Insurance?

[Benhameen]

I'm happy to say i only have 6 payments left on my L3800.
I've have been paying for the kubota insurance with my payment each month. To be honest, I don't recall what I'm paying paying per month off the top of my head but I'm curious to what others have done once they have made
that last payment? I've not looked into any options at this point, just curious what others have done.

Thanks and happy 4th!!!

 

[sagor]

When I bought my used BX25, I contacted my house insurance and added a "rider" for the value of the machine (as per bill of sale). It covers loss (accidental or theft) and liability on my own property. It does not however, cover "commercial use". I cannot use it to get paid for anything. I can however, snowblow my neighbor's driveway for free if I wish. It costs something like $10 a month. This is based on Canadian insurance "rules". Your mileage may vary.
I recommend contacting your home insurance and discuss what you want covered, with what deductible, and for what uses...

 

[BillK01]

Generally any motorized vehicle that is not directly related to maintaining your property is excluded under homeowners insurance (dirt bikes, cars, atvs etc).

Property maintenance equipment like lawn and garden tractors etc are generally covered under your contents limit (just like your tv's, appliances, clothes etc) - but are subject to the same perils insured against as any other contents covered under your policy. So it's not going to be nearly as complete coverage as the Kubota insurance (which is more of an "all risk" type coverage) as most homeowners policies insure your contents for "named perils".

All Risk = if it's not excluded then it's covered
Named Perils = one of the specifically spelled out perils has to be the cause or it's not covered

As others have mentioned, some carriers will allow you to specifically add items to a schedule that broadens coverage and allows you to choose a different deductible (or none at all) since most folks have larger home deductibles.

 

[Grouse Feathers]

If you add your tractor to your homeowners policy, be sure to ask if it is covered when off of your property. Some policies only cover on your property.

 

[Benhameen]

Thanks for the replies. I'll have to look into the best option, I do take it off my property at times to do work for other people, moatly free labor but o need to make sure it's covered.

 

[BillK01]

Thanks for the replies. I'll have to look into the best option, I do take it off my property at times to do work for other people, moatly free labor but o need to make sure it's covered.

If you're going to depend on your homeowners policy to cover it then ask your agent if you have the option to add an endorsement that's normally called "special personal property" (or something similar - it depends on the company). What that does is changes the coverage on personal property (contents) from "named peril" coverage to the "all risk" type that I previously mentioned above.

The All Risk version is much broader than named peril coverage. Not all companies offer it but many do. Usually it's around $100 or so more per year but well worth it.

Generally a homeowner policy provides the all risk coverage for structure and named peril on contents but can be changed to all risk on everything.

Interesting tidbit - the industry has gotten away from using the term all risk and now calls it "risks of direct physical loss" - as saying all risk led people to believe everything is covered when that's not the case. But ultimately, all risk (or risks of direct physical loss) is much broader and worth it if your company offers it.