[Doberman]

Hello! New guy here. Will receive my tractor 1025R by end of June. I was wondering under which insurance should i go for my tractor? Vehicle insurance like car, truck ? Or part of the home owner insurance? Here in Canada there are no insurance on the John Deere financial side. This is a bummer as on the US side, john Deere is offering insurance on the financed equipment.

I already contacted my car insurance to get a quote, but I still to receive the serial number of my new tractor. I will then contact my home insurance to know what they are offering. Any ideas from Canadian tractor owners of the questions I should ask my insurance agent?

 

[coaltrain]

At the top center of every page is a search box. This has been discussed in detail many times.

Search results for query: Insurance

www.greentractortalk.com

 

[Durtle]

I’m from Ontario and here any tractor with 25 horsepower or less falls under home ownership insurance as long as the tractor is on your property

 

[jcz]

I called my agent when I recently purchased my 1023e. She said it was covered under home owners policy as long as it was on my property.

 

[ejb69]

I had my tractor insured separately the first few years I had it. My tractor is now on my homeowners. I used to a number of different insurance companies . Boat, car, home ,atv and tractor. My homeowners insurance decided to drop me. My agent Put everything to Progressive , tractor is tied in with homeowners. Agent says tractor is covered no matter where I use it as long as I’m not using in a business. I told her that I would be using at family cabin, my parents home and my brothers home.

 

[RMackVT]

Tractor time with Tim just did a great video on this with a licensed insurance agent.

 

[Rubys Papa]

This my own experience, I purchased my 1025R and used JD finance called my home owners insurance to cover the tractor. I was told we only cover lawn eq. for 2500.oo ,then I lost it my 1998 445 cost 8500.oo I asked them have you bought anything lately. Also it was not insured when I went and mowed dads yard. Now I have a new company. a This was a major insurance co. This could have been a disaster

 

[KTManiac]

Never mind, ....I was dead wrong about the UltraGard insurance!!!

 

[TPS]

The JD insurance that costs around $350, when you buy the tractor, only covers up to the owed balance of the loan. So, for example, if you have an interest free, 72 month loan for $20,000, and you are 36 months in, they will only give you $10,000 for a total loss event. At 60 months in, they would only pay out $3,330 to you for a total loss. It basically allows you to satisfy the loan amount. It's not what I would call insurance for you. It is insurance that makes sure JD gets paid.

Are you sure it works like this? I know Deere's physical damage insurance option is UltraGard during your financing period. You then have the option to continue with SentryGuard through Sentry insurance. I am going with this insurance as I have a 1025R being delivered in June, as well. I will get my hands on the specific policy and report back for sure.

John Deere UltraGard Physical Damage Insurance

UltraGard is no-hassle, immediate coverage that provides protection for damage caused by severe weather, vandalism, overturn, collision or theft.

www.deere.com

Equipment physical damage insurance coverage | Sentry Insurance

Whether you own equipment or you're an equipment dealership owner or employee, our UltraGard® and SentryGuard™ equipment physical damage insurance can help you. Let's discuss how.

www.sentry.com

 

[tibadoe]

Good thread - Guess I will be calling my Farm Bureau agent on Tuesday and see what he says.

 

[Fuzzy]

It's not used like a motor vehicle. Insuring it as such makes no sense. But, unless your homeowner's policy says it's covered, you better not drive it on public roads. Imagine an on-road accident with injuries and/or damage without coverage. I'd want written proof on my policy, not here-say or verbal only.

 

[TPS]

It's not used like a motor vehicle. Insuring it as such makes no sense. But, unless your homeowner's policy says it's covered, you better not drive it on public roads. Imagine an on-road accident with injuries and/or damage without coverage. I'd want written proof on my policy, not here-say or verbal only.

This is sound advice.

I worked insurance claims for 7 years before switching careers. Read and understand your policy and take nothing for granted. Don't rely on what someone else says about your policy.

Many customers we dealt with simply assumed coverage and did not bother to read through their actual policy to understand specific coverages and exclusions. Don't make that mistake!

 

[Tractor Tim]

Frankly, I'm more concerned about liability than physical damage. Of course physical damage would cost some money, but a liability issue could destroy one's entire lifetime savings!

