you buy another attachment/implement you will need to update your policy to cover it.
Mike, my homeowners insurance covers my tractor
Mine doesn't.
Yes, as long as you declare it...and its on your property...when you take the tractor off your property that is when you'll have problems. With my tractor I have KTAC, covers the tractor regardless where it is....plus it covers repair costs, or complete replacement cost if it cannot be repaired, plus theft, flood, you name it KTAC will take care of me for a $250 deductible.
I know this part seems new been around and on tractors senesce i was a kid and never herd of anyone inshuring a tractor anywhere such as agriculture or just to use around the house
Thanks Mike. 👍🏽🤠 9/14/23
Very informative. Kind of scary
Yep sounds like Mike is in a hallway. Lol
Got me a great policy from American Family $400/yr for my Bobcat CT2540
What's the machine worth? Or put another way, what is your premium in a $premium per $value basis? My current policy on my tractor has a higher premium than the $7-8 per $1000 of value he mentioned in the video.
@@brandonblackwell4390 I paid $38,000 with forks, & Box blade. Policy is $367/yr at 2nd year renewal this month. I imagine replacement cost would be around $50,000
Policy Coverages
Bodily Injury Liability
$100,000 Per Person
$300,000 Per Occurrence
Customization
$1,000 Included Limit
Medical Expense
$5,000 Medical Expense Each Person Limit
Property Damage Liability
$100,000 Per Occurrence
Safety Apparel
$1,000 Included Limit
Underinsured Motorist - Bodily Injury
$100,000 Per Person
$300,000 Per Accident
You cannot make a farm policy with a tractor.
My Home Owner Insurance covers my tractors
Not for everything a farm policy would. Especially liability or certain damages
Hard to listen too, the audio is pretty horrible
Coverage isn't always automatic with home insurance, had to list my machine including attachments and types of use for the tractor. it wasn't real expensive. I couldn't get replacement cost like our home, just fair market value, just like any boat or auto. but when you tie up $25000 in tractors and attachments and have a fire it's worth it.