INSURANCE ON PARADE AND SHOW TRACTORS

[rockinhorse 45]

Today we got new homeowners insurance. We went to garage and agent was looking at things asked me if i knew the custom tractors would not be covered under homeowners policy. Only the tractors that are used to maintain the property are insured.  He is going to get some quotes together for me . He said this will cover the tractors while at the shows both liability and theft or if something happens to them at home ( fire , tornado).  Does anybody else have this kind of insurance?  He asked me about the value of the tractors i told him they are not  normal and nothing to compare them to ? How would a person guess on the value ?   Any ideas would be helpful .

    Thanks   Karl

[953 nut 57,886]

  Sounds like a good reason to get a little seat time on all of them.  

[55rj35jr 623]

GOOD IDEA, I have insurance on my tractors and trailer while traveling to & from shows through my auto insurance,but will have to look into coverage on them here at home.  thanks

[neil 2,410]

Im not sure how much difference this would be in US, but here in Uk, We have to have public liability insurance on all tractors that attend shows  just incase a member of the publis desides to fall over the tractor & wants to sue you.

The cost is around $60 to $80  per year . the insurance also covers for fire & theft

hope this helps

[MalMac 1,332]

I have heard that there are some homeowners policies that have a formula that covers only so much equipment per size of ground to be maintained. In short if you have say 5 tractors and a 1/2 acre of ground they will only cover one tractor. If you have a small lot and a push mower they would only cover the push mower and not the tractors. It's a ratio type thing. Which I think is a bunch of BS.

[squonk 42,522]

I have heard that there are some homeowners policies that have a formula that covers only so much equipment per size of ground to be maintained. In short if you have say 5 tractors and a 1/2 acre of ground they will only cover one tractor. If you have a small lot and a push mower they would only cover the push mower and not the tractors. It's a ratio type thing. Which I think is a bunch of BS.

I agree. Just another way of getting you to pay more or them weasel out of covering something. Policy should be garage and contents with a set value. I'd try another Co.

[AMC RULES 37,145]

     So you're saying...

if a really big tree falls on my little red  shed, I'm SOL?        

[Hydro 131]

I can't speak to the various policies sold in the U.S. but up here (Ontario) farm tractors are insured separately along with other farm equipment.  Owners set a value for the item and pay a premium based on that value.  Lawn & garden tractors are usually capped to a specific amount and HP. In other words a lawn tractor would be covered under a homeowners policy provided it was under 30Hp and to a value of....(usually $10,000.00) otherwise it would have to be insured separately.

The liability for show tractors is interesting and a good idea for your own protection. In a litigious society nobody wants to accept any responsibility for their own actions.  The sad part is you the owner of the tractor become liable when an injury occurs.

If you have collections of tractors or something special, whatever, I would suggest you discuss your concerns with an insurance broker and work to obtaining an "Agreed Value" for each tractor or an all inclusive limit, at least have clear understanding of how value is established in the event of a loss.  Also make sure you understand what peril or perils would provide coverage and what perils would not be covered.

 

Better to know in advance rather than find out when it's too late that you don't have coverage.

Edited November 8, 2013 by Hydro

[GlenPettit 1,717]

I carry a rider on my homeowners for "all garden tractors, parts and implements", for a grand total of up to $25,000, my extra cost is $65/year.

The overage of the "out-buildings, trailers and normal farm tools" is up to 10% of the value of my house, and is included with normal home insurance.

FYI:  We also have a small flock of sheep, extra liability insurance costs us $260 additional /year (if they get out), but sheep deaths are not covered.

[rmaynard 15,915]

It's funny that this subject has come up. I just got a request from my insurance agent inquiring about placing a rider on my homeowners policy to cover my show tractors while away from my home. I will let you know what he comes back with. Seems they are covered by homeowners while here, covered by auto insurance while underway, but totally without coverage while off the trailer at any location other than home. Got to get that fixed.!!

[Wheel Horse Kid 105]

Definitely something to look into. Dad has always thought that the tractors were covered by the homeowners insurance, but was never really sure of the details. Worth checking out for sure!

[specialwheelhorse 174]

Join a local tractor club. My annual membership costs me a whopping 20 bucks and that includes insurance for shows thru Early day gas engine @ tractor assn. inc. and covers us at all shows, and ive been to a bunch this year, at least 6

The Old Skin-Flint in Texas

www edgeta.org

Edited November 8, 2013 by specialwheelhorse

[shorts 182]

We have all of our insurance thru the same agent and company, the home owners has a rider for the garage/shop and contents with a specified value, we also carry a blanket liability policy because I'm not willing to give up everything I have because someone wants to get greedy.

[Hydro 131]

Join a local tractor club. My annual membership costs me a whopping 20 bucks and that includes insurance for shows thru Early day gas engine @ tractor assn. inc. and covers us at all shows, and ive been to a bunch this year, at least 6

The Old Skin-Flint in Texas

www edgeta.org

The question you need to know is...covers you for what....liability... theft....fire?  Group coverages like that can be very limited.  Does your homeowners or farm policy extend to provide any coverage for your tractors off premises?

[Hydro 131]

We have all of our insurance thru the same agent and company, the home owners has a rider for the garage/shop and contents with a specified value, we also carry a blanket liability policy because I'm not willing to give up everything I have because someone wants to get greedy.

You might want to make sure the definition of contents fits your requirements and includes your tractor(s).  Often you will see limitations in insurance policies with idea being that you have to insure some things separately at extra cost.  Just saying.

[leeave96 488]

Not that this directly pertains to this discussion, but my Dad has a camp with a LOT of mowing required.  In order to save gas $$$'s when towing the trailer, I've put on the place some $200-$300ish garden tractors with cable and lock - to attempt to keep someone from walking off with them.  These tractors are old IH Cub Cadets, and while they get the job done, I purposely don't paint or shin them up.  In that neighborhood, the more worn out something is, the less likely someone would want it in the first place.

 

So while I don't have insurance on them and I'd hate to seem them get stolen, if it happens, I'm not out a lot of $$$'s compared to other tractors in my fleet at home.

 

Bill

[rockinhorse 45]

Thanks for the imfo guys. When the agent gets back with me i will let you know the details. Having to get insurance to have fun who would have thought that. Better to be safe than sorry. What is the best way to get a value of a not normal tractor ?   What do people do that have  ATV"S  and quads ?

[wallfish 17,487]

Maybe the best way to determine a value is to estimate what you could get if you parted it out. Customs are always more valuable to the builder than they are to someone else because they don't have the time into it.