Insurance on an antique tractor?

JChamp · Aug 9, 2013

Some of you might already know that my son and I restored a 1960 Ford 901 (971) Rowcrop.

Well, we don't want to lose our investment (to say nothing of our baby!). So the first thing I did was contact my Insurance provider (State Farm- You'll see the irony soon) an asked them to insure it.

Easy enough we thought, and they even quoted me $10/mo for 10K theft/accident coverage with the knowledge that the tractor will be kept off my residence premises and "shown" two or three times a year.

Fantastic right? Well, turns out they don't have a great deal of experience in tractors (there it is- lol), their underwriters are having a tough time putting a value on it and would like it appraised. So, now I'm looking for an appraiser.

Does anyone know of a good one? (I'll assume they should be in my state: Indiana). Or should I contact some that specialize in insuring collections? (The only one I ran across in the forums after a lengthy search, was CWG out of IA)

Any help would be greatly appreciated.

Sparktrician · Aug 9, 2013

State farm has a policy for such things that you can insure for stated value I believe. Must have got a dumb underwriter.....they usually know what is going on with equipment.

Nebraska Cowman · Aug 9, 2013

I would think any auctioneer that sells machinery
could do it for you. I just did one for a man here
in NE. I could do yours by email if they would
accept it.

Anonymous-0 · Aug 9, 2013

pictures are a must....very nice ford .this is only my opinion /// go to a farm /equipment jockey /auctioneer ... and have him evaluate the tractor on a scale of 1-10 , based on ,,marketability , /cosmetic appearance / originality /working and running condition , and finally his honest opinion of value ,, all written in essay form ... if that ain't good enuf for state farm ,it will be much worse with gieco , progree$ssive or libby ins$$ ..... then you need to be with all of us at farm bureau

John B. · Aug 9, 2013

JChamp I had an auctioneer appraise my old Farmall F14 years ago. He got back with me on the value with in 10-12 days with a written letter stating the value. They may even do it quicker now.

Old weldor · Aug 9, 2013

You need to go with a company that has agreed value policy's.
I don't have insurance on my tractors,but I have classic cars. I
have them all insured,you state however much coverage you
want and pay x amount per thousand dollars of coverage. A lot
of classic car ins. company's are insuring classic tractors now.
I have condon and skelly. Hagerty is another one.

mkirsch · Aug 9, 2013

I think Grundy will insure your collector tractor for an agreed-upon value.

Mike (WA) · Aug 9, 2013

Yep, agreed value antique car insurer is the way to go. I have Chubb- they had the best deal. I'm sure they do tractors, too- there's even less chance of loss, because you don't drive 'em down the highway very often, and they aren't a popular target for thieves.

JChamp · Aug 9, 2013

Yeah, I thought of auctioneers but that worried me a bit. - Selfish me, I didn't want to hear "what it might bring at auction" but rather, replacement value.

Still, it's a viable option. I think I'll see if any are in the area of the tractor and perhaps have them try to place a value on it.

Any idea what most charge?

JChamp · Aug 9, 2013

Oh I don't know dude, have seen several theft horror stories on this forum alone.

And seeing how mine is miles away from the homestead, I worry...

.

PJH · Aug 9, 2013

As others mentioned, there should be a way for you to buy X amount of dollars worth of coverage for your tractor. Not in the same league, but I have a good guitar and banjo insured that way. I have been blessed that I haven't had to try it out, but it's "supposed" to eliminate any hassle in the event of a loss. Then again, we're talking about insurance companies here, so nothing is certain.

Mike (WA) · Aug 9, 2013

I guess I just assumed you kept it at home. Yeah, if its off somewhere unattended, I guess I'd worry too- the thieves home in on uninhabited farmsteads. Any chance you can get it home?

The antique car outfits require "secure, locked storage".

caseyc · Aug 9, 2013

Interesting. Like a few others have said, you must
have gotten a bad underwriter. I don't have state
farm so I can't speak but I remember the first time
I started insuring my equipment. My agent sent a
form for me to itemize. I called him and asked how
do I value this stuff. He said go to
external_link and get replacement cost if i had
to buy it over again. Done deal.

Casey in SD

kyhayman · Aug 9, 2013

Try your local Indiana Farm Bureau agent, here
listed machinery and equipment itemized on a farm
owners policy runs about 6.60 per thousand of
coverage with a 1000 deductible.

Geo-TH,In · Aug 9, 2013

I have 3 tractors insured 2 antique and one newer for the amount I paid for them. Total value is $18k and the cost is $220 yearly.

I suggest you insure them for what you have invested. You will be lucky if state farm insures it.

I live in indiana and use a broker to find me the best deal on insurance. State farm won't insure my business property.

JOCCO · Aug 9, 2013

My 0.02 cents worth. Unless you have a very very valuable tractor, probably not worth it. As others have said make sure its done right or the insurance CO would say worth $2000 not minding the $10,000 you put in it!!!!! Next if you have a collection there are companys that specilize in that also be it guns, clocks, antiques. I don't get to hot on insurance for a lot of my stuff EVER NOTICE MOST PEOPLE PAY IN MORE THAN THEY GET OUT?????

504-1 · Aug 9, 2013

You need a "Declared Value Policy" the company may want an appraisal, just ask at your local tractor dealer who they might know.

Paul from MI · Aug 9, 2013

A lot depends on how you use it. If it's part of your farming operation, the your farm insurance should cover it. But if you are showing it, then it's not farming so may not be covered. A specialized carrier like Hagerty, is the best answer. You will have to establish a declared value, maybe substantiate it with photo's. You will then be covered going to and from shows and while exhibiting it. Cost is very reasonable. When trailering, the trailer may be covered by your truck insurance, but the contents(your tractor) is not. Another reason for separate insurance.

Royse · Aug 9, 2013

JChamp, I have five of my tractors insured by State Farm in Michigan.
Declared/Agreed value policy as others have said.
They did require photos and serial numbers to prove age/value.
If the value is high enough they may want an appraisal.
Also as stated it covers them on a trailer going to shows, etc.
My biggest fear was having one come off a trailer and hit another car.
Home owners insurance will cover it if ONLY used for on home use.
Doesn't cover it if you drive it to the next door neighbor's or to your other property.
Different from a farm policy obviously.
I don't remember the exact price, but it's not a lot.
I think it was around $15 per thousand of coverage.
Mine is all bundled with home owner/car/motorcycle etc.

Matt_In · Aug 9, 2013

I have 15 tractors insured through State Farm. I pay around $400 a year. Covers theft and fire even at a show. As for the value, I told them what each one was worth and they were happy with that. With that said, I have never had to use it, knock on wood, so I don't know if it works.

Insurance on an antique tractor?

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