I got insurance quotes for my new MX 6000 and implements from both Kubota and my Farm Bureau. Both cover actual value for total loss, weather damage, roll over etc. Both have $250 deductible. I did not finance. The Bureau was less than 1/4 the cost of Kubota. What am I missing?
What am I missing?
- Thread starter JRS
- Start date
NCL4701
Well-known member
Equipment
L4701, T2290, WC68, grapple, BB1572, Farmi W50R, Howes 500, 16kW IMD gen, WG24
Possibly that Farm Bureau Insurance was originally created because the farmers who were running the Farm Bureau Federation were having difficulty getting insurance coverage for farm exposures and what was available was unaffordable and even though they insure other stuff now they still provide good coverage for good rates on farm type equipment. If you’re comparing coverage and they’re covering the same stuff it’s just price after that.
I’ll take a guess…but you are leaving out some info. May not matter…
This may matter…
KTAC is likely more concerned with protecting their financed tractors…they know the risk/reward payoff towards their specific market. Once they don’t have that finance interest they can charge whatever. Some will bite, some won’t. Doesn’t matter to them, likely more beneficial that non financed tractors ARE NOT insured by them.
Think about their (KTAC) target market….
I think there might be less "friction" involved in settling a repair claim when it is submitted from a Kubota dealer to the Kubota Insurance Co. Kubota is publicly traded and is very interested in making money. The Farm Bureau is a non-profit I believe. How much is the insurance annually?
HVACRoger
Active member
Equipment
2021 L2501 Loader, Backhoe, LandPride Grapple, Tiller, Forks, Quick Connect
I checked with my insurance guys I have used for over 30 years
when I purchased my new L2501 with loader, backhoe, and 4 implements. Kubota was $80 a month. State Farm was $25 a month, Auto Owners ( my company insurer) $27 a month. Same coverage as Kubota, $250 deductible. Dealer tried to steer me to Kubota, claimed process would be quicker if problem arose. I went with the $27 a month