KTAC insurance rate hike - again!

[Herkypilot]

Just received my renewal on my M7060. The premium went up ~ $200. I'm jumping ship and going to USAA with Travelers underwriting. All my equipment is covered for ~$650 with a $100 deductible. The Travelers policy is for personal use only and protects against Collision, Theft, Vandalism, Wind, Rollover/Upset, Fire, Hail, Lightning, Infestation, Flood, In Transit, and On and Off The Property.

I think we (Kubota owners in general) have caused this with $250 deductible. Owners scratch their paint or put a dent on the hood and want a new one for $250. After a while, this adds up and the company has to remain solvent. I wish KTAC would have just raised the deductible to lower the claims on small stuff. Great insurance, but I think it's unreasonable to cover A to Z damage for such a low deductible. I really just want total loss and theft coverage anyway. If I screw up and break a part, that should be on me in most cases. This translates to the same expectation of auto insurance or homeowners - nobody wants to make a claim unless they really have to as they know their rates will increase or they could get cancelled. It was good while it lasted, but you know how it goes - all good things must end at some point.

HP

 

[DustyRusty]

When I inquired about KTAC insurance, they said it was only available on a financed tractor. When I spoke to the dealer, he explained that the policy was for the life of the loan and that the premium was included in the payment. Is the insurance that you reference on a financed tractor?

 

[Herkypilot]

When I inquired about KTAC insurance, they said it was only available on a financed tractor. When I spoke to the dealer, he explained that the policy was for the life of the loan and that the premium was included in the payment. Is the insurance that you reference on a financed tractor?

Paid off early back in 2017, then was allowed to continue paying the policy annual premiums. It is now $774 a year - especially an issue with the limited use I have. My new policy is $650 for this tractor, an L3540, a KX040 and a Ferris commercial mower all for personal use. Not really a choice with KTAC, they're out and that may be their intentions anyway - which is only to make it available to newly financed equipment.

 

[Freeheeler]

I may be in the minority here, but I don't have any ins on my tractor or my Ferriss. I figure if I break em, I fix em.

 

[Elliott in GA]

I may be in the minority here, but I don't have any ins on my tractor or my Ferriss. I figure if I break em, I fix em.

To self insure for value is a choice, and if you are comfortable with it - you are good to go.

However, I would suggest that liability insurance is a must. You can accomplish liability protection a variety of ways through your homeowner's insurance for example, but it needs to be covered (often requiring scheduling/endorsement). Always get verification/coverage in writing from your insurer.

 

[Herkypilot]

I may be in the minority here, but I don't have any ins on my tractor or my Ferriss. I figure if I break em, I fix em.

Agreed with your reasoning, but there are perils that don't have anything to do with fixing it such as fire, theft, or a roll-over which totals your machine. Calculated risk, which is not one I want to take.

 

[ACDII]

I bought my B2410 and loader in 2002 and have had it covered since on my HO for ~$14,500 - the $2500 deductible. Covered for fire, nature and theft, not sure about roll over though. The new one I am contemplating KTAC for the life of the loan since insurance is a must for the loan. It will cost more than adding to the HO, but the coverage is better with only 10% of the deductible

I don't know of any other insurance company that can cover it the same, but open to suggestions.

 

[Herkypilot]

I bought my B2410 and loader in 2002 and have had it covered since on my HO for ~$14,500 - the $2500 deductible. Covered for fire, nature and theft, not sure about roll over though. The new one I am contemplating KTAC for the life of the loan since insurance is a must for the loan. It will cost more than adding to the HO, but the coverage is better with only 10% of the deductible

I don't know of any other insurance company that can cover it the same, but open to suggestions.

That's why I posted this thread. I've had KTAC since 2012 on various machines, some from new purchase, others, from just calling them and adding it. They have progressively ratcheted up the premiums to a point where they will persuade all but those with loans (and the ease to add to the loan payments) to find other means to insure. Even with a loan, you do have the option to use another agency to insure. You might want to call Travelers direct and ask them to give you a quote. In total, I'm insuring over $100k of various pieces equipment for the $650/year. This is for personal use and all items stored in a building. As posted above in the OP, they cover many perils

 

[Freeheeler]

Agreed with your reasoning, but there are perils that don't have anything to do with fixing it such as fire, theft, or a roll-over which totals your machine. Calculated risk, which is not one I want to take.

If I roll it over it would be because I tried doing something that physics didn't allow and that would be my fault, I should fix it.
Other than a forest fire that takes my house and garage, if the tractor catches fire it's because I did something wrong or didn't pay attention and correct problems like fuel leaks, bad wiring, etc. Again, I should fix it.
Anyone that has the ability to make it on my property undetected, break into my garage, and make it back off my property with my tractor will have a very nice tractor and I will go buy a new one. Chances of that happening are extremely close to zero. Chances of someone trying and getting caught and/or shot are much higher, but still extremely low.
I was brought up to take responsibility for myself and my stuff. Break it, tough luck, maybe next time I'll be more careful.
Like I said, I'm sure I'm in the minority on this one. I agree it's a calculated risk, my calculator works a bit different than most folk's.

 

[Herkypilot]

If I roll it over it would be because I tried doing something that physics didn't allow and that would be my fault, I should fix it.
Other than a forest fire that takes my house and garage, if the tractor catches fire it's because I did something wrong or didn't pay attention and correct problems like fuel leaks, bad wiring, etc. Again, I should fix it.
Anyone that has the ability to make it on my property undetected, break into my garage, and make it back off my property with my tractor will have a very nice tractor and I will go buy a new one. Chances of that happening are extremely close to zero. Chances of someone trying and getting caught and/or shot are much higher, but still extremely low.
I was brought up to take responsibility for myself and my stuff. Break it, tough luck, maybe next time I'll be more careful.
Like I said, I'm sure I'm in the minority on this one. I agree it's a calculated risk, my calculator works a bit different than most folk's.

All great points...for you.

 

[Freeheeler]

Yeah, I wrote that quickly and it sounds a lot more argumentative than intended. Sorry if it came off that way. Yes, for me it works well, but there are many instances where insurance would be beneficial. Part of my response was due to the fact that the dealer was very insistent that I purchase insurance. If other dealers are the same, I'd imagine there are quite a few folks that got pressured into insurance when, if they did a proper cost/risk analysis they may not actually need it.

 

[Fordtech86]

Like I said, I'm sure I'm in the minority on this one.

Im here with you.

 

[Henro]

Just received my renewal on my M7060. The premium went up ~ $200. I'm jumping ship and going to USAA with Travelers underwriting. All my equipment is covered for ~$650 with a $100 deductible. The Travelers policy is for personal use only and protects against Collision, Theft, Vandalism, Wind, Rollover/Upset, Fire, Hail, Lightning, Infestation, Flood, In Transit, and On and Off The Property.
HP

For personal use on my property, seems like some of those things covered by USAA are covered by my homeowners policy. I do not take my tractors off the property so those concerns are not an issue. Infestation? Wonder what that is?

Not sure about vandalism in my case, but unlikely. Collision seems like a non issue, but if it means collision like with an auto policy, that would cover ANY damage caused by the owner it seems. I would carefully read the fine print there. Would also read the fine print on the other things like hail, lightning, flood...

Never felt the need for insurance myself, on the tractors, for twenty years now. Never had the need either. Forget the term for feeling this way...fat, dumb and happy maybe?

 

[DDCD]

It's not that great because it's not full replacement after 60 months. I had to purchase it because of the financing. It is expensive,almost 10% of tractor cost on my l2501. I don't live where my tractor lives so I went with it vs. a commercial policy. My homeowners covers the building but excludes vehicles.