KTAC insurance - worth it?

[BillSz]

I am a new owner of a BX2380 and am wondering if the KTAC insurance is a good value? I realize it's hard to tell what calamities might happen in the future, this from someone who is dealing with major damage from a couple of tornadoes, but I would appreciate any insight others with more experience can provide regarding this insurance service.

Bill

 

[murph1068]

I am a new owner of a BX2380 and am wondering if the KTAC insurance is a good value? I realize it's hard to tell what calamities might happen in the future, this from someone who is dealing with major damage from a couple of tornadoes, but I would appreciate any insight others with more experience can provide regarding this insurance service.

Bill

I have it on my bx25d, What's your worry worth. I sleep well knowing.

 

[GeoHorn]

If the tractor/equipt doesn't leave your own property then your homeowners should cover it. Why pay for extra ins if you don't need it (unless it's financed in which case you have no choice because the note will likely be sold-off and the note-toter will require it.)

 

[rokhunter]

If the tractor/equipt doesn't leave your own property then your homeowners should cover it.

This needs to be explicitly discussed and secured in writing, because many homeowners policies won't cover anything beyond a basic lawn tractor (what you'd get at Lowe's, Home Depot, etc.) I was under the same impression until I asked a close personal friend who also happens to be an insurance representative. The underhanded loopholes companies will use to deny coverage are simply amazing.

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[mdhughes]

Why pay for extra ins if you don't need it (unless it's financed in which case you have no choice because the note will likely be sold-off and the note-toter will require it.)

If you finance with Kubota, the loan won't be sold off. They do require insurance on the equipment.

 

[edritchey]

KTAC is good insurance and cheap for what it covers.

 

[shiraz627]

If the tractor/equipt doesn't leave your own property then your homeowners should cover it. Why pay for extra ins if you don't need it (unless it's financed in which case you have no choice because the note will likely be sold-off and the note-toter will require it.)

To insure the tractor on your own, you would need a separate inland marine policy. They are hard to get for only one item. Nobody is going to buy a note that pay's 0 percent interest!

The insurance is a good deal.

 

[whitetiger]

I am a new owner of a BX2380 and am wondering if the KTAC insurance is a good value? I realize it's hard to tell what calamities might happen in the future, this from someone who is dealing with major damage from a couple of tornadoes, but I would appreciate any insight others with more experience can provide regarding this insurance service.

Bill

Just had a customer with a BX2680, 18 hours on it that parked his tractor under a tree and washed it. A gust of wind dislodged a dead limb and smack. I took pictures and made a parts list which we sent toKTAC. For the $250.00 deductible, we replaced his hood, headlights, dash, and rear fenders. Repairs were over $2000.00. Nothing was dented, just scratched. His tractor is like new again and he is a happy camper.

How many homeowner policies will do that,? Mine sure won't.

 

[GeoHorn]

Just had a customer with a BX2680, 18 hours on it that parked his tractor under a tree and washed it. A gust of wind dislodged a dead limb and smack. I took pictures and made a parts list which we sent toKTAC. For the $250.00 deductible, we replaced his hood, headlights, dash, and rear fenders. Repairs were over $2000.00. Nothing was dented, just scratched. His tractor is like new again and he is a happy camper.

How many homeowner policies will do that,? Mine sure won't.

I don't buy insurance for "scratches". I buy insurance for serious losses.

 

[GeoHorn]

If you finance with Kubota, the loan won't be sold off. They do require insurance on the equipment.

Not according to Neil at Messicks, but... his sales presentation for KTAC is a good one...BUT... his comments which imply generosity in complete replacements of damaged equipment only belatedly mentions the cost to the customer via deductibles/exclusions: https://www.messicks.com/school/why-you-need-tractor-insurance-kubota-ktac

While he implies that the house-financing and insurance is hand-in-hand and therefore not sold off to outside banks, that's not actually what he says.
He also states homeowners insurance is not adequate because the tractor is portable and therefore homeowners will not cover the tractor. That is untrue if the tractor is used only on your own property (even if you're transporting between your own property.) It is true if you loan or take the tractor to your friend's property. In that case, homeowners will not likely be adequate for you.... but most private tractor owners use the machine on their own property.

The actual ins. rate for KTAC is a competitive rate, however. If you are financing a tractor and if you are financing it thru Kubota then their ins. is simple, easy, adequate, and affordable.

Since I never take my tractor off my own property I don't feel I need anything other than the homeowners I've already got paid for without any addt'l cost. (And it gives me a good excuse when I want to deny loaning it out.)

