A friend bought a 69 Camaro.some years ago that was immaculate. He bought it from a body shop man that had redone it for himself. When the buyer got it, he was able to set the value that he thought it was worth and paid insurance premiums accordingly. Maybe that type of policy is available for tractors too.
- Thread starter IA Roy
- Start date
My policy has two levels of coverage. The older and rare stuff is what is called "Stated Amount" insurance. So on those pieces I pay for so many dollars of coverage, regardless of the replacement or market value of them. The newer higher dollar equipment is replacement value.
The funny thing is the cost per thousand dollars of coverage is much higher on the stated amount part but the actual premiums per tractor are less than they are on the newer tractors. The newer tractors are five to ten times more valuable too.
The funny thing is the cost per thousand dollars of coverage is much higher on the stated amount part but the actual premiums per tractor are less than they are on the newer tractors. The newer tractors are five to ten times more valuable too.
IA Roy, that type of insurance is available through State Farm
here in Michigan. I bought it for some of mine, then realized that
it did not cover what I was looking for it to cover.
I didn't want my tractor replaced, I wanted it to cover liability if
said tractor were to come off a trailer on the road and damage
another person's car, cover their medical bills, etc.
It wasn't expensive, but wasn't what I intended to insure.
here in Michigan. I bought it for some of mine, then realized that
it did not cover what I was looking for it to cover.
I didn't want my tractor replaced, I wanted it to cover liability if
said tractor were to come off a trailer on the road and damage
another person's car, cover their medical bills, etc.
It wasn't expensive, but wasn't what I intended to insure.
Meangreen
Member
I'm in Iowa and am with IMT. I have a liability insurance that covers me if there were to be an accident while using it (parade/tractor drive, etc.) except they will not cover anything if it's used as a pulling tractor. I also have a second part to my policy that is replacement insurance and there I state the value to replace my tractor (has to be within reason). Both policies on my two tractors run around $90 a year.
Butch(OH)
Well-known Member
A person can get stated value insurance coverage on about anything however the further you depart from what they would consider "normal?" value the more you be prepared to pay dearly and have plenty of documentation. Also if you have a loss that can be deemed suspicious such as fire, theft etc be prepared for them to take a lot of time to be sure it was not an inside job. An acquaintance of mine lost some cars in a shop fire that were so insured. Fire turned out to be arson (but not by him) and it took a very long time to get that mess cleared up and for him to get a check from his insurance after which they promptly cancelled his coverage.
2002sliverado
Member
Two years ago I purchased insurance coverage on a collector tractor I had invested a lot of "resources" into. I talked to my insurance agent about this and he was able to obtain coverage on this tractor, just like other customers of his who own collector cars. He asked me what I wanted to place for a value on that tractor, and that is what we went with. In terms of the cost of the premiums, it equates to roughly 0.4% of the value I placed on the tractor, or if you want exact figures, $102 on a $25k tractor. I apologize I cannot recall the name of the insurance company.
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