Going bigger and insurance?

[MadMax31]

When my hip heals up and Im back to work, Ideally Ill upsize my machine.

I paid cash for my B7610, and it seems if I finance any part of a new machine Ill have to get insurance. New or used?

Ideally my ceiling is 18,000. Not many L machines in that range around here, unless their 15 yrs old or 3x my machines hours. What is available around here in my budget are Green machines of the Economy variety. Not thrilled with the aluminum rear ends but Im not a farmer...

Barlows just quoted me what I feel is an awesome price on an L3301, freight being cheap as well. But Im unsure how insurance works? Is it required for the duration of loan or? Id like to finance 8000 and Kubota %0 for 60 makes it a very palatable deal.

 

[North Idaho Wolfman]

Yes you will have to carry insurance through all of the finance period.

 

[eipo]

And it usually doesn't amount to much. I think mine is about $32 per year via a rider on our Homeowners policy.

 

[MadMax31]

And it usually doesn't amount to much. I think mine is about $32 per year via a rider on our Homeowners policy.

Really? I was quoted $1400 for insurance by Kubota Dealer. I thought that was insanely high. Barlows quoted me around $20 a month, so after 60 payments thats like $1200.

Im gonna call my homeowners and just stick to a used machine.

 

[1970cs]

You can use your homeowners insurance.

Bare in mind that Kubota insurance does several things better than homeowners. $250.00 deductible, you can take it anywhere and it's covered.

What it covers fire, theft, vandalism, hail, wind, ice, water, flood, earthquake, tornado, hurricane, tsunami and yes even your own mistakes. On or off your property.

Homeowners insurance must list on a binder with all model numbers, serial numbers, total value and Kubota as a loss payee.

I have one insurance company that will not issue a binder and will list that has coverage. KTAC will not accept that!

Pat

 

[scdeerslayer]

Really? I was quoted $1400 for insurance by Kubota Dealer. I thought that was insanely high. Barlows quoted me around $20 a month, so after 60 payments thats like $1200.

Im gonna call my homeowners and just stick to a used machine.

That had to be the total for a 60 month loan and assuming you'll finance the entire purchase. The Kubota insurance winds up being basically a 1.2% interest rate on the loan. It's $1 per month per $1,000 financed. It's calculated at the beginning of the loan assuming normal payments. If you make payments above the normal payment or pay the loan off early you'll get some of the premium back. At least that's how the dealer explained it to me.

 

[BigRed57]

They will go 72 months at 0% with what they call a buy down. You'd basically put down the interest in cash when you buy the tractor and get 0 for 72. It would probably be less than $700 for that tractor..just roughly guessing. The Kubota insurance is hands down the best I've had. A friends tractor was wrecked and thrown off the trailer. $250 new tractor. See if homeowners will do that when you're 50 miles from home.