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Sugarmaker 
Orange Level
Joined: 12 Jul 2013
Location: Albion PA
Points: 8426
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 Topic: Tractor insurance?
Posted: 31 Aug 2019 at 8:17am |
Folks, A topic we dont cover much. But a post about the upcoming show GOTO in uninon Grove got me thinking. First: I need to have the insurance coverage increased on the WD45 I just completed. It now has more value than when i drug it home 2 years ago. Second: I do have all my tractors insured with my company that covers my home and business: This is called a inland marine policy. Sounds a little strange but as explained to me. If your moving the tractor off your property and doing something with it at a show or maybe some work this policy covers it being away from home.
Comments opinions always welcome. My guess is there are a lot of tractors out there that are not covered and have value to the owners or family. Just something to ponder. Now setting the values to insure the tractor for? Well that may be a challenge? Regards, Chris
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D17 1958 (NFE), WD45 1954 (NFE), WD 1952 (NFE), WD 1950 (WFE), Allis F-40 forklift, Allis CA, Allis D14, Ford Jubilee, Many IH Cub Cadets, 32 Ford Dump, 65 Comet.
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LouSWPA
Orange Level Access
Joined: 11 Sep 2009
Location: Clinton, Pa
Points: 24681
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Posted: 31 Aug 2019 at 9:01am |
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I never concerned myself with the actual value of the tractors, most of the value is sweat equity, it's a hobby to me, so I figure I can accept the risk of loss.
However, liability is a different issue and one that does concern me. we should be concerned about any activity that may or possibly could involve/effect anyone else, or their property. Even a simple ride for a child around our own property can be a real liability. And, as you pointed out, leaving the property can be a serious risk of liability. Showing your tractor in the local fair, parades, pulling contests. We all should be periodically assessing our risks and coverage with our insurance agents
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I am still confident of this;
I will see the goodness of the Lord in the land of the living.
Wait for the Lord;
be strong and take heart and wait for the Lord. Ps 27
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DMiller
Orange Level Access
Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 33108
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Posted: 31 Aug 2019 at 9:57am |
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I try to not take mine off the farm unless working Brother In Laws place, my homeowners/farm policy is supposed to cover my tractors according to our agent. So long as I am in use or transported for use in a ag purpose is covered for loss/damage. He did note in a parade or show it won't be covered.
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DiyDave
Orange Level Access
Joined: 11 Sep 2009
Location: Gambrills, MD
Points: 53235
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Posted: 31 Aug 2019 at 5:58pm |
With IM insurance, you pay more, the higher the value is. Insure it as high as you can afford the premium... 
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Source: Babylon Bee. Sponsored by BRAWNDO, its got what you need!
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Red Bank
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Joined: 18 Apr 2018
Location: Germanton NC
Points: 1051
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Posted: 31 Aug 2019 at 6:22pm |
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I have inland marine insurance on my tractors and implements. I am not sure if the costs but I remember when I changed companies two years ago it didn’t shock me as being high. I could pull my policy and check. It’s on the farm policy and after I switched from nationwide to farm bureau the overall cost was lower and I added my implements to the policy.
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Sugarmaker
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Joined: 12 Jul 2013
Location: Albion PA
Points: 8426
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Posted: 31 Aug 2019 at 7:14pm |
Folks, I believe the cost is not too bad for the inland marine policy either. I have most of my equipment that runs and moves covered. Regards, Chris |
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D17 1958 (NFE), WD45 1954 (NFE), WD 1952 (NFE), WD 1950 (WFE), Allis F-40 forklift, Allis CA, Allis D14, Ford Jubilee, Many IH Cub Cadets, 32 Ford Dump, 65 Comet.
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PaulB
Orange Level
Joined: 12 Sep 2009
Location: Rocky Ridge Md
Points: 4928
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Posted: 01 Sep 2019 at 11:11am |
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I have what my insurance company calls an “Umbrella Policy”. It covers the liability on anything I do on or off of my property, tractors or anything else.
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If it was fun to pull in LOW gear, I could have a John Deere.
Real pullers don't have speed limits.
If you can't make it GO... make it SHINY
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tadams(OH)
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Joined: 17 Sep 2009
Location: Jeromesville, O
Points: 10605
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Posted: 02 Sep 2019 at 2:52pm |
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Our club has insurance that cover you at our shows if your a member also covers members if we are in a parade as a club. The cost of membership is only $10.00 a year of course we have some that sneak in the back gate and are only to the show on Saturday a leave that don't paid membership. I don't know what would happen if someone got hurt around there display, these are usally hit and miss engine people that do that.
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Ranse
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Joined: 11 Mar 2016
Location: Tennessee
Points: 775
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Posted: 02 Sep 2019 at 8:31pm |
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I don't have insurance on any tractor or equipment I have. I'm not sure what the home owners insurance covers. Seems like it would cover the tractors if they were destroyed in a fire if the sheds burnt down. So I figured if I insured the tractors themselves, it would basically be for theft. I didn't think it was worth it. It would be hard for a thief to steal a tractor. Although, I never thought about tractor shows. This was before I ever done anything like that. Anything can happen. I was once in an accident with a tractor when I was 12. My father and the other party settled it between themselves.
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Dennis J OPKs
Silver Level
Joined: 12 Sep 2009
Location: Overland Park,
Points: 497
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Posted: 02 Sep 2019 at 10:07pm |
As they say--it can be complicated. There are two things to consider, the first is the actual dollar coverage on the equipment which can be done by the inland marine coverage mentioned or by some other method depending on the company. The second and perhaps more important if the liability aspect whether it's on your property, someone else's, on the road or in a tractor drive. Again, this can vary by coverage and company. When in doubt, discuss it with your agent/company, outline how the item will be used and document the answers you receive or ask for them in writing. The road exposure (other than your own farming operation) along with tractor shows and tractor drives obviously present the greatest risk. Tractor clubs and rides may offer some protection but be sure you know what they cover.
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mdm1
Orange Level
Joined: 12 Sep 2009
Location: Onalaska, WI
Points: 2664
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Posted: 03 Sep 2019 at 1:15pm |
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Not being a farmer (and receiving no monetary compensation for anything I do with the tractors) my tractors are covered by my homeowners policy on my property or on public property as long as I am using them for the sole purpose of maintaining my property. Tractor shows, pulls etc would need a separate policy. I have an umbrella policy also but umbrellas cover only over and above what your normal policy covers. If you don't have a policy that would cover your tractors the umbrella will mean nothing. They are NOT a blanket policy.
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Everything is impossible until someone does it! WD45-trip loader 1947 c w/woods belly mower, 1939 B, #3 sickle mower 1944 B, 2 1948 G's. Misc other equipment that my wife calls JUNK!
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tadams(OH)
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Joined: 17 Sep 2009
Location: Jeromesville, O
Points: 10605
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Posted: 04 Sep 2019 at 3:24pm |
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Yes my insurance man said if the tractor has a use it's covered, if it's just a collector it's not covered. Even my trucks without storage insurance they are not covered, if I have insurance on them and drive them then they are cover.
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