One other thing to consider is that you need liability insurance - no matter what. You would not want to self-insure for liability; the potential for loss far exceeds the value of the equipment. Simple example, you are mowing on the road in front of your property, and a car collides with your tractor resulting in injuries. Even if you are not at fault, you will want the insurance company to defend you. This example is also potentially more complex, because you may or may not be on your property - depending on your deed, local laws on easements and etc.It's good value if you need comprehensive insurance. Insurance (to my mind) is there to protect you against unforeseeable and potentially crippling losses. So it makes sense if:
1. You think you may unforeseeably break, burn or lose your tractor. Some of that is within your control so you could be careful instead. Some of it isn't. Like any insurance, it's a collective thing - so if you're more careful than the average person, and less likely to have a fire or theft than the average person, then you're likely to on net lose money on it
2. You need your tractor, and you couldn't take the financial hit if something bad happened. In that sense it's like reverse gambling - most of the time you lose a small amount of money, once in a while it saves you from a really big loss. Actually, maybe that's just like gambling. But anyway, it makes sense if you can't afford the loss. If you can afford it, then across the portfolio of things you own and over 15-20 years, you'd probably be better off self insuring.
My B2601, loader , MMM and rear blade was 1600.00 for 5 years in 2019What is the typical cost of the KTAC insurance? I have a new 2601HST being built (ready in about 10 days) with loader/backhoe/grapple. The Dealer didn't mention it at all, seems like a good idea. My Homeowner's insurance (USAA) only covers $ 3K and they don't offer a rider to increase that amount