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Discussion Starter #1
So the JD dealer called yesterday and said they're working on finalizing the paperwork. He also mentioned about having insurance information handy. I didn't think about it until after the call, but what type of insurance was he referring to? I'm assuming home owners insurance? Anything specific coverage we need? I hope we don't have to add more:( Thanks!
 

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When I was looking at a new 1025r a few months back, Deere offered insurance for the term of the loan which was quite reasonable. I'd ask your salesman about it. Surprised he didn't mention it.

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When I was looking at a new 1025r a few months back, Deere offered insurance for the term of the loan which was quite reasonable. I'd ask your salesman about it. Surprised he didn't mention it.

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They're crazy busy, small town dealer and they have 17 contracts to finalize and get sent out by Wednesday next week or something. The place they're sending them to has to have them complete by next Friday.

His words were, "Did I get your guys' insurance information?"..."If you could call them and make sure you have that information handy that would be good"
 

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He is referring to whatever insurance policy that will be covering your tractor, probably your home owners insurance. Since it is financed, they want to make sure it’s covered. You will have to talk to you agent to make sure it’s covered. You better ask some questions to make sure it’s covered the way you plan to use and store your machine...such as, will you be using it off site, regularly trailering it, using it for hire, storing it at a cabin, etc.
My dealer doesn’t like messing with the insurance either. It was cheap enough, but doesn’t have the broad coverage like our farm policy regarding property damage, liability for other operators, transportation, etc.
 

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Discussion Starter #6
He is referring to whatever insurance policy that will be covering your tractor, probably your home owners insurance. Since it is financed, they want to make sure it’s covered. You will have to talk to you agent to make sure it’s covered. You better ask some questions to make sure it’s covered the way you plan to use and store your machine...such as, will you be using it off site, regularly trailering it, using it for hire, storing it at a cabin, etc.
My dealer doesn’t like messing with the insurance either. It was cheap enough, but doesn’t have the broad coverage like our farm policy regarding property damage, liability for other operators, transportation, etc.
Ah, OK. That's what I figured but I hadn't thought too much into it. All great points!

I do plan to use it offsite, trailer it and/or implements to different places, not for any official business type work but definitely helping neighbors and co-workers with projects. Car insurance almost seemed easier...Here's your loan here's the minimum amount of coverage you need. I did briefly check into using Geico(our auto insurance provider) to see if they would cover it for doing part time small business type work but the sign up process ended in, "Please call to verifying coverage is available in your area" or something like that.
 

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I was never asked for insurance.

As mentioned there is insurance that JD has offered in the past, maybe they still do. Not sure. It was a couple years ago that I bought.

When I bought my Z950R I called my Homeowner's insurance company and asked about insuring my lawnmower. The agent basically kind of chuckled and said my lawnmower is covered under the personal belongings part of my my homeowners insurance which was based off a % of the home value. I said, OK, but that is going to eat into a big chunk of the % of coverage. He seemed a bit shocked I said that. Then I said it isn't a Toro Push mower. It is a John Deere. He said well a John Deere rider would be covered as well. I then explained it is a $16K commercial mower. Not a $2k one from Home Depot. Ohhhh. That brought up a entire new line of questioning. Mainly around if I am using it off my property for mowing commercially since it is a commercial mower? No, just my personal mower. That is why I am calling as I didn't know if I should carry a separate rider for this asset. They said no, but we made an adjustment to our homeowners insurance the % of coverage of the personal property to home value figure. I went from 25% of the home value to 50% of the home value.

Bottom line is you should talk to your agent. Explain what the asset is, how you intend to use it and be upfront and honest. If you are using it offsite doing work for others, more so if getting paid for said work, you may have to make some adjustments in how it is covered. In my case I could cover it under my homeowner's policy as it rarely if ever leaves my property.

Keep in mind insurance companies stay in business by collecting premiums and finding any fine print or excuse to not pay out a claim. Policy offerings and coverages differ from state to state and sometimes city to city even by the same insurance company. So, your best bet is to talk to your agent or company to find out what you need for your area in your needs. Be up front with them unless you really want to just give them money and give them all kinds of ways to get out of paying a claim should there be a loss.
 

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Ah, OK. That's what I figured but I hadn't thought too much into it. All great points!

I do plan to use it offsite, trailer it and/or implements to different places, not for any official business type work but definitely helping neighbors and co-workers with projects. Car insurance almost seemed easier...Here's your loan here's the minimum amount of coverage you need. I did briefly check into using Geico(our auto insurance provider) to see if they would cover it for doing part time small business type work but the sign up process ended in, "Please call to verifying coverage is available in your area" or something like that.
You will find that will get expensive quickly.

