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
I have not used it but its trivial to have your dealer sign you up during your purchase. I never left my office chair.This is a question that just came up for me. I ave an L4060HSTC on order, financing through Kubota 0/84 and insurance is required. This is my second Bota financed through Kubota, the first one I went with homeowners. I actually still have the rider for it on my policy, but I also have a $2500 deductible. It only covers damage if done by barn, weather, or theft. The KTAC goes a step above in covering off the property where HO does not, and if it gets damaged by doing something stupid, full replacement value.
I could put a $44,000 additional rider on my policy, but unknown what the cost will be, and it has three limits that KTAC does not. So I am considering going the KTAC route instead of homeowners, that plus my insurance rep has a nasty receptionist that I can't stand dealing with.
The more I look into it, the more appeal it has, especially considering the deductible is 10% of my HO one. If something breaks out of warranty during normal use, like the gear set in the HST, it gets covered. That is what was stated in the Messicks video on KTAC.
So, has anyone actually had use of it? I will contact the dealer to get a price quote on it, can it also be done outside of the dealer?
I sent an inquiry in to a nationwide rep near me, waiting to hear back as they are ag specialists for farm and ranch and am looking to change carriers if I can get better rates and lower deductible. My auto insurance is with Gieco, 3 cars and an RV, and no one has YET been able to beat their rates even after 2 total posses paid out, none at fault though which makes a bit difference.Found equal insurance through State Farm at a third of the price.