Insurance Recommendations

[mculik5]

I'm planning to purchase a new B2650 and take advantage of the 84 months/0% financing. I spoke with my insurance agent today (who I like and trust, and who has consistently provided us with better pricing when compared apples-to-apples with other providers), and she said that the tractor would be covered on our property only and for theft only. So, if my barn burns down or I take it to my parents' to help and have a problem, I'm out of luck.

I'm sure such coverage won't be acceptable to the Kubota financing folks, and my insurance agent said that an article-specific policy (like someone might get for jewelry) would be more expensive than the option through the dealership (and I wouldn't be able to pay it monthly).

Has anyone had any luck with another provider that's acceptable to Kubota but less expensive. If I have to buy it up front, that's no big deal.

First tractor. First post (but I've been reading a ton). Thanks for the help!

 

[Jester67]

I went with KTAC the Kubota insurance roled it in with the financed portion for one monthly payment. It is a total replacement plan for the first 60 months in your case you would have to continue as a depreciated value plan to cover the 60-84 month period or purchase from someone else. But for the first 60 months IMO it is a very good deal $250 deductible can get you a new tractor if a total loss. It also covers off the property damage.

 

[aug1113]

We bought a BX23S in JULY and went with the Kubota insurance because it would cover most anything that would happen, even if I laid it over or some other foolish things according to salesman.

Also we knew we could get any where near the coverage Kubota has with our home insurance. For the $34 a month added to the payment we felt it was the best way for us to go.

 

[PaulR]

As above, have not heard anything bad about KTAC insurance. My salesman said it was required if you finance.

 

[NHSleddog]

KTAC is great for all things "tractor", if you want to be covered for liability when you are "not at home" you will need a different policy for that.

I have a commercial liability policy to go along with KTAC in the event I hurt someone or something when not at home.

 

[pjoh784350]

I'm planning to purchase a new B2650 and take advantage of the 84 months/0% financing. I spoke with my insurance agent today (who I like and trust, and who has consistently provided us with better pricing when compared apples-to-apples with other providers), and she said that the tractor would be covered on our property only and for theft only. So, if my barn burns down or I take it to my parents' to help and have a problem, I'm out of luck.

I'm sure such coverage won't be acceptable to the Kubota financing folks, and my insurance agent said that an article-specific policy (like someone might get for jewelry) would be more expensive than the option through the dealership (and I wouldn't be able to pay it monthly).

Has anyone had any luck with another provider that's acceptable to Kubota but less expensive. If I have to buy it up front, that's no big deal.

First tractor. First post (but I've been reading a ton). Thanks for the help!

I have heard good things too, but I also believe if you do Kubota financing that the Kubota insurance is mandatory to take the 0 down and 0% interest option.

 

[Kurtee]

I have an inland marine policy that would cover the Kubota but opted to use the Kubota policy on the BX2680 I got last December as the coverage is better. I intend to carry that policy the full 5 years even if I pay the balance down. I figure to leave 100 balance till the end. The problem is that you will need coverage after the last payment. I would suggest calling different insurance carriers to see who offers something to cover it. Then I would also explore the rest of my policies with a new carrier also. Explain this to you insurance agent. He might just figure something out.

 

[SidecarFlip]

My wife bought a GS850 Sidekick side by side with 0 down and 0 interest and we put it on our farm policy and Kubota had no issue with that. Both my Kubota's are on the same policy and it covers everything, both on and off the farm. All the implements as well as the house, barns and even the feed stored in them.

 

[pokey1416]

Ditto on KTAC into the monthly payment + added to my homeowners policy (about $164/year I think). My homeowners covers me at other peoples property but does not cover on public roads (accidents). Contractor or farm policy may be the way to go? Contractor insurance isn't cheap anymore especially if you say "roofing" and "excavation". I don't know about a farm policy.

 

[mcfarmall]

My experience with State Farm was that I could take out an "all perils" policy on the tractor that would cover everything except operator error. When the agent ran the numbers SF came back and said the tractor would be considered "heavy equipment" and the premiums were HIGHER than KTAC.

So in my case, I'm opting for KTAC at roughly $53/month. Cheaper than SF and covers more losses.

 

[ccoon520]

I think the only requirement for the 0% financing is that you have insurance that covers the tractor so the lender (kubota) can recover most if not all of their stake in the equipment. So if you have an insurance policy that covers your tractor then they would probably accept it. Maybe ask your agent about an inland marine policy. I believe there are a few people on here that use that to cover their tractor.

I went with the Ktac insurance. it was something like 10-15% of the purchase price if I remember right and even with the $250 dollar deductible it paid for itself after I screwed up and bent up some pieces pretty bad (the damage came out to something like 3-4k and all pieces were replaced with OEM parts by the dealer). Since you pay for it at the time of purchase there isn't a premium and it covers the tractor for the lifetime of your loan. You can extend it afterwards but I will probably get an inland marine policy or the like after the completion of the loan term.

If you are curious if what your insurance agent quoted you will be suitable I'm sure you can send it on to the dealer and they will tell you if it meets the requirements for the loan. If not you can ask for those requirements and see what your agent has to offer and I am sure there are cheaper options out there for your equipment than your agent or KTAC, but I treat insurance like I do toilet paper, tires and shoes (basically anything that can leave skid marks) and am willing to pay a little more for that peace of mind.

 

[243ackley]

My experience with State Farm was that I could take out an "all perils" policy on the tractor that would cover everything except operator error. When the agent ran the numbers SF came back and said the tractor would be considered "heavy equipment" and the premiums were HIGHER than KTAC.

So in my case, I'm opting for KTAC at roughly $53/month. Cheaper than SF and covers more losses.

If your insurance does not cover operator error, then it is crappy insurance. I am not trying to be a smart ass I promise. I am in the insurance business and I have had many claims on equipment of all types paid when it was operator error. Derricks dropped, dozers too close to the burn pile, excavator driven off of a barge into the Mississippi, etc.

I don’t know anything about State Farm, but I would doubt they would have an operator error exclusion.

 

[WFM]

I had only had my tractor a couple weeks when digging out the ditch by my driveway , I had been using the forks earlier then after work put the bucket on but didn't fully lock one side down. On the secound dig with the bucket it looked wierd and I had bent the quick connect mount on the front of the tractor. Hauled it to the dealer and the Kubota insurance covered all but $250 out of pocket.
I have progressive on several atv's and SxS's that is very reasonable in price. You can check to see what Progressive says.