My tractor is covered as long as it doesn’t leave my property under my homeowner’s insurance. Once I take it off it needs to have it’s own rider. Plus if I am going to dig it gets very expensive.

Deere wants the tractor insured and I can bet they will only accept such a rider as I mentioned. As others have said, buying their insurance on the tractor for the duration of the loan is a bargain in comparison. It will cover the tractor no matter what happens.
 

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Discussion Starter #9
You will find that will get expensive quickly.

My tractor is covered as long as it doesn’t leave my property under my homeowner’s insurance. Once I take it off it needs to have it’s own rider. Plus if I am going to dig it gets very expensive.

Deere wants the tractor insured and I can bet they will only accept such a rider as I mentioned. As others have said, buying their insurance on the tractor for the duration of the loan is a bargain in comparison. It will cover the tractor no matter what happens.
I briefly checked the deere/insurance website and it didn't indicate stipulations on location or what the uses were for(at least not ones that I would deal with/care about...that I could tell)
 

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I went with the insurance that deere offers. I didn't want to try and figure out if my home owners would cover it.
 
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Ah, OK. That's what I figured but I hadn't thought too much into it. All great points!

I do plan to use it offsite, trailer it and/or implements to different places, not for any official business type work but definitely helping neighbors and co-workers with projects. Car insurance almost seemed easier...Here's your loan here's the minimum amount of coverage you need. I did briefly check into using Geico(our auto insurance provider) to see if they would cover it for doing part time small business type work but the sign up process ended in, "Please call to verifying coverage is available in your area" or something like that.
There are 3 basic types of noncommercial insurance at play here.

The first is what JD Finance offers which is a 100% replacement policy no matter what happens to your machine. It's cheap but it only covers your personal (non-commercial) use and it only pays for the tractor/implements. If you run into someone's house with it, it won't cover the damages to the house. It also won't cover any injuries to anyone. It only covers damage to the tractor/implements. This is really just JD's way of making sure that your loan gets paid off. IMO, this policy is sold with the tractor and is usually very cheap (mine was less than $350) and everyone should buy it. It's kind of a no-brainer.

Then you have your homeowner's policy. That won't cover any commercial use and almost always only covers you when on your own property. That'll cover your equipment if a tree falls on it, if the garage catches fire or you run into your house with it but it won't cover something like equipment failure. This is essentially the exact opposite of the JD policy above. Most people are already covered for this but they should verify with their agent. It may be worth adding a specific rider for the "high value" item. Again it usually very cheap.

Then there are any number of variations on "Inland Marine" policies that cover all sort of varying situations. Again, most of them won't cover commercial use. This sounds like what you'd want/need if you are going off your property. Trying to find one of these is very hit and miss. There are several threads on here about people searching for them and striking out. There are few companies that people have gotten them through but they are all state specific too. Most people that are able to find coverage seem to end up in the $350-$500/year range.
 
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The insurance through Deere (I think its Sentry) is very reasonable and has good coverage. I know some customers initially turn it down then call back after talking to their insurance company and add it.
We've replaced quite a few wiring harnesses that were eaten up by packrats and Sentry covered it. These are aren't cheap, especially when you have to basically diesassemble the tractor to do it.
We had one customer turn down Deere's insurance because his homeowner's would cover anything. A month later he was paying for a complete harness on a 4M out of pocket.
Our salesman shares that story and pretty much every financed tractor has it when it leaves.
That being said, if your HOI will truly cover anything that can happen then you're good.
 

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Discussion Starter #13
There are 3 basic types of noncommercial insurance at play here.

The first is what JD Finance offers which is a 100% replacement policy no matter what happens to your machine. It's cheap but it only covers your personal (non-commercial) use and it only pays for the tractor/implements. If you run into someone's house with it, it won't cover the damages to the house. It also won't cover any injuries to anyone. It only covers damage to the tractor/implements. This is really just JD's way of making sure that your loan gets paid off. IMO, this policy is sold with the tractor and is usually very cheap (mine was less than $350) and everyone should buy it. It's kind of a no-brainer.

Then you have your homeowner's policy. That won't cover any commercial use and almost always only covers you when on your own property. That'll cover your equipment if a tree falls on it, if the garage catches fire or you run into your house with it but it won't cover something like equipment failure. This is essentially the exact opposite of the JD policy above. Most people are already covered for this but they should verify with their agent. It may be worth adding a specific rider for the "high value" item. Again it usually very cheap.