Here's a good argument against my choice however.... my tractor is stored in my out-bldg. which is part of my homeowners coverage. If that bldg. burns, the bldg. and it's contents are covered.... except for vehicles. It might be an argument whether or not the tractor is a tool or a vehicle. A separate policy is kept on airplanes, motorcycles, and boats. Tractor?? Hmmmm.

 

[Orange1forme]

This needs to be explicitly discussed and secured in writing, because many homeowners policies won't cover anything beyond a basic lawn tractor (what you'd get at Lowe's, Home Depot, etc.) I was under the same impression until I asked a close personal friend who also happens to be an insurance representative. The underhanded loopholes companies will use to deny coverage are simply amazing.

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Here is a link to a video that will pose the same questions. I sent it to my insurance person and they got back to me with the answers.

https://www.youtube.com/watch?v=1vAoXPgMYPY

 

[BAP]

There is no way a standard homeowners policy is going to cover as much as Kubota insurance. If you add on extra coverage to your homeowners threw a rider or a midland marine policy you can get the same coverage. But to go around telling everyone that a standard policy will give you the same coverage is not true.

 

[Newlyme]

When I bought my M4900, ( used ), my choices when financing with Kubota were their insurance or my own. I drove over to my agents office and purchased a rider to my policy that satisfied Kubota. It was cheaper than the Kubota insurance. I never checked to see if it was better/same/or worse. It was cheaper. I never used it. The tractor has since been paid off.
Now it is covered by my home owners policy. To the limits that I have set up in my policy that I have determined to fit my needs.

 

[lugbolt]

I have dealt with homeowners in reference to tractor stuff.

I've dealt with KTAC in reference to tractor stuff.


Trust me....get KTAC and don't look back


Homeowners might require a rider depending on your ins company. Even then it will cover it (mostly) if the tractor gets hit by a tornado or flood. But it you roll it off into a pond accidently, they might or might not want anything to do with it.

You'll also want to know what the deductible is both ways. KTAC is $250. It takes about .02 seconds to run up $250+ worth of damage on about any tractor (including BX's, zero turns, etc).

Just did a hood and associated parts on a 3301. Homeowner's wouldn't cover it. It wasn't a natural disaster, it was an issue where the owner pushed a tree out of the road and one of the limbs bent the hood up. $1400 fix, he had to buy it. Also have an M7060 in shop with hood damage, similar situation, KTAC. KTAC covered all but $250 of it. That one, with the hood, associated parts, the fuel tank (underneath the tractor), some lines, wires, hydraulic pipes, whole bill turned out to be just shy of $7200.

Don't take this as a promise or anything but I've seen KTAC cover things that shouldn't be, such as owner neglect, abuse, and quite frankly ignorance. That kind of stuff is highly unlikely with any other type insurance that I know of.

 

[whitetiger]

We do about 25 insurance claims a year anywhere from a few hundred to over $70,000. and have never had a claim denied from KTAC insurance. Take the pictures, submit a claim and get almost immediate OK to repair.

We almost always get to jump thru the hoops with other insurances and a lot of items get denied.

 

[wingizzmo]

Does anyone know what it will cover if its not financed through Kubota I'm paying cash and looking at the brochure it states if not financed through them no replacement cost?

 

[D2Cat]

Maybe you could pay a portion down, finance the remaining, get the insurance, then after a couple of months pay off the note and still have the the ins?

 

[RCW]

Does anyone know what it will cover if its not financed through Kubota I'm paying cash and looking at the brochure it states if not financed through them no replacement cost?

I don’t know the answer, but am curious to the answer. Like ‘Cat mentioned, I was in a similar spot.
I financed about half my tractor with KTAC at 0% for 60 months.
I paid it off in 25 months, and KTAC ceased then, in fact got a refund check for the unused time. Nothing I instigated, it just went down that way.
I was okay with that for my BX, but wouldn’t be for a more expensive machine.

(Even though it was 0%, not a debt fan)[emoji12]


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[sagor]

I notified my home owners insurance, and declared the tractor (and value) and am covered for loss and liability as long as I don't use it for commercial purposes. I can even drive over to my neighbor and help with his driveway in the winter....
My insurance broker even said "I wish I was your neighbor"....

The point is, talk to your home owners insurance and discuss options. Check what is covered and what is not, and under what circumstances. The main loss issues are loss of equipment (theft) and liability. Failures of the tractor itself would be covered for new tractors under warranty. The rest may just be "wear and tear"....

The total cost was around $40 a year for coverage.

 

[greeno]

Does anyone know what it will cover if its not financed through Kubota I'm paying cash and looking at the brochure it states if not financed through them no replacement cost?

Just put my B2710 and all orange accessories under KTAC. Homeowners could cover theft and disaster damage but was more expensive. The policy states “replacement value or agreed value whatever is lower”.


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