Insurance, Does your policy cover you and your tractor off your property?

[Brushbuster]

A very good video of insurance coverage on your tractor, on you and if your covered off of your property. This video is just to make people aware that what you think you have for insurance may be totally different than what your home owners policy actually covers with out a rider. The gentleman in the video is from Canada so I'm sure there are differences. I will be asking my insurance agent about riders to cover both me and the machine when I'm off my property. I help my neighbors out after a heavy snow fall. I will be helping another neighbor clearing land and making trails. I believe the most important coverage while off your property is liability insurance which I will make sure that I'm covered.

 

[DustyRusty]

Most homeowner policies don't cover your tractor off-premises. If you want more coverage, then it is going to cost you a lot more $$$$$$$$. I like this poster, however, I believe that he is breaching a subject that he shouldn't. If you have questions about insurance, the only person that should be answering your questions is the agent that your insurance is with. Only your local agent can properly answer questions about policies that will cover you. Insurance is different from state to state, and county by county. That is why insurance agents are required to be licensed in the jurisdiction in which they write the insurance. Even policies from different insurance companies can be different. If you look at your insurance agency writes you a policy, there will be many riders on the policy that will determine what coverage you actually have. Never assume that you have enough insurance coverage without first talking to your licensed agent. The wealthier you are, the more insurance you should have. If you have a lot of assets, ask your insurance agent if your umbrella policy has high enough limits to cover any loss that you might encounter.
Finally, if your state allows for "homestead" protection, make sure that you get it properly registered.

 

[johnjk]

Due to the size of my property I am insured as a farm and my equipment is covered under this. I am not covered to take equipment off it property unless for repair, although I could get a rider for transport between my property and any area I’m working. GP Outdoors is Canadian and I don’t have a clue about Canadian laws. Tractor Time with Tim has gone in to insurance a bit and actually refers you to an agent to discuss what is appropriate for you but yeah, it varies from his local to my local. Boils down to really knowing your agent and having discussions around what your needs may be.

 

[Brushbuster]

Most homeowner policies don't cover your tractor off-premises. If you want more coverage, then it is going to cost you a lot more $$$$$$$$. I like this poster, however, I believe that he is breaching a subject that he shouldn't. If you have questions about insurance, the only person that should be answering your questions is the agent that your insurance is with. Only your local agent can properly answer questions about policies that will cover you. Insurance is different from state to state, and county by county. That is why insurance agents are required to be licensed in the jurisdiction in which they write the insurance. Even policies from different insurance companies can be different. If you look at your insurance agency writes you a policy, there will be many riders on the policy that will determine what coverage you actually have. Never assume that you have enough insurance coverage without first talking to your licensed agent. The wealthier you are, the more insurance you should have. If you have a lot of assets, ask your insurance agent if your umbrella policy has high enough limits to cover any loss that you might encounter.
Finally, if your state allows for "homestead" protection, make sure that you get it properly registered.

You are correct that GP is Canadian and their insurance may differ from ours in the U.S. I sold Health, Accident and life insurance. I did sell riders for additional coverages not included in the base policy. I sold insurance in three different States and each state was different ( prices, coverage and maturity dates).

 

[fried1765]

Due to the size of my property I am insured as a farm and my equipment is covered under this. I am not covered to take equipment off it property unless for repair, although I could get a rider for transport between my property and any area I’m working. GP Outdoors is Canadian and I don’t have a clue about Canadian laws. Tractor Time with Tim has gone in to insurance a bit and actually refers you to an agent to discuss what is appropriate for you but yeah, it varies from his local to my local. Boils down to really knowing your agent and having discussions around what your needs may be.

As above, Insurance for personal liability, and physical tractor liability can vary widely between insurance carriers
The video in post #1 should be ONLY be considered for reviewing insurance concepts.
When in doubt, get an e-mail response from the insurance company directly, rather than blindly trusting their agent.
If not in doubt......get answers to your coverage questions via e-mail, from your insurance company, and/or your agent..... anyway.
It is always best to have a paper trail!

 

[Daferris]

From a post I did back in August '22...
Insurance guy here...
ACV = Market value I.E what you could buy the tractor for from a private party.
Stated Value = See ACV above this only pays ACV up to the "stated amount".
Agreed value = This is where you have an appraisal for the value and the company and you "agree" on the value that would be paid in the event of a TOTAL LOSS before hand. Partial losses are usually done as ACV however some policies will pay the total amount and take possession of the insured item even with a partial loss.
Replacement cost = Replaces the damaged item with a new one of like kind and quality. Most often it 1st pays the claim as ACV then once the item is replaced (you generally have 180 days to do that it will pay the remaining amount as that's how they know what the true replacement cost is). Again MOST policies have a cap of 400% of what you paid new for the item.
Hope that helps everyone.

Another thing to look for in a Homeowners policy is if it says the tractor is covered when used "Solely" for the repair upkeep of the dwelling. SOLELY is the key word here and it is NOT what you want to see as once you take the tractor off your property it's no longer covered ANYMORE.

 

[GeoHorn]

I sometimes use my tractor and other equipt to maintain a road which is off my property…over which I have an easement to access my properly. My State Farm agent says the tractor is still covered when used on land I don’t own but over which I have legal use or easement. (I have to wonder however about what an agent says and what an agent knows to be true/factual…as, of course, my tractor is legal for my use on public roadways. I.E., I would not advise reliance upon an agents’ verbal comments without obtaining them in writing.)

I’m skeptical of universal fears of being under or un-insured on each/every activity undertaken, however. Just because I take my tractor into the woods which don’t belong to me doesn’t frighten me from using my tractor wherever I deem it useful. Daniel Boone wasn’t afraid to take Ol’ Betsy off his property.

 

[CAPT Seabee]

In the US, the Kubota insurance and Travelers (1/2 the price) covers off property. Kubota requires insurance if you're financing through them. 0%/5yr at the moment.