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Tractor Talk Discussion Forum

Do you buy tractor insurance?

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gordy from Iowa

01-06-2008 13:36:27




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Have been thinking about putting insurance on a couple of old tractors. I would insure them for what I would like to be paid if they burn, get stolen, slide off the trailer, shed falls in on "em, or any other act of God I guess.

However, I"ve had a machine lost and the insurance will only pay a so-called "book value".
This is regardless that I paid a premium for a lot more. So if I pay a premium for what I think the tractors are worth, are they going to tell me a 55 year old tractor is worth $200 and I can take a hike if I don"t like it?

Anyway, would be interested in your experiences.

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dave guest

01-07-2008 21:00:28




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
never. knew somebody had ford 2000 paid $6500 next year it burned up. insurance only paid $2800. i could tell you about ten more stories, some worse.



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rfdeere

01-07-2008 14:22:46




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
I've looked at Hagerty and from what I can tell, They will only cover the tractor If it is parked at a show, not being used. And it has to not be used for any type of farming, we'll that would rule out running a thresher, corn sheller, baker fan. Oh, and by no means hook to a plow or wagon.



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migraine

01-06-2008 18:52:20




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
Have all mine insured with Hagerty. Local agent came and took pictures and made 2 CD copies for me. I also have the collector cars listed with them and I feel the price and peace of mind is well worth it



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John B. NE Ind.

01-06-2008 17:56:40




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
I have ins. on my 3 tractors with a seperate rider. Anytime you leave your property your taking a chance something could happen. Your home owners policy usually doesn't cover tractors or mowers off of the property. I have coverage at my set amounts for each tractor. The lilability part is what I'm most concerned about. Not very expensive. Well worth it. Most 4 wheelers are the same. If you don't specially insure, once off the property your on your own.

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Red Dave

01-06-2008 15:48:30




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
I absolutely insure mine. I'm more interested in liability insurance than anything else. I shudder to think of the liability we expose ourselves to by taking a tractor to a show, or to drive it in a parade.

Try an antique car insurance outfit, you can get coverage just like an auto policy, fire, theft, collision, and of course, liability.



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L.C.Gray

01-06-2008 15:35:55




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
Yep. I insure my working tractors but none of my old hobby iron is worth it.

I also insure my welding rig, my JD Gator and my trailers.

If I had any rare valuable old iron I'd try to have it insured on some stated value policy so there'd be no arguments later if there was a claim.



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Lanse

01-06-2008 15:00:29




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
my dad has the kubota b3030 insured, thats thousands of dollars worth of machine. im assuming it went well, because when something doesnt go right, he will talk about it for days :-)



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Ktheo1

01-06-2008 14:39:18




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
If I truly wanted them covered for actual cash value ,invest in an independent appraisal. Most any ins. co will cover them with a named amt. supported by a legit .appraisal I would not depend on a Homeowner pol. to cover farm tractors unless they named in the policy by brand and ser.# Homeowners Ins cover what is usual and incidental to operation of your home and that ain't farm tractors or any vehicle that is or should be licensed.

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cdm

01-06-2008 13:48:29




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
Hagerty Insurance at 800-922-4050 specializes in insuring antique tractors, vehicles, etc. I've always used them to write coverage on my tractors. You will be surprised at how inexpensive the insurace is. They usually ask for the value you want it insured for, a serial number, and a photo. I will try to post the web address as a link

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kyhayman

01-06-2008 13:46:07




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
I insure mine with Kentucky Farm Bureau as listed property on my farmowners policy. Premium runs about 6.00 per thousand of coverage. They let me insure for the amount I specify. In the past, when I have had total loss claims they have asked for some substantiation as to the value. I found 3 listed for sale when I had those claims. Typically mine was insured for at or slightly more than the highest listed one but I justified to the adjuster why. Such as new paint, recent engine overhaul, new tires, etc. Never had a problem but the insured value wasnt totally out of line with actual.

If you want 'way more' coverage than what is defendable such as an all orgional fully restored 8N Ford that you had invested 10,000 in and the highest advertised price for any 8N is 4500 then you may need to go with an underwriter like Lloyds of London. I've been 'associating' with one of their former adjusters for a few weeks and have learned a lot about how things are underwritten. They would write a policy on your tractor for replacement cost, but the cost is a lot more than 6.00 per thousand.

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kyplowboy

01-06-2008 18:01:06




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 Re: Do you buy tractor insurance? in reply to kyhayman, 01-06-2008 13:46:07  
I like KFB very much. I have every thing with them and have had several claims with them. Never one question or headache. It helps out alot when one of the girls at the front desk went to HS with you and the agent was a big kid in 4H when you were a little kid.

Dave



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Walt Davies

01-06-2008 13:45:09




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  
Mine are covered under my House ins. and I have replacement cost so they will pay what ever it cost to replace it. When my 4 wheeler was stolen I actually got more than I paid for it.
Walt



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Iowa Bob

01-06-2008 13:41:35




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 Re: Do you buy tractor insurance? in reply to gordy from Iowa, 01-06-2008 13:36:27  

I would have an appraisal completed by someone who can appraise personal property. The insurance company will use that as a value.

Iowa Bob



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