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Tractor Talk Discussion Forum

appraising antique tractors

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Chris Tucker

09-23-2005 13:27:42




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We have discovered about 100 antique tractor owners who need insurance on these items but don't know where to get them properly appraised so they can get insured. Anyone know who to contact? Thanks for your help. Christine Tucker Agent Mt. Loafer Ins Agency, Payson, Ut 84651 801-465-9272.




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Farmer2

09-23-2005 17:40:39




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 Re: appraising antique tractors in reply to Chris Tucker, 09-23-2005 13:27:42  
Contact a local reputable auctioneer. I am an auctioneer and always being asked to appraise tractors.



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Tom from Ontario

09-23-2005 16:49:38




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 Re: appraising antique tractors in reply to Chris Tucker, 09-23-2005 13:27:42  
Too bad I'm so far away because I do that. Each should be done separately and on its' own merits. Owner must be present to demonstrate tractor, give history, and document recent work, either restoration or repair. Do not give over the phone quotes and don't try for a blanket value for certain makes and models because once they are a true antique, there is NO average condition. Good Luck. And by the way, I give written reports, work on an hourly rate(field and office time)and will document all work, submit invoices and cite references.

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Nebraska Cowman

09-23-2005 15:46:51




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 Re: appraising antique tractors in reply to Chris Tucker, 09-23-2005 13:27:42  
It seems to me you could let each man appraise his own tractor. After all if it your business to sell insurance what do you care? If he wants $10,000 insurance on a $500 tractor by all means sell it to him.



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farmerboy

09-23-2005 17:14:41




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 Re: appraising antique tractors in reply to Nebraska Cowman, 09-23-2005 15:46:51  
What do you do when the guy's shed "burns down" and that "10K" 500 dollar tractor burns with it? Give him 10K, eh?

You better not become an insurance agent.



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Mike (WA)

09-25-2005 09:11:36




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 Re: appraising antique tractors in reply to farmerboy, 09-23-2005 17:14:41  
Back in the days when I was working for a company that financed fishing boats, we called that a "friction fire"- from heat caused by the insurance policy rubbing up against the mortgage. The problem with overinsuring is that the insurance game is one of actuarial tables- "odds", if you will. What are the odds that there will be a fire (or that I'll die, or whatever). If the amount of insurance didn't affect the odds, then theoretically, it would be OK to insure for any amount. But by grossly overinsuring, you have the added risk of the owner torching the item, which stacks the odds. Insurance companies who allow customers to set their own values on major items (especially personal property), are soon toast.

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caseyc

09-23-2005 18:17:04




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 Re: appraising antique tractors in reply to farmerboy, 09-23-2005 17:14:41  
if the guy pays the premium for a 10k tractor the why not? that's what my insurance man always tells me, "insure it for what ever you think you need, your paying the premium!" all my tractors are slightly over insured so i can be sure i get a good one back should the need arise. never insure anything for what it cost, always for what it would take to replace it.

casey



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Ray

09-23-2005 18:21:12




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 Re: appraising antique tractors in reply to caseyc, 09-23-2005 18:17:04  
My insurance guy always wants to know what you paid for it.He says they won't pay over that amount.



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caseyc

09-23-2005 18:32:11




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 Re: appraising antique tractors in reply to Ray, 09-23-2005 18:21:12  
i'm sorry, had one like that too. never liked him very well anyways so i found a new one.

casey



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JMS/MN

09-23-2005 14:45:05




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 Re: appraising antique tractors in reply to Chris Tucker, 09-23-2005 13:27:42  
Try EDGTA- Nationwide group that provides insurance for tractor shows, etc. Means something like Early Days Gas Tractors Association.



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RustyFarmall

09-23-2005 14:01:30




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 Re: appraising antique tractors in reply to Chris Tucker, 09-23-2005 13:27:42  
Try these guys, don't know if they do appraisals but they certainly know the value of old tractors.



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