insurance on tractor stored away from residence
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    Corkpuller's Avatar
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    insurance on tractor stored away from residence

    Simple question, but I'll splain the situation in case it helps someone else down the road.

    We have a mobile home in a campground (FISHIN CAMP). Own the trailer , rent the "spot". I have insurance on the trailer with coverage for "personal effects" @ 10K.
    We have 9 acres 1 mile from the Camp that we'll be retiring to. We currently live 200 mile from these properties.

    I have a lot of work to do at the future homestead and would like to leave the tractor at the Camp rather than trailer it back and forth.
    I have a 12x26 boat shed, full sides, open ends, that I'd keep the tractor under.

    I called my insurance company to ask if the tractor would be covered in the event a 125' pine fell on the shed and crushed it, or someone decided they wanted my tractor more than me.
    They said it would be covered up to the 10k personal effects, however, it would have to be used primarily for use on the property the trailer sits on.
    So, it ain't gonna be covered.

    My current homeowners only covers it while it's "home".

    Looks like I'll have to source a separate policy solely on the tractor, or takes my chances.

    What insurance company and what does anyone here pay for a separate policy on just your tractor.
    Specifically a 2014 1025R.



    Thank you

    I'll be calling a couple companies tomorrow and will report back what the damage would be.
    BigJim55 and Herminator like this.
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    Rider

    You may be able to purchase a rider that would specifically cover your tractor. It's definitely an agent question and make sure to give full disclosure. For example, if you can lock your location, it may be different than having an open shed. You might tell the agent it will be in a shed and the agent thinks, "lockable construction" like a garage. You are thinking, "I told him/her it was a shed".

    Why do I say give full disclosure? Because if you don't and have a claim, the claim may be denied due to a uninsurable condition. Then you've paid premium for nothing. Better to have an agent tell you upfront whether they can offer coverage or not based on your circumstances.

    You'll want to check and see if it's covered while trailering as well. Almost certainly your current auto insurance does not cover your tractor while trailering. It likely will cover liability but if the tractor falls off the trailer and is in pieces in the middle of the road, it's your tractor.

    Before you call your agent(s), write down everything you think is relevant and have it ready for use during the discussion. I would recommend at least touching base with companies that insure a lot of farm equipment. They may or may not be able to help you but at least "tractor" isn't a foreign term to them.

    Treefarmer
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    ttazzman's Avatar
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    ..we use a farm policy .....and set the equipment total claimable amount...IE the insurance company will not pay more than 250k loss .......doesnt matter where the equipment is at....i dont even tell them what equipment they are covering (no listing) but i do keep full records of cost ..serial numbers...pictures..maintence records ...etc

    ...used to have a construction company policy that worked the same way......X$ equipment no matter the location...


    for me if i lost every piece of equipment in one event replacement would exceed the 250k....but i can not think of any event that would cause total loss of everything at once ....part of that is due to various locations of the equipment......

    not what your looking for but could help others

    you will want what is called a "inland marine" floater policy added to your exisiting .....your agent should be able to provide this coverage every insurance company i have ever dealt with had "inland marine" policys availible....these policys are specificly for the situation you are in....specialized equipment at offsite locations
    Last edited by ttazzman; 08-27-2019 at 09:19 PM.
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    American Family Insurance was the only company I found that would ensure my tractor no matter where it was located, on or off my property. I pay about $70 per year for $500 deductible coverage. This is not a commercial policy. I can't do work for hire, but I can help out neighbors or the HOA.

    People on this forum kept steering me to American Family, but I tried 5 different AM FAM agents before I found one that knew they could do this. It may take some work on your part, but it is possible.

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    I paid off my tractor this past spring so I was a little concerned that the Deere policy that I got when I financed it was going to expire. I called USAA who I have all my other insurance with and they didn't offer anything but they did have some setup with Travelers Insurance.

    They did a 3-way call with the Travelers agent and Travelers would sell me a policy that covered the tractor and loader (which I valued at $23K) for $300/year. It is an all encompassing policy much like the Deere policy. It covers theft, damage from a tree falling in it, me rolling it over, it falling off a trailer, me driving int into a pond... essentially anything that could possibly happen no matter where the machine is located.