Here is a link to our videos on insurance:

https://www.youtube.com/playlist?list=PLuUZ6lo0MDxB61GbJexObiisV3Zpng3dE

You can ask insurance questions to my agent (Steve Thomson) here:
Insurance Questions - Tractor Time With Tim

To contact an agent near you:

Tractor Time with Tim - COUNTRY Financial

Tim gets answers to insurance questions from his agent. Viewer questions include topics such as umbrella coverage, tractors, commercial insurance, contractors, homeowner's insurance, liability, projects, trailers, business, backhoe and truck work.

countryfinancial.com

 

[trav]

My insurance agent had to insure it separately as it wouldn't be covered under the home policy even though we are insured as a hobby farm. We have really good coverage on everything except vehicles and it's not cheap but I feel it's worth it even though I've never had to use it and hopefully never do.

 

[KTManiac]

Are you sure it works like this? I know Deere's physical damage insurance option is UltraGard during your financing period. You then have the option to continue with SentryGuard through Sentry insurance. I am going with this insurance as I have a 1025R being delivered in June, as well. I will get my hands on the specific policy and report back for sure.

John Deere UltraGard Physical Damage Insurance

UltraGard is no-hassle, immediate coverage that provides protection for damage caused by severe weather, vandalism, overturn, collision or theft.

www.deere.com

Equipment physical damage insurance coverage | Sentry Insurance

Whether you own equipment or you're an equipment dealership owner or employee, our UltraGard® and SentryGuard™ equipment physical damage insurance can help you. Let's discuss how.

www.sentry.com

Oh, wow! You're right. I just read my policy documents. I was just going by what I was told by someone at the dealership. I will delete my post, as it is misinformation.

 

[tacticalturnip]

At the top center of every page is a search box. This has been discussed in detail many times.

Search results for query: Insurance

www.greentractortalk.com

You say this, then someone bumps a years old thread, and then they get chewed out by someone else.

New conversations keep message boards alive in this world of Facebook groups.

 

[timzr]

I'm with State Farm they cover the tractor and implements on home owners insurance as long as its on my property. They made sure I understand if its on a trailer, the street going between sections of yard or relative/friends property it WILL NOT be covered for any reason. I use mine a few times a year for business purposes or to help relative/friends, so I now have an Inland Marine policy to cover any issues while in use or being towed.

The agent flipped out when they asked me the replacement cost and I responded I want $20000 coverage to account for any attachments I might be using. "There's no way a lawn mower costs $20k to replace!". I provided the initial sales quote of $18,900 although that's not what I paid.

 

[Cmpeter1]

Physical damage insurance covers it anywhere.

 

[TPS]

Physical damage insurance covers it anywhere.

Physical damage insurance only covers damage to the tractor itself. It does not provide liability coverage.

 

[JimR]

Physical damage insurance only covers damage to the tractor itself. It does not provide liability coverage.

True that but that's the same problem with all of the various insurance types listed.

The Deere policy that most of us here in the U.S. of A. buy is physical damage. You run the thing dry of oil and blow the engine you're covered. No matter what happens to the tractor, the tractor is either repaired or replaced. But if your tractor sets itself on fire in your garage, Deere is still only paying for the tractor. Your garage and everything else in it is your problem.

A home owner's policy will cover physical damage to the tractor due to a house fire, tree falling on it in the yard, etc. And it will cover liability for any damage you cause with it on your property by using the tractor. But it won't pay if you bust a piston or blow your transmission while mowing your lawn and it (usually) won't cover you off your property.

Your standard vehicle policy will usually cover any damage to the tractor that happens if you are towing it with an insured vehicle on an insured trailer (if your state requires that..). But it won't cover anything else.

The various inland marine policies typically will get you liability and damage due to accident but won't cover things like the engine or transmission crapping out. But the thing with inland marine policies is that you can write one to cover darn near anything as long as you're willing to pay the premiums.

So everyone needs to figure out exactly what it is that they want insured. In this case, the OP is Canadian so I'm not sure how much of all of this transfers. I don't know Canadian insurance systems so they may be very different.