# Tractor Insurance



## Live Oak

This is a subject that does not come up unfortunately until too late and after the fact in a loss, accident, or damage. Most new tractors sold with dealer financing will require insurance during the life of the tractor loan. Most manufacturers will make this available to the buyer at very low cost BUT..................ONLY for the life of the loan. Once the loan is paid off; no more insurance. 

Home owners insurance will in "MOST" cases cover a tractor against fire and theft as long as it remains on your property and is used only for upkeep on your property. Here in lies the rub and you may want to verify this with your home owner's insurance. Most insurers consider a tractor to be something along the lines of a lawn/garden tractor. A subcompact utility tractor or a small compact utility tractor they may or may not balk at insuring. Some insurers place limits on hp or refuse to insure what they consider might be an agricultural use machine or commercial type machine. It is a VERY grey area that I strongly suggest you verify with your insurer. This was never an issue until I purchased my 4410 and John Deere required that I insure the tractor. I contacted my insurer, who told me that it was insured for fire and theft as long as it remained on my property and was soley for my own use for up keep of the home property. It did not cover accidents such as a roll over or other events. 

Since I recently purchase a farm, I found that my insurance company would not cover the farm which left me with Farm Bureau Insurance. They would not cover my farm unless they covered my primary residence so I changed over to Farm Bureau. They also provided me with a special rider that covers my tractor against pretty much most events for about $160. Being that I will be using my tractor at my home residence and the farm eventually; this a bargain considering most insurers will not cover a tractor such as this at all. 

Usually your auto insurance will cover your tractor if you are towing it and encure a loss but verify this as well. 

Bottom line is:

1. If you think you are insured with your home owners or auto policy, VERIFY it and VERIFY the insurance coverage limitations.

2. Make sure your insurer is FULLY aware of the size and type tractor you are insuring with them. They may not cover it in the event of loss if the tractor exceeds their specifications as to type, size, and power tractor. 

The answers you get from your insurance carrier may surprise you. Best to know right up front and clearly what applies to you and your specific situation.


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## Logan

My insurance, Allstate, would cover the tractor L3010 at either my home in GA or my cabin in NC, but only for fire or theft. I have Allstate on my truck as well but they will only cover the tractor/trailer rig for LIABILITY when towing it. They wanted $650 with $500 deductible to cover the tractor and loader. I went to State Farm and bought an "Inland Marine" policy that cover the tractor, loader, and boxblade for about $200 per year with no deductible, and it covers for every thing and anywhere, accidents, trees falling, rolling down hills. But they wouldn't cover the trailer.


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## psrumors

My home owner's, Pacific Specialty, an excellent rated company out of California would not even give a rider for my 4410. I checked around with other agents and they wanted between $500 & $800 to insure against all loss on the tractor but with a $1000 deductible.

I had been told to go to Farm Bureau in the past, so I did. $140 a year with a $100 deductible for $20,000 of insurance against any loss. The value does not depreciate with market value. As long as I pay the premium I have $20,000 of insurance on my 4410, yes even 10 years from now. I can lower the value of the policy for a lower premium but why?

In order to get the tractor insurance I had to write my home with them, 1/3 of the cost as compared to Pacific (from $1450 to $570 yearly). So I wrote my vehicles with them also, $1870 to $1400.

Check out Farm Bureau for all your insurance needs, you will not be disappointed.

The unofficial Farm Bureau spokesperson Mr Wendys.


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## bontai Joe

A member of Weekend Freedom Machines forum just reported his dad's Deere 430 being stolen in Maryland last night. We tend to forget these things are relatively easy to steal, and worth a lot of money. I'm definitely checking with my insurance agent to see what is covered.


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## tsterkel

one,
good for you for changing companies. they clearly were not good for you. You may also want to check out State Farm when you re-up your insurance. 

Here is the Texas/State Farm answer, direct from the company:
"Dear ,
Your Homeowner policy provides coverage for your tractor on the homeowner policy in the same way it would cover a riding lawn mower as long as it is used solely to service your insured location. It is covered on your premises only, personal use only, any loss to it is subject to regular Homeowner deductible ($yyyy for wind and hail losses and $xxxx for all other covered losses) and covered for the same perils as the Homeowner policy provides. There are exclusions if it is used for farm or business or off premises.
Thanks,
"
Ok, my take is that I am fine. But, due to possible insurance company/state variations, each person has to get a clear, unambiguous statement from your insurance underwriter.
hope this helps!


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## howierd3866

you need to double check if your tractor is cover if tow by your car/truck...must are not cover but some are diff then others.some wants a diff policy for that
also most equipment finance after its paid for in full they will sell you the same insurance at the same rate..again check ..both big equipment companys I buy from does..
As always its best to check before then after you need it..


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## Ed Williams

howierd3866 said:


> you need to double check if your tractor is cover if tow by your car/truck...must are not cover but some are diff then others.some wants a diff policy for that
> also most equipment finance after its paid for in full they will sell you the same insurance at the same rate..again check ..both big equipment companys I buy from does..
> As always its best to check before then after you need it..


I have KY Farm Bureau. They are very easy to deal with and are geared to the farming community. The local agents are great and available 24/7. Best of all the rates are competitive with all the other insurance companies, even the cut rate ones for equal coverage. They do have some quirks, so read the fine print. When I stored the tractor in the old barn, the barn also had to be insured to cover the tractor. They will write the policy at 100% of retail value for a price, but will also write for a fixed value if you want that. Difference in rates for full value or reduced value of 75% of retail was $40 per year. I switched everything to them 25 years ago and have not regretted it one time. I do a price comparison every year, and Farm Bureau is always within $20 per year of the cut rates, and provides greater personal service. The local agent knows all his clients by first name, and even gives you his cell number if you need to contact him. I have only had 2 claims since being with Farm Bureau, but both were settled very quickly with no hassles whatsoever. I would be hard pressed to change, even if the rates were higher. Previous insurers were Nationwide, then Allstate, and both were a royal pain in the behind if it was anything more than paying the bill.


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## Groo

if after you fix it, you run it until it breaks again, you are virtually immune to theft (even if you wish you weren't)

One nice thing about the more industrial machines is that they are intended to be locked with pad-locks.


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