KTAC insurance totaling my BX

kirk1870 · Jun 6, 2018

Warning to BX 1870 owners with ktac insurance, one of my front mmm tangs got bent, KTAC is calling it frame damage and totaling my machine. only bent about an 1". I will not get enough to replace my machine when all is said and done, only have 10 payments left less than 250 hrs. They are calling my finance figure the price paid, and ignoring the 3000 down payment. This was not the only damage, but the rest is all cosmetic, bent fender and foot pan.
Dealer is trying to fight it.

Bmbbm · Jun 6, 2018

Can you let them total it and purchase it back for salvage? I see that happen quite often in the car business. You should be able to purchase the salvage at a fraction of the value and either repair it yourself or hire it done.

kirk1870 · Jun 7, 2018

No, they pay you out on their figure of value , if you want it back you must go to an auction and bid on it.

PaulL · Jun 7, 2018

People bidding at auction have no real idea of the history of the machine - so they will tend to bid a bit low assuming the machine has had a hard life (why else is it in an auction?) So you, with knowledge of the machine's history, will probably be prepared to pay more for it than someone else. It's quite possible you can buy it back for a fair bit less than you were paid by the insurance company - and that makes sense, they wouldn't write it off unless their numbers said it was more expensive to repair than it was worth (even though they may be wrong).

Bmbbm · Jun 7, 2018

I'm not familiar with Kubota insurance but if they consider it totaled your settlement should be for fair market value. What you paid or put down has nothing to do with that number. I'm sorry that you are in this predicament but it may come out ok. Used BX's in good condition with low hours demand a pretty penny, in my area anyway. I understand your goal was to have a low hour tractor paid for... But you may be able to purchase a new one after they settle with you and not be out a lot of 0.0% money.

kirk1870 · Jun 8, 2018

Re:Good News ins .REVERSED decsion KTAC insurance totaling my BX

GOOD NEWS, My dealer got several top brass from KUBOTA involved. KATC has reversed all decisions and is more than willing to do the approx. $2000 dollars of repairs and pay my 250 deductible . over half of this is for labor. The head of the claims department contacted me and apologized for the decision that was made. Found out the purchase price they were using was the financed price which was 1600 below the 11939 purchase price that was on my original copy of my insurance policy they gave me when I bought the tractor.
So the number they gave would not allow me to purchase any used bx you can find on craigslist.

Bmbbm · Jun 9, 2018

Really happy everything worked out for you. Sounds like you have a good dealer.

Brick Axelrod · Jun 13, 2018

KTAC is supposed to give you the complete purchase price of your machine if its totaled. Unless Im reading the statement below incorrectly.

With the Total Loss Replacement Option, you receive the original sales price (including taxes and fees)* of your equipment (rather than a depreciated value) by replacing it after a total loss.

Conditions:
Insured equipment must be currently financed with Kubota Credit Corporation, U.S.A. (Kubota Credit).
For retail installment contracts that exceed 60 months, loss must occur within the first 60 months of the contract term.
Replacement equipment must be new and of like kind and quality from the original manufacturer and purchased from an authorized, approved dealer.
Replacement must be purchased within 60 days after the date of claim settlement, subject to model availability.
*Original sales price excludes ancillary products such as extended warranty. If you do not meet all conditions, a depreciated value will be determined for settlement.

kirk1870 · Jun 13, 2018

Yes , The more I learn the more it seemed like I was not being treated proper. But as I posted, they have reversed the decision and fixing my machine and paying the deductible.

Brick Axelrod · Jun 14, 2018

kirk1870 said:
Yes , The more I learn the more it seemed like I was not being treated proper. But as I posted, they have reversed the decision and fixing my machine and paying the deductible.

Please keep us posted.

jryser · Jun 14, 2018

Thank you for posting your success in having a great dealer on your side. Post your dealer and make sure he or she knows that you are so they continue to advocate for customers. That’s great.

Sent from my iPhone using Tapatalk

kirk1870 · Jun 15, 2018

Boullion Sales of Dexter mi is my local dealer.

Dae06 · Jul 18, 2018

Brick Axelrod said:
KTAC is supposed to give you the complete purchase price of your machine if its totaled. Unless Im reading the statement below incorrectly.

With the Total Loss Replacement Option, you receive the original sales price (including taxes and fees)* of your equipment (rather than a depreciated value) by replacing it after a total loss.

Conditions:
Insured equipment must be currently financed with Kubota Credit Corporation, U.S.A. (Kubota Credit).
For retail installment contracts that exceed 60 months, loss must occur within the first 60 months of the contract term.
Replacement equipment must be new and of like kind and quality from the original manufacturer and purchased from an authorized, approved dealer.
Replacement must be purchased within 60 days after the date of claim settlement, subject to model availability.
*Original sales price excludes ancillary products such as extended warranty. If you do not meet all conditions, a depreciated value will be determined for settlement.

This is how I understand it as well. It should be 100% replacement if the KTAC insurance was taken out at the same time the financing was started. I believe if you buy their insurance outside of their financing, it is treated more like a regular insurance and depreciation is considered. I could be wrong, but from what I have been reading, I believe this is the way it is.

Kirk1870- Did you get the KTAC separately or after you bought the tractor?

adventure bob · Jul 18, 2018

Try that with your homeowners insurance....

jasonTDI · Feb 5, 2019

adventure bob said:
Try that with your homeowners insurance....

Homeowners, no. But with a personal articles policy or an inland marine policy (varies by company) You can get a stated value policy that'll pay out the full replacement price (what you paid for it) no matter how long you own it. Not just while it's financed.

Missouribound · Feb 5, 2019

jasonTDI said:
Homeowners, no. But with a personal articles policy or an inland marine policy (varies by company) You can get a stated value policy that'll pay out the full replacement price (what you paid for it) no matter how long you own it. Not just while it's financed.

You can get that, of course.....but can you afford it?

dlundblad · Feb 6, 2019

What caused the damage?

kris77 · Feb 12, 2019

I know you are happy with the outcome, but I think i would have rather had them fight to get me purchase price and buy a newer model tractor. But i might be reading things wrong. Either way, glad they took care of you. I'd keep that dealer around for while. Hard to find dealers like that here that will go to bat for you.

luc.who · Feb 12, 2019

Very kewl. When I bought my BX23s, I learned that I had to have the insurance, I decided to go with the KTAC. Stories like this are good to hear. Glad it got sorted out for you.

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