Kubota insurance (KTAC)

[Dae06]

Need your opinions:

Home owners insurance vs. KTAC insurance.

KTAC: 100% replacement for any damages, $42.00/month, $250.00 deductible, covers almost any issue whether it's on my property or off my property or on the highway and trailering.

Home owners: I'm covered for the the amount of the tractor with no premium increase. Only covered for issues on my property, $2,500.00 deductible, replacement cost after depreciation is factored in.

What would you do if you wee me?

I will use this tractor 90% on my property, but will be plowing snow at my parents across the highway from our home. I possibly could be asked do work my sisters driveway 3 miles away from our house periodically.

Thanks

 

[BillK01]

I would ask your insurance agent if your home owner insurer will write you a Personal Inland Marine policy to cover your tractor.

I am an agent in PA and the insurer I have my home insured with issued one for me that is all risk coverage and covers my BX2360 and implements for $14200 total with a $100 deductible for $65/year. Yes...$.46 per $100 of coverage. Not all homeowners companies will do that but it is definitely worth asking.

Plus...with a Personal Inland Marine policy, your tractor is now covered for the one big thing your home policy will not cover and that is a collision loss while the tractor is in transit (like on a trailer).

As you said, KTAC will cover it that way too but as you are finding out it is a lot more money.

 

[85Hokie]

that 500 a year is a bit rich!

But - their coverage is awesome.

I just paid my BX25D off, and have had calls and mailings about continuing the coverage at a tune of $311 for the next year. Not going to do it.

If I was you - take that $504 a year and stick in a drawer.......go 5 years without a boo-boo and by then, you have a good insurance policy!

 

[Dae06]

BillK01- Thanks I'm checking on this insurance. My home owners is with AAA.

The one thing that worries me with my regular home owners policy is that if I have multiple boo-boo's, everything under $2,500 will be out of pocket. But then again, I've been around tractors all my life that have never had any issues.

 

[Dae06]

Just got off the phone with KTAC. They said to be able to get the 0% financing, and use your home owners insurance, your home owners insurance must cover your tractor off your property and while on a trailer. I don't know of many (if any) home owners policies that do this, yet I know of tons of people with 0% financing and home owners as their insurance. Can anyone clarify or verify this?

Thanks

 

[BillK01]

Just got off the phone with KTAC. They said to be able to get the 0% financing, and use your home owners insurance, your home owners insurance must cover your tractor off your property and while on a trailer. I don't know of many (if any) home owners policies that do this, yet I know of tons of people with 0% financing and home owners as their insurance. Can anyone clarify or verify this?

Thanks

I've been an agent in PA for over 30 years and I have never once seen - nor do I know of - a Home Owner policy that will provide coverage for your "contents" (which is where your tractor would fall) for loss as a result of collision.

We frequently get asked about collision coverage for contents when people are moving - while their stuff is being transported in a moving truck, and the ongoing answer has always been no from every company I've ever asked. The underwriter always advises us to tell the client they need to purchase coverage for their "stuff" from the moving company if they are concerned about coverage for a collision type of loss.

 

[adventure bob]

Something else to think about: KTAC uses your dealer to assess damage. Your home owners is going to more than likely use a non-tractor assessor to evaluate condition and then they're going to want to apply depreciation to the age of the tractor.
KTACs primary function is to keep a saleable tractor if you default on your loan.
Ask your homeowners guy about multiple claims over time as well. I've made two claims for pretty significant amounts against KTAC and they have not changed premiums or deductibles. I think the answer from your homeowners might be considerably different.
Also have NEVER had to argue or fight with KTAC to get tractor fixed.

I'm trying to keep KTAC after I pay off the tractor.

 

[BillK01]

Something else to think about: KTAC uses your dealer to assess damage. Your home owners is going to more than likely use a non-tractor assessor to evaluate condition and then they're going to want to apply depreciation to the age of the tractor.
KTACs primary function is to keep a saleable tractor if you default on your loan.
Ask your homeowners guy about multiple claims over time as well. I've made two claims for pretty significant amounts against KTAC and they have not changed premiums or deductibles. I think the answer from your homeowners might be considerably different.
Also have NEVER had to argue or fight with KTAC to get tractor fixed.

I'm trying to keep KTAC after I pay off the tractor.

As "contents" - if you have replacement cost on contents on your home (and you SHOULD - if you don't call and get it added on asap) - then the tractor would not be depreciated, but settled on a replacement cost basis.

 

[Dae06]

Thanks everyone!

I've decoded to go with the KTAC, definitely good coverage and even though I hope I will never have to use it, I will feel much more assured that if something does go wrong, I have a low deductible and new replacement if needed.

 

[243ackley]

I am in the insurance business and I would buy the Kubota insurance. They know tractors.

I have case insurance on my new 7060. The dealer offered both and case was a little cheaper and had better coverage. I have a place that floods from time to time and if my tractor broke down or got stuck in the wrong place at the wrong time it could be underwater.

Homeowner carriers don't understand tractors like the tractor companies do. Homeowners won't cover flood or quake and only covers the tractor when it is on your place.

Just my opinion for what it is worth.

 

[Poohbear]

I just got a policy for my L3301 from State Farm , $224 yr $50 deductible. I keep it on our land that is not our residence so was not covered by homeowners policy since it has an engine. This is here in Texas so we may be high or low but its what it is

 

[EverUpward]

I was at the dealership haggling and was offered the insurance from Kubota.. It was around $450 per year. I called my homeowners insurance and they quoted me identical coverage for $114 per year.

I took the extra money and bought a new 6 bush hog...basically got the bush hog for free by using private insurance.

 

[WFM]

Home owners covers tractors that don't leave the property.
I had Kubota insurance when I financed. Six months later I changed my pallet forks for the bucket. Didn't fully lock down one side of the QC before I went ditching the side of my driveway. The second dig the bucket twisted and bent the QC frame. I paid $250. deductible that was it. The dealer replaced the frame. So their insurance is good.
I have the inland policy on my tractor and some business equipment.