value of tractors for insurance purpose

Brad in WI · Apr 20, 2009

I am looking into insuring my tractors as I may be taking them on a few rides and insurance is required. My question is how much should I list for the value of a 1941 Farmall H and a 1947 Farmall MD. Neither one is painted at the moment but both are in excellent running condition. I was thinking about $1,500 and $5,000. Please tell me how close my estimates are off.

Thanks
Brad

John G. Hasler · Apr 20, 2009

When an activity "requires insurance" they usually mean liability insurance.

LA in WI · Apr 20, 2009

Brad,
Talk to your insurance agent and explain this to him. Before I went to a plow day a week ago I asked the same question of my agent. I have 2 autos, a shop and a house insured by his company, plus an "umbrella" liability policy. He said "You are good to go, you are protected". Have your agent make some kind of form or letter that you can show to the tractor ride people and that should do it. Insurance companies differ in their coverage....talk to your agent.
LA in WI

TheDurk · Apr 20, 2009

The agent may also tell you you are protected only when you are on your own property. My policy has crystal clear language on this point, for both liability and loss. The clause is designed for snowmobiles and 4-traks, but specifically includes agricultural tractors. Not a problem, the 140 hasn't left the place since new in 1966.

ET · Apr 20, 2009

My insurance company, Farm Family through the Farm Bureau will only accept a replacment value from a licenced apraiser. Even with pitures of competly restored tractors with very low build numbers, they won't except going auction rates from me. They do provide liability coverage.

Jesse · Apr 20, 2009

I was told by my agent (Shelter) that they wanted me to tell them what it would cost to replace the tractor. I am insured for up to 100 miles out. Easy to say, but I have yet to file a claim. I am hoping a barn falls...then we will see! Chatstractors look out! I may finally get to get the restored MTA I have been looking for!

Hugh MacKay · Apr 20, 2009

Brad: When a show requires insurance, it has nothing to do with loss of tractor. Their requirement is liability in case you run over something or someone. They don't care about your loss.

If you want loss of tractor coverage, I suspect fire and theft would be the order of the day. Biggest problem I've seen around shows is people helping themselves to items like free gas caps, hitch items, etc.

dhermesc · Apr 20, 2009

And that would be one of the reasons Farm Bureau has lost every member of my family in the last 20 years. My BIL didn't care my opinion of Farm Bureau when he and his family were a "Farm Bureau Family of the Year", then his hog barn burned down. He learned real quick that Farm Bureau doesn't pay for **** and treats every customer that files a claim like he's stealing from them.

CNKS · Apr 20, 2009

Post back if you find out what Shelter says. I also have Shelter and local agent couldn't give me any information, I have not proceeded further as yet. Mine would not be show related, but would cover things like theft and tornadoes. You say you are insured for 100 miles out. I thought that was covered by your vehicle insurance, or do you mean you can have the tractor sitting 100 miles out?

Larry in CO · Apr 21, 2009

Brad,
I have my Farmall H insured thru Continental Western Group. They only insure in a few states, so you might get lucky. I have $500K liability and a stated value of $3K on the tractor. They cover loading / unloading and transporting as well as anyone getting hurt during a show, etc. My premiums are $57/year, I think. Anyway, it's not much to provide peace of mind at a show. Click below to check their site. I did have to provide photos of the tractor from all sides. Hope this helps. Larry
Tractor Insurance

value of tractors for insurance purpose

Brad in WI

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John G. Hasler

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LA in WI

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TheDurk

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ET

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Jesse

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Hugh MacKay

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dhermesc

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CNKS

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Larry in CO

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