Insurance clarification

[skip]

Hi All. Happy Orange day to You I have seen a few questions about insuring Our tractors. I am in a nice argument with Kubota as We speak. I just got My tractor about 3 weeks ago. The dealer asked Me as We were closing the deal about will the tractor be insured. I told Him I was fairly sure My home owners would cover it, which it does. Got My tractor and Happy days. NOT! I got a bill from My insurance agent and it included a 700.00 price increase to cover the tractor a second time. I called My agent and He told Me that He had called Kubota and They required the following.
1. They want insurance that covers the tractor on and off My property.
2. It had to list Kubota as being the receiver of any funds in case of any loss.
Now remember I already have 167,000 coverage on all My property. So basically They will not accept Your homeowners insurance for the loan. I had My last tractor for 16 years and I never took it off My property. So I saw not much chance of this one going down the hiway. So I cancelled the 700 dollar coverage and am waiting to see what Kubotas next move is. I called My dealer and told Him I wanted to give the tractor back and He said he wished I wouldnt do that . He called Kubota and they told Him the exact same thing I have listed. Had I known that this so called zero % interest is a come on I would have paid cash for it and I would have got 700 of the price I paid. My insurance would have been the same and I could have listed it under farm equpiment and saved another 1020.00. Hind sight is always 20/20. At least for Me. I figure the worse that will come from Kubota is They will slap there own insurance on it. It is way cheaper than My home owners increase but it is the principal. I am curious if anyone else has been in this pridicament with insurance? Sorry this is so long but its something that new buyers need to know.

 

[ipz2222]

I HATE insurance companies and yellow jackets.

 

[E/S]

I HATE insurance companies and yellow jackets.

There is a difference ?

E/S

 

[skip]

I always thought insurance companys were kinda like My favorite people-----Politicians

 

[ipz2222]

There is a difference ???
Yea, you can legaly kill one of them.....

 

[avi8tor]

I bought my tractor back in March of this year. I had asked my insurance agent (State Farm) about covering my tractor - she told me that Kubota's insurance coverage was better for the price. Through Kubota it is only $11.00 per month added to the monthly payment. Coverage is as good or better than what I could have had through my agent but much cheaper.

 

[Dave O]

My 2nd post, and new owner of an old L185DT. I am also an Indeopendent Insurance Agent for 38 years, so I think I may add a little to this topic. Insurance allows people to do things that they otherwise couldn't do, such as buy a house or tractor and finance it. so go easy on this important segment of society. It would be very easy to call your agent and either schedule the Tractor on your homeowners and get a certificate from that agent to show that it is covered and satisfy the request of the finance company. You can even ask the insurance company(agent) to add the finance company as an interested party . It should not cost much and could be solved in a few minutes in handled correctly! An dxample I will use, is I scheduled items worth $50,000 and it only increased my premium 400.00 a year.

 

[skip]

Hi Skip,

Sounds to me like there is some financing involved here. Would I be correct to say that KTC is the lender? If so, they are looking for that insurance to protect the loan/asset. The reality is, when a compact utility tractor is reported stolen, it's almost never located.

Tell Kubota you're returning that tractor unless the insurance coverage issue is taken care of, and I'll be willing to bet you'll see that dealer move heaven and earth to keep that deal from unwinding.

Vic how long do You have to return the tractor and cancel the deal? When I called the dealer and He told Me Kubota is rock steady on this but He would try to sell the tractor in a consignment type dealer.

 

[skip]

My 2nd post, and new owner of an old L185DT. I am also an Indeopendent Insurance Agent for 38 years, so I think I may add a little to this topic. Insurance allows people to do things that they otherwise couldn't do, such as buy a house or tractor and finance it. so go easy on this important segment of society. It would be very easy to call your agent and either schedule the Tractor on your homeowners and get a certificate from that agent to show that it is covered and satisfy the request of the finance company. You can even ask the insurance company(agent) to add the finance company as an interested party . It should not cost much and could be solved in a few minutes in handled correctly! An dxample I will use, is I scheduled items worth $50,000 and it only increased my premium 400.00 a year.

