tractor insurance again

Brad in WI · Apr 20, 2009

I spoke to my agent and yes it is Liability insurance in case of I get into an accident on a tractor cruise. He said he needed to know the value of the tractor. I assumed replacement value but now I am not understanding if he is sure of what he wants. can someone please explain to me what coverage I would need to be covered with liability ins. in Wisconsin. Thanks
Brad

Roger46 · Apr 20, 2009

Brad, The way I understand it, liability insurance is related to your net worth. If something happens that you get sued, you need insurance enough to protect your assets. Now, I have liability on six of my tractors and I don't have them insured for my net worth, but I probably should. It costs about $30 per year for mine with American Family Insurance (can't remember the amounts). Roger

Hugh MacKay · Apr 21, 2009

Brad: Insurance is damn hard to give advice on, seems like every company treats it differently. I carry what my mutual insurance company calls Farm Liability, costs me about $150. per year and I am covered for $2,000,000. liability in any given incident with any given tractor or implement. I had to give serial numbers only on tractors.

I don't carry any compensation for loss of my own property as in collision, fire or theft. It's a rip off, I've had one tractor burn in 45 years. Couldn't get anyone to give me $500. before the fire. After the fire a guy gave me $1,000. for it. Even back in the days when I was running new tractors, nothing but Farm Liability. That is why my tractors always sat outside. If you have shed fire you loose all in that shed. If one of 7 tractors catch fire outside, you loose one tractor.

tractor insurance again

Brad in WI

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Roger46

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Hugh MacKay

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