smoreau 658 #1 Posted January 28, 2014 I was talking about my tractors the other day with a coworker and he asked if I had insurance on them. I said no I didn't exactly, but they are covered as long as they were in the barn. So I was wondering if any of you carry a policy for your collection? Share this post Link to post Share on other sites
rmaynard 15,297 #2 Posted January 28, 2014 I have a separate rider on my homeowners policy that covers my three show tractors (B-100, Commando 8, & 701) plus 3 of my workers (B-100, C-120, & 857) for a total replacement value of about $12,000.00. It cost me $80.00 per year. 1 Share this post Link to post Share on other sites
KC9KAS 4,741 #3 Posted January 28, 2014 smoreau, I don't know how many GT's you have or what kind of home-owners insurance you have, but I strongly suggest you talk to your agent so you know exactly what is and IS NOT covered. My homeowners will cover my "mower", but not a "collection" of tractors without naming each one specifically and at an added rider policy and expense. I recently contacted my agent about insurance for my GT's when I am at a show, and needless to say, I am not covered and he doesn't (or won't) have a policy that covers me. I'm sure some folks have insurance that will cover everything they own and pay 1/2 of what the next guy has to pay, but until you read it your policy I would be very careful. On the topic of insurance....Anyone belong to a club that is associated with EDGE&TA (Early Day Gas Engine and Tractor Association). They have insurance for their members. http://edgeta.com/ 2 Share this post Link to post Share on other sites
55rj35jr 623 #4 Posted January 28, 2014 In my experiance most shows that are a association, carry insurance for there members as long as you are a current registered member of the club while on the show grounds.As far as home owners I agree that is a gray area and each policy is different. When traveling to a show I have a policy on my auto insurance for my enclosed trailer and contents in it. 1 Share this post Link to post Share on other sites
rockinhorse 45 #5 Posted January 28, 2014 Yes i had the same thing to. I got new homeowners insurance the agent came out and looked at things and said my show tractors where not covered. Only the tractors that i use for maintance of the property where covered. Also said if i took them off of property they were not covered. Truck insurance would not cover them when hauling in trailer to and from shows. Yes Ken this puts a new light on going to the tractor shows . Around here they are requiring insurance if you drive one at the shows. It's not worth losing everything the way some people are today. Everybody needs to TALK to your agent and find out don't just assume you are insured. 2 Share this post Link to post Share on other sites
Hydro 131 #6 Posted January 28, 2014 (edited) I'm an Insurance Adjuster and I would recommend you also look at the various show associations you participate in to see what the limits are of the coverage they offer you. If they have for example $250000 coverage for liability and you are sued for $1,000,000.00 you got a big shortfall that is on your shoulders. Your biggest concern at shows is Liability for Injury and allegation of Negligence. I know Canadian & US insurance laws are somewhat different but the principle of indemnity is pretty much the same, State to State & Province to Province but if you want your show tractors covered for loss you will likely have to insure them separately. Understand property value policies and liability policies are not the same. It is also important to know how values for the property policies are established. An Agreed Value Policy is more expensive but you know what you will get in the event of a loss. As was mentioned, theft coverage may not apply off premises so you have to decide what your expectations are, what premium is acceptable to you and how much risk you are willing to assume. Insurance companies will only cover what they are obligated to cover. The obligations are established by a contract. As was mentioned, do not assume, make the effort to determine for sure what is in that contract. Pay attention to limits and exclusions within the contract. Edited January 29, 2014 by Hydro 5 Share this post Link to post Share on other sites
Forest Road 594 #7 Posted January 29, 2014 My homeowners policy covers everything!!!! I ride extremely exspensive bicycles. I looked into a separate policy through my insurer . They advised me that I'm covered anywhere in the world should the bikes be stolen. They even told me exactly where in my policy to refer to. So check your policy. You never know. Share this post Link to post Share on other sites
Hydro 131 #8 Posted January 29, 2014 (edited) I would really want to review a wording that covers tractors and bicycles in exactly the same fashion. Replacement cost for an expensive bicycle is not so difficult to determine but for a Wheel Horse that could be a different story. First of all there is no replacement cost so evaluation can be subjective. That's why I like Agreed Value. I have not read a US policy but check to see if there is a Special Limits section in your policy. There will likely be several categories of items listed in the Special Limits. Bicycles may be under one item and a lawn tractor may be under another. Golf carts and trailers will be there as well as jewellery. A single tractor for homeowner use will likely be limited by horsepower and value. Under this coverage you would probably do well in the event of a loss on your property as the tractor could be compared to something of like kind & quality for replacement. Values would be high based on the quality and build. Several tractors would not qualify in the same manner unless specifically identified or lumped together under a single limit. If there is a single limit then there will likely be a wording that establishes how the value of each is obtained as it relates to the total amount insured. Just sayin Edited January 29, 2014 by Hydro Share this post Link to post Share on other sites
Rideawaysenior 25 #9 Posted January 30, 2014 There is a company named Haggerty Ins. They specialize in collector cars, AG equipment and other types of collections. I have seen them advertise in Green Magazine as well as a few others. I have a few bigger machines that I collect as well as a couple of cars that are insured by them. They cover storage, transit both on road and trailered and show exposure. Rates are reasonable. Jack 1 Share this post Link to post Share on other sites
bewford 21 #10 Posted January 30, 2014 The very little experience I have with insurance is they are just used car salesmen, there's a rider or separate policy for everything, and most want to prorate everything, so your $20,000 contents coverage isn't $20,000 it's what your stuff is worth (not what it cost to replace it) and as stated already a lot of "contents isn't covered or the value is extremely low. Remember "there not selling you insurance they are selling you piece of mind" I have had to add riders for liability, firearms, gt's, stated valued on couple of old (not show) trucks. It stinks but better than living in a dictorship like North Korea where you can't have all this cool stuff. SORRY I WILL GET OFF MY SOAPBOX NOW. Share this post Link to post Share on other sites
Hydro 131 #11 Posted January 30, 2014 There is a company named Haggerty Ins. They specialize in collector cars, AG equipment and other types of collections. I have seen them advertise in Green Magazine as well as a few others. I have a few bigger machines that I collect as well as a couple of cars that are insured by them. They cover storage, transit both on road and trailered and show exposure. Rates are reasonable. Jack They insure up here too. My employee has his Chevy Nova with them. They are a very reputable company. Share this post Link to post Share on other sites