    The policy has a $100 deductible and is $300/year billed back through USAA (so it would show up in my regular insurance bill. USAA pays Travelers...). They'll cover any other implements if I give them the make/model/serial number and value. It would increase the cost but I can't imagine it would be all that much based on the tractor's price.


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    Quote Originally Posted by keane View Post
    American Family Insurance was the only company I found that would ensure my tractor no matter where it was located, on or off my property. I pay about $70 per year for $500 deductible coverage. This is not a commercial policy. I can't do work for hire, but I can help out neighbors or the HOA.

    People on this forum kept steering me to American Family, but I tried 5 different AM FAM agents before I found one that knew they could do this. It may take some work on your part, but it is possible.

    Keane
    that's perfect! and reasonable. Thank you.

    and thanks for all the replies, appreciate it.

    "no matter where it was located"
    Couple questions -
    covered while trailering?
    Is the coverage an appraised value, or actual replacement cost?
    Buy you a new tractor, or pay you what 'they" say it was worth?

    I have my old motorcycles covered as an "agreed value"............a set price, by me. If I lose one one, they don't go to the newspaper, or craigslist, or NADA to determine the dollar amount they pay me. They pay me the agreed value.
    And sadly, I must say, I had to to use that after Hurricane Harvey on one of them.

    I lost a bike I had a LOT of blood, sweat and beers in to, totally rewired myself, amongst many other things. At the time, these old Shovels were not, and still are not, bringing the money they once did, and will again. I could not have sold that bike for what I had it insured for.

    Not nearly the same situation with the tractor, but just an example of other options and ways to insure things.
    Last edited by Corkpuller; 08-27-2019 at 11:18 PM.
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    Quote Originally Posted by JimR View Post
    I paid off my tractor this past spring so I was a little concerned that the Deere policy that I got when I financed it was going to expire. I called USAA who I have all my other insurance with and they didn't offer anything but they did have some setup with Travelers Insurance.

    They did a 3-way call with the Travelers agent and Travelers would sell me a policy that covered the tractor and loader (which I valued at $23K) for $300/year. It is an all encompassing policy much like the Deere policy. It covers theft, damage from a tree falling in it, me rolling it over, it falling off a trailer, me driving int into a pond... essentially anything that could possibly happen no matter where the machine is located.
    I have USAA as well.

    Maybe I should look at a policy for the Z.....
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    Most insurance companies have more than one homeowners plans. Check if your current company offers another homeowners plan that will cover the tractor wherever it is at. Some do, depending on your plan. You will also have to increase the amount that it covers.

    Mine is with Erie. My plan covers my tractor: if I am driving it on the highway, on my own property, on someone else's property, roadbed damage (if it were to get damaged while hauling it on a trailer), if a building falls on it and if damaged in a fire.

    It only covers the tractor if it is being used for non-commercial use (e.g. not being paid to do work with it).
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    Kind of along the same lines...I inquired to my Farm Bureau agent as to whether I had coverage if my tractors were at the dealer or repair shop in the event of theft, fire etc. I was told "no coverage" and that would fall under that particular business's Garage Liability policy. So I asked if the facility had that sort of coverage and the owner said yes. It still did not leave me with a good feeling and is one of the reasons I do all my own maintenance and repairs, if possible.
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    Quote Originally Posted by 2mtrucks View Post
    Kind of along the same lines...I inquired to my Farm Bureau agent as to whether I had coverage if my tractors were at the dealer or repair shop in the event of theft, fire etc. I was told "no coverage" and that would fall under that particular business's Garage Liability policy. So I asked if the facility had that sort of coverage and the owner said yes. It still did not leave me with a good feeling and is one of the reasons I do all my own maintenance and repairs, if possible.
    Do you have coverage through Farm Bureau on your tractor at your home? I have home owners and a country squire rider through them. They say neither policy rider covers my tractors or equipment. They tell me I have to list ALL my equipment separate and pay separate fees to insure ANY of it. I asked about a blanket farm policy and they said it would cost a lot more than listing the equipment separately.

    I also have my autos through FB and they said my tractor would be covered it it were on my trailer connected to my covered truck.
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