Then there are any number of variations on "Inland Marine" policies that cover all sort of varying situations. Again, most of them won't cover commercial use. This sounds like what you'd want/need if you are going off your property. Trying to find one of these is very hit and miss. There are several threads on here about people searching for them and striking out. There are few companies that people have gotten them through but they are all state specific too. Most people that are able to find coverage seem to end up in the $350-$500/year range.
The insurance through Deere (I think its Sentry) is very reasonable and has good coverage. I know some customers initially turn it down then call back after talking to their insurance company and add it.
We've replaced quite a few wiring harnesses that were eaten up by packrats and Sentry covered it. These are aren't cheap, especially when you have to basically diesassemble the tractor to do it.
We had one customer turn down Deere's insurance because his homeowner's would cover anything. A month later he was paying for a complete harness on a 4M out of pocket.
Our salesman shares that story and pretty much every financed tractor has it when it leaves.
That being said, if your HOI will truly cover anything that can happen then you're good.
Thanks guys! sounds like a no brainer if the JD insurance is that cheap. The website said it can be rolled into the payment plan too. Might as well get it now, does anyone know if it can it be cancelled later with proof of other insurance?
 

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Thanks guys! sounds like a no brainer if the JD insurance is that cheap. The website said it can be rolled into the payment plan too. Might as well get it now, does anyone know if it can it be cancelled later with proof of other insurance?
Don’t know that but I do know if you pay it off early you will get a prorated refund.
 
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You will find that will get expensive quickly.

My tractor is covered as long as it doesn’t leave my property under my homeowner’s insurance. Once I take it off it needs to have it’s own rider. Plus if I am going to dig it gets very expensive.

Deere wants the tractor insured and I can bet they will only accept such a rider as I mentioned. As others have said, buying their insurance on the tractor for the duration of the loan is a bargain in comparison. It will cover the tractor no matter what happens.
Since I had only called asking about a mower and I fell under the homeowner's coverage in my use case it was a better option. While that option might cost a bit more that John Deere option, it is additional coverage on more things. For instance since it isn't a named asset rider policy covering my Z950R, lets say my house burns down and it was stored in an outbuilding and untouched. Since my coverage of that came under the increase in the personal property which is based on 50% of my home value, it gave me additional coverage in the event I was short on that personal property of items in the house. In addition to that it not only is covering my Z950R but also my X585 and everything else. I want to say it was pretty darn cheap. Somewhere around $7-10/mo and since it isn't tied with the loan like I think the JD one is, it will keep the asset covered. I want to say the JD insurance is more like term life insurance. It has an end date from what I recall. That is likely why it is so cheap.

In some cases it works out as a great option (read the fine print first) but lets say like in your example. An owner needs expensive coverage because he/she is taking the machine offsite doing work for pay potentially. Maybe that owner finances the machine for 5 years and buys a new one every 5 years. That is a great option for coverage and each time he buys a new one he gets the insurance again. For a user that this is their last tractor they plan to buy, never leave their property and plan on running it for 20-30 years, it may not be as good of an option.

Like I said, I would talk to your agent. Kind of like what size tractor should I buy and what attachment should I buy type questions, there isn't a 100% accurate answer that will cover every use case. There are simply too many variables.

If there is one thing that you should do when getting the financing stuff set up for a machine like this. That would be figure out every possible attachment you will want. The only time those can be rolled into 0% financing is when the machine is first purchased. So, are you thinking about getting a tiller in the spring since you won't use it all winter? You are better off buying it now and storing it all winter as it will be less money. Unless you are thinking about going used.
 
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Discussion Starter #16 (Edited)
Since I had only called asking about a mower and I fell under the homeowner's coverage in my use case it was a better option. While that option might cost a bit more that John Deere option, it is additional coverage on more things. For instance since it isn't a named asset rider policy covering my Z950R, lets say my house burns down and it was stored in an outbuilding and untouched. Since my coverage of that came under the increase in the personal property which is based on 50% of my home value, it gave me additional coverage in the event I was short on that personal property of items in the house. In addition to that it not only is covering my Z950R but also my X585 and everything else. I want to say it was pretty darn cheap. Somewhere around $7-10/mo and since it isn't tied with the loan like I think the JD one is, it will keep the asset covered. I want to say the JD insurance is more like term life insurance. It has an end date from what I recall. That is likely why it is so cheap.

In some cases it works out as a great option (read the fine print first) but lets say like in your example. An owner needs expensive coverage because he/she is taking the machine offsite doing work for pay potentially. Maybe that owner finances the machine for 5 years and buys a new one every 5 years. That is a great option for coverage and each time he buys a new one he gets the insurance again. For a user that this is their last tractor they plan to buy, never leave their property and plan on running it for 20-30 years, it may not be as good of an option.

Like I said, I would talk to your agent. Kind of like what size tractor should I buy and what attachment should I buy type questions, there isn't a 100% accurate answer that will cover every use case. There are simply too many variables.