Dave Thanks for the reply. My anger is directed towards Kubota finance not insurance companys. And My tractor is totally covered by My home owners. Now if I decide to drive it to town or Florida then it would not be covered. That is why homeowners insurance will not make Kubota satisfied. Any way I go I would have to have double insurance on the tractor.

 

[Dave O]

Here is some information: Your homeowners may cover the value of the tractor if it is used for upkeep of the premesis. It also may not have coverage if your homeowners has a motorized vehicle exclusion. You should ask your agent to specifically clarify what coverage you have. The personal Liability would extend to your tractor, unless you are using it for cpmmercial purposes. I think there needs to be some discussion and proof shown to you if your Homeowners does indeed cover you. One way to be certain is to schedule it for a specific value and specific coverage with an endorsment(floater). It has to be less expensive than the finance company's premium. A certificate proving you and the finance company are covered should eliminate the finance company's need to pursue this. This is no big deal if you were my client. We would solve and settle it in minutes.

 

[skip]

Here is some information: Your homeowners may cover the value of the tractor if it is used for upkeep of the premesis. It also may not have coverage if your homeowners has a motorized vehicle exclusion. You should ask your agent to specifically clarify what coverage you have. The personal Liability would extend to your tractor, unless you are using it for cpmmercial purposes. I think there needs to be some discussion and proof shown to you if your Homeowners does indeed cover you. One way to be certain is to schedule it for a specific value and specific coverage with an endorsment(floater). It has to be less expensive than the finance company's premium. A certificate proving you and the finance company are covered should eliminate the finance company's need to pursue this. This is no big deal if you were my client. We would solve and settle it in minutes.

Dave I tried going that route as the one thing My insurance does not do is pay the loan company directly. I happen to have the big A company and they say the tractor is fully covered but Kubota wouldnt accept that.

 

[Bulldog]

Hi Skip,

It sounds like your dealer just wants to hook you and after he made the sale you're screwed. Been there and done that. That's what kind of service people get at my local dealer. If thats not bad enough your insurance company is about as handy as a good case of roids. My M 9000 cab tractor only costs me about $50 or $60 a year to cover it. I think I would look for a different dealer and a new insurance company.

 

[skip]

Hi Skip,

It sounds like your dealer just wants to hook you and after he made the sale you're screwed. Been there and done that. That's what kind of service people get at my local dealer. If thats not bad enough your insurance company is about as handy as a good case of roids. My M 9000 cab tractor only costs me about $50 or $60 a year to cover it. I think I would look for a different dealer and a new insurance company.

Agree on all points!

 

[Tom]

Hi All. Happy Orange day to You I have seen a few questions about insuring Our tractors. I am in a nice argument with Kubota as We speak. I just got My tractor about 3 weeks ago. The dealer asked Me as We were closing the deal about will the tractor be insured. I told Him I was fairly sure My home owners would cover it, which it does. Got My tractor and Happy days. NOT! I got a bill from My insurance agent and it included a 700.00 price increase to cover the tractor a second time. I called My agent and He told Me that He had called Kubota and They required the following.
1. They want insurance that covers the tractor on and off My property.
2. It had to list Kubota as being the receiver of any funds in case of any loss.
Now remember I already have 167,000 coverage on all My property. So basically They will not accept Your homeowners insurance for the loan. I had My last tractor for 16 years and I never took it off My property. So I saw not much chance of this one going down the hiway. So I cancelled the 700 dollar coverage and am waiting to see what Kubotas next move is. I called My dealer and told Him I wanted to give the tractor back and He said he wished I wouldnt do that . He called Kubota and they told Him the exact same thing I have listed. Had I known that this so called zero % interest is a come on I would have paid cash for it and I would have got 700 of the price I paid. My insurance would have been the same and I could have listed it under farm equpiment and saved another 1020.00. Hind sight is always 20/20. At least for Me. I figure the worse that will come from Kubota is They will slap there own insurance on it. It is way cheaper than My home owners increase but it is the principal. I am curious if anyone else has been in this pridicament with insurance? Sorry this is so long but its something that new buyers need to know.

the insurange that kubota has is worth it