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Farmall & IHC Tractors Discussion Forum
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tractor insurance

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terry

08-01-2003 10:45:51




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Have any of you insured your tractors?

What can a person expect to pay for a year of coverage?

Is it a good idea to insure for liability?

thanks for any advice




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kjm

08-02-2003 21:19:17




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
What Larry and Fred said, Farmers M saved me $125.00 a year and better coverage and no you do not have to live on a farm! lol kjm



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mpj

08-01-2003 19:47:05




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
A friend who has race cars told me home owners insurance wont cover anything motorized unless it is for maintaining the property.



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Larry G

08-01-2003 18:41:49




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
I agree with other posts. Insurance is a must. I live in town also and have a dozen or so tractors. I have a FarmMutual policy that covers my tractors anywhere, anytime. I am a certified appraiser so they accept my values and I list each item with model, ser. #, and value. For a total of $70,000 coverage it is around $250. per year. I just recently added a 1 million liability rider for $60. per year. By the way I also have in my computer a list of tractors with info as to when purchased, what has been done to each, etc. which is good insurance plus my wife wouldn't have the least idea if I kicked off. My 2 cents.

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Fred

08-01-2003 16:07:00




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
I talked to my insurance agent from Farmers today and was told I could add the tractors to my homeowners policy. I was told it would be less than $100 to add 2 tractors and it will cover them for the same amount of liability as the rest of the policy. It will also cover the tractors for any damage to them from fire, theft, falling off the trailor or any thing else. If I was to run over someone I would be coverd. If the home owners policy does not have enough money in it the umbrella policy will come in and take care of it. I do not have a farm and was concerned about that but was told this will take care of it. I got concerned and went to find out for myself and will be covered the next time they are out of the garage. I thought it would be bad to have a problem driving them down the road and hitting a car and find out it was not covered and infact it would not have been covered. Hope this helps and your insurer will take care of it for you.

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Red Dave

08-01-2003 15:54:14




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
I have insurance on my '40 B. Same coverages (fire, theft, liability, collision etc.)as on the vehicles I drive every day. I wanted it in case somebody gets hurt by it at a show. Got it from an insurance broker that specializes in antique cars. Not expensive, something like $60 -$70 per year. It's an agreed-value policy, which means the tractor's value is set ahead of time in the event of a loss.

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Jack

08-01-2003 14:40:51




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
As lonmg as you are not for hire with them homeowners covers it,theft ,damage,fire.At least thats what my insurance guy told me.Only way to find out I guess is the unfortunate accident.



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Jeff-OH

08-01-2003 14:03:10




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
I'd like to find out about getting insurance too. I don't have a farm so I can't add my M to a farm policy, but I'm sure someone out there insures for the hobbyists as well. If anyone knows where one might get tractor insurance, let me know.



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Mike ISW

08-01-2003 13:32:57




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
Funny that this question should come up because I just yesterday got the bill in the mail for my tractor insurance. I live in town and drive it around quite a bit. I've got a '48 Farmall H. I have bodily injury and property damage liability 50,000/100,000. Uninsured motorist bodily injury $50,000/100,000. non-deductible comprehensive and $100 deductible collision. $50.00 premium per year. Hope I was of some help! The LARGE amount of $$$ I have wrapped up into restoration it seems worth it.

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ET

08-01-2003 11:57:04




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 Re: tractor insurance in reply to terry, 08-01-2003 10:45:51  
Insurance is a real good idea. Mine is added onto my homeowner farm policy. Its a sue-happy world out there. Just tink what if you are in a parade and you are busy waving at the girls from down the road and you drive right into the back of the 57 Belair in front of you.



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Mark

08-01-2003 12:13:11




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 Re: Re: tractor insurance in reply to ET, 08-01-2003 11:57:04  
It happened over 20 yrs. ago when I was in my 20's I was single and waving to young ladies I knew and ran my tractor into back of friend's tractor in front of me. I was lucky as the greatest damage was to my pride only minor paint scrape on two older restorations.



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