If there is one thing that you should do when getting the financing stuff set up for a machine like this. That would be figure out every possible attachment you will want. The only time those can be rolled into 0% financing is when the machine is first purchased. So, are you thinking about getting a tiller in the spring since you won't use it all winter? You are better off buying it now and storing it all winter as it will be less money. Unless you are thinking about going used.
I actually have taken delivery of most of the equipment(see link in sig, Edit: or below). Have 15 hours on the tractor already too and a little bit of time on the tiller and backhoe.

The tiller discussion was a short one we had between my wife, myself and the dealer, they can rent a tiller for $100 a day, he suggested just to buy one and "rent it out" ourselves and it'll pay for itself before the loan is even paid off, lol. The few times I've used it it's worked amazing too! I also already lost the parking stand:cry:

Edit: 2019 3032e, FEL & 370B Backhoe
 

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I actually have taken delivery of most of the equipment(see link in sig). Have 15 hours on the tractor already too and a little bit of time on the tiller and backhoe.

The tiller discussion was a short one we had between my wife, myself and the dealer, they can rent a tiller for $100 a day, he suggested just to buy one and "rent it out" ourselves and it'll pay for itself before the loan is even paid off, lol. The few times I've used it it's worked amazing too! I also already lost the parking stand:cry:

Edit: 2019 3032e, FEL & 370B Backhoe
Ok, I just used the tiller as an example. If it was spring time I would have used a snow blower. :lolol: The point is that it is important to get all those things added before you sign the purchase agreement. Afterwards it might be too late. If you already got the machine, then it would be too late most likely to add something.

Getting back on topic though. Maybe the best answer is to get both the JD insurance if it is that cheap and have other coverage. Like some mentioned, something like mice getting into a wiring harness won't be covered by HO Ins but would by JD. Though Jim mentioned the JD may not cover commercial work. I don't do that so it didn't come up.
 

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Discussion Starter #18
Ok, I just used the tiller as an example. If it was spring time I would have used a snow blower. :lolol: The point is that it is important to get all those things added before you sign the purchase agreement. Afterwards it might be too late. If you already got the machine, then it would be too late most likely to add something.

Getting back on topic though. Maybe the best answer is to get both the JD insurance if it is that cheap and have other coverage. Like some mentioned, something like mice getting into a wiring harness won't be covered by HO Ins but would by JD. Though Jim mentioned the JD may not cover commercial work. I don't do that so it didn't come up.
Yeah...I haven't signed anything...almost got a 2nd snowblower for free...:D That's my thought for now...I'll have to call and see what the HO insurance covers, I definitely won't be doing commercial work, most "offsite" work will just be volunteer stuff for the church I think.
 

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Yeah...I haven't signed anything...almost got a 2nd snowblower for free...:D That's my thought for now...I'll have to call and see what the HO insurance covers, I definitely won't be doing commercial work, most "offsite" work will just be volunteer stuff for the church I think.
Even if "volunteer" be sure to mention that to an agent when asking. If something happens like you roll it down a hill and they dig into the claim, even if you say it is unpaid, they may view it different.

My thought is I might do some lawn mowing of neighbors but if something were to happen. I could always drag it back to my house and maybe it happened there.. :dunno:
 

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The tiller discussion was a short one we had between my wife, myself and the dealer, they can rent a tiller for $100 a day, he suggested just to buy one and "rent it out" ourselves and it'll pay for itself before the loan is even paid off, lol. The few times I've used it it's worked amazing too!
There is a recent thread about whether GTT members would "rent" their equipment to anyone and overwhelmingly, the actual experiences and results were a resounding NO, because of issues and problems, not to mention the hassles of dealing with others. Many of us agreed to perform services for others with our equipment with us operating the equipment, but renting it would definitely be a major liability issue. Just picture, you rent someone the tiller and their kid gets tangled up in the tiller somehow.

The burden falls on the person who provided to equipment to demonstrate they had clearly and completely provided instructions and also communicated the risks. Many people want someone else to be responsible for their "incidents and misfortunes", regardless of their own negligence or stupidity. The sales person at the dealer really should be careful about suggesting such arrangements as when someone does take his advice and things go sideways, the dealers going to be a named defendant. I can see it already........

Even if "volunteer" be sure to mention that to an agent when asking. If something happens like you roll it down a hill and they dig into the claim, even if you say it is unpaid, they may view it different.

My thought is I might do some lawn mowing of neighbors but if something were to happen. I could always drag it back to my house and maybe it happened there.. :dunno:
Honesty is always the best policy. If people get creative in their claims, it could result in fraud occurring and in my state, anything over $500 is a Felony.........and trust me, insurance companies LOVE to make examples of people who have knowingly defrauded them. In this day and age with video cameras all over the place, someone, somewhere, is likely to have video or photographic proof of the actual claim or loss and besides, the golden rule is to always treat others exactly how we expect to be treated ourselves.......
 
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