Insurance

Does anyone have insurance on their restoration? If so how much and where did you get it? I'm thinking this tractor is worth something.

Like, how much do you think it is worth? Enough to sign up for an annual premium? Insurance is an important part of planning for your long term physical and financial well being but in this case I would have to advise a cost-benefit analysis. How likely is it that something will happen to it? Is it really valuable enough to justify paying for insurance? What is it worth?

Living here in an AG heavy area its no problem justcarry enough on the household and personal to cover them along with plenty of coverage on the shop where tools and tractor are parked. Your personal belongings should be covered just find someone who will carry it.

Living here in an AG heavy area its no problem justcarry enough on the household and personal to cover them along with plenty of coverage on the shop where tools and tractor are parked. Your personal belongings should be covered just find someone who will carry it.

Most insurance companys want your old tractors listed and a price on them. If you had a fire and lost some you wouldnt get what they are worth if they arent listed as a collectors item.Talk to your insurance company

Mine is part of my home owners/farm policy. They asked for a value of the contents of my shop and I gave them a best guess. Keep in mind if you have a claim you will be expected to prove the value. Most insuance companies won't squawk if you claim $1200 for an H or M. If you want to claim $5000 you better have some receipts, pictures and comparables.

We went thru the Ins. hassel last summer with a major co.. They would not even listen to me what compairable tractors were valued at . In so many words they said they did not want to be bothered with antique tractors, yet they are a large Ag. insurer. We found out that we did not have coverage any where like the told us when we went with them several yrs. ago. Mislead us bad.
We found a 'speciality' Ins. Co in Mich. that has very reasonable rates. Went with them ,There service was good.

Some insurance companies don't like to insure items that can be called classics but are still being used by other people are a work item.

The problem being that an M for example isn't worth that much. I don't care how much you dumped into it, it's what you can expect to get out of it at sale time. I can find a lot of M's around here in pretty good shape for under 2K. I wouldn't pay over that 2K figure for any M unless you could prove that it's a "speical" tractor....1st/last in production/live hyd/TA and so on. Now if I take that 2K tractor and put 5K into making it like new I still have a 2K tractor.

The insured isn't happy with that deal so you get into violation of the law.

Insurance is to put you back where you were before a loss. Anything over that is betterment and in most states not allowed. Because you can still buy a used M on a dealers lot the insurance company has to go by fair market local area value. Now you can find some companies that will look at collector value but they are only a few, most are going to look at what they are selling for on auction reports and dealers lots.

They know that if you take a car with a market value of 2500, dump 10K into the engine, tires/rims and paint you have a car thats worth 2500. Go ask the guy who owns said car what it's worth.

You may find a company that will insure it as a collector but suffer a loss and see what they want to pay. You can claim while buying a policey that's it's worth 5k but you may be dissapointed in what they are willing to shell out.

I talked to a local used tractor dealer here the other day. I made a comment about what a tractor was worth. He told me that on the older tractors he can't afford to put new rubber on em. He did in the past but no longer. On something like an H (his example) the cost of 4 new tires can be more than more than what the market value is and that buyers are not willing to pay extra just because it's got new rubber.

Rick

I went through this headache last year and gave up. I was trying to pull girl scouts in a parade. None of the antique insurance companies let you pull ANYTHING. None of the regular insurance companies want anything to do with a tractor. And small business want ridiculous amounts for a single event.

So, I gave up, told the Girl Scouts sorry, and tore the tractor down. I'll revisist insurance when I'm done with the restoration. 2012 maybe? :?