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Tractor Talk Discussion Forum

Insurance question

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rickm

11-26-2003 04:55:23




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Has anyone had to have an appraisal for a "show" tractor to get insurance ? I contacted one of the carriers I found in an old post (here on YTM ) and they wanted one from a "reputable" source.
???? Appreciate any suggestions. Thanks.




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Joe

11-26-2003 18:27:54




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 Re: Insurance question in reply to rickm, 11-26-2003 04:55:23  
You can insure any thing of value as a rider on your homeowner's insurance, if that service is available from your agent. But the question is...what is the value? Betcha some of you have thousands of dollars in your machines that is totally unrecoverable by sale or insurance. Me, I figure if I fixed it once, I can do it again if it means that much to me. But I'm not real happy about premium payments.

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rustyfarmall

11-26-2003 14:45:26




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 Re: Insurance question in reply to rickm, 11-26-2003 04:55:23  
Ask them to define "reputable". In order to be an appraiser for real estate, you must be licensed by the state you are practicing in, which is also recognized by an appraisers board in Washington D.C. There are no such requirements to be an appraiser of farm machinery, antique tractors, or anything else of that nature. Any one who wants to call themselves an appraiser can be one.



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Alan

11-26-2003 12:52:24




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 Re: Insurance question in reply to rickm, 11-26-2003 04:55:23  
I looked into it for some of my tractors and I was able to tell my agent how much I wanted to insure each tractor for and it would then cost me so much per $1000 of value. It was pretty straight forward and fairly resonable.

Alan



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havvey

11-26-2003 05:12:38




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 Re: Insurance question in reply to rickm, 11-26-2003 04:55:23  
most any antique that is insured has to have an apprasial and there are terms/conditions to its storage/usage i do not know who does this in tractors but unless its very rare i belive its too exspensive beware of insuring it as a working farm tractor to the companies it might be worth 1-2000 (ie a john deere a) also some farm insurance will let you insure all your equipment for like 75% of its value for 100% rplacement cost but not as antique hope this helps

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