Kubota insurance after five years

[Brick1970]

I let my insurance lapse this year after six years. The premium was $397 with a $250 deductible. My Kabota model B 3300SU With backhoe has 247 hours on it. It was a retirement gift to myself, I enjoy having it but I’m not putting that many hours on it. I let the insurance lapse Then I saw an article that you should keep that insurance because it’s a good deal. I’m just curious as to other people how they feel if it’s a good deal. I called the insurance company and they said I could get the insurance back and I’m waiting on the paperwork they say I need to fill out. Just curious what other peoples experience has been With the Kubota Insurance. One other question I have is I had bought my tractor in December 2013 and I’m trying to figure out what it is worth if I wanted to sell it, I went on a couple sites but having trouble with my model number and finding comparisons and the correct price, any suggestions there. Thank you Dennis

 

[Tughill Tom]

I just renewed with them on my 2012, B3200 with all attachments BH,BH,FEL and snowblower. @$425.00 a year. Covers me on the road and off. Homeowners not even close on coverage.
I'am on the road all the time between my property's I have and maintain, better safe than sorry.

 

[Henro]

My understanding is that the Kubota insurance is really good if you have extremely bad luck, or do something stupid that causes great damage to your tractor. From what I’ve read they cover just about anything including operator error.

That being said, my B 2910 which may be the size of your tractor roughly, is 18 years old now and has about 1800 hours on it, I’ve never had any kind of major issue, and almost no issues at all. My BX is 16 years old in the story is the same. For me paying that kind of money for insurance that I never used would have been a losing proposition.

So I guess the question is what’s the chances you will do something to cause great damage to your tractor, or what’s the chances the tractor will fail on its own in a significant manner?

It sounds like you do not use the tractor for any kind of business and that is just a personal use item, probably on your property and probably never leaves it. So commercial insurance issues are not applicable in your case.

Obviously I would not continue paying that kind of money for insurance I didn’t expect to ever use. But it’s a gamble...only you can decide what is best for your particular comfort level.

 

[69 SS]

Just got the letter from Kubota as my last payment is due July 25. I called the number on the letter and spoke with the lady on the other end. This insurance DOES NOT cover major mechanical . It covers rain ,fire ,flood,falling trees, slinging it off a trailer,running it into swamp,anything to do with the cosmetic aspects of the tractor. It also covers theft vandalism,collision. Gives you a value of your tractor in my case 22,300.00 for total loss by any of the above. This total includes the Kubota FEL. 348.00 per year,kinda cheap ,but does not cover any mechanical issues, I asked specifically about the major mechanical which I let lapse after 2 years per original contract. Wish I had kept that insurance up. If you trailer it a lot ,good investment to replace tractor,bad weather,theft,vandalism ,fool something off the back of the bucket onto the hood. 250.00 deductible. Asked if I could renew the major mechanical insurance after the lapse and was put thru to another line. Left message,have yet to hear back. Don't really expect that will happen,been 11 days since this. Insurance (or lack of) is a gamble. Good luck whatever you decide to do.

 

[GeoHorn]

There’s a REASON they sell insurance. The REASON is NOT in your favor.... and that is true whether you trailer it a lot or not. It’s a high-profit item for them and it’s a low risk for them. They’ve got the statistics to prove it, ... you don’t. I call it the “Chicken-Little” factor. If you believe the sky is gonna fall on you because you ain’t gonna take nurturing care of your tractor like most of us tractor-lovers do.... then mail them your money and keep on worrying.
I’ve got better ways to invest that money. YMMV

 

[pokey1416]

My underwriter added the tractor and attachments to homeowner's policy. Annual premium increase is $166. Bad thing is it's $1,000 deductible. I got the KTAC insurance also with the financing and it's $66 per month over the 84 month term.

 

[Brick1970]

I just want to thank everyone for taking the time to respond to my question. I called my homeowners insurance and I understand that I am covered under my current policy. I could add a rider for $200 a year if I chose to but I don’t think I will at this point in time. No one addressed the second part of my post about what the value of my tractor might be at this point in time, like I said I went on a couple sites but my tractor model did not seem to be very popular I was unable to get an idea of today’s value if I were to sell it. Anyone have any thoughts on that? Thank you

 

[GeoHorn]

I found several for sale with similar hours on them for $12-$14K.
My tractor is also carried on my homeowners insurance for no addt’l premium valued at $17K... of course, my homeowners has a 3% deductible, as do most, so consider that.

 

[69 SS]

I thought my post was clear about what Kubota valued my tractor at. The Ohio Indemnity Company,(the underwriter for the Kubota Corp. KTAC insurance) assigned the value for the tractor at 17,900.00 and the Kubota loader at 4,400.00. This is for what they call an Equipment Physical Damage Policy. I would suggest that you call/fax/letter to the following to get something from them about the value for your tractor.

866-519-8016

ktacadmin@kubota.com

KTAC Insurance Agency
PO Box2075
Grapevine TX 76099

This is directly off of the letter that I just got in the mail concerning extending the insurance on my tractor.
Good luck on all your projects

 

[Henro]

Just to confirm what I think has been stated in this thread.

I now understand Kubota offers two types of insurance.

1) Fire, theft, vandalism, etc coverage

2) Major mechanical failure coverage

Each billed separately.

Is is this correct?

 

[69 SS]

I will use my new tractor purchase in 2015 as an example.
24 months or 2000 hours whichever comes first.
36 month or 2000 hour limited power train warranty whichever comes first
5 year Equipment Physical Damage Policy.
All of the above were covered on a new tractor purchase.

I let the mechanical policy lapse at 36 months , I had the option to pay but chose not to.

I can extend the 5 year policy if I chose to ,but have to do so by 7/25/20 or it will lapse.