my B7300 crushed by a tree

[ben1272]

Pretty sure it is totaled. Tractor has 150 hours or so....i've owned it since new. Its like losing a family member.

What should I be getting from insurance for this? It has the Kubota Loader and Kubota Backhoe. Good shape, kept in a shed.

I'm so bummed.

 

[NorthwoodsLife]

Sorry about your loss.

150 hours on a 25 year old tractor! Sounds like a lawn ornament.

 

[North Idaho Wolfman]

That about a $10K tractor with those attachments.
How much insurance will value it at and how much they pay will be based on who you have a policy with and what your pay limits are.

 

[ben1272]

Sorry about your loss.

150 hours on a 25 year old tractor! Sounds like a lawn ornament.

I guess, but it sure is nice to have when the ice piles up at the end of the driveway, or giant trees fall and need to be moved around.....err....wait a minute.

I use it a lot, just a little at a time. It paid for itself years ago with one yard landscape effort and has been helping me out ever since. I am really bummed to see it end this way.

 

[Orangeglow]

Sorry to hear this. Any pictures you can post ?

 

[Yooper]

I’m assuming it was in the wrong place at the wrong time? Had that happen to a new dump trailer on a windy day at my home. Home insurance wouldn’t cover it. Just the damage to the roof of my shop.

 

[mikester]

That about a $10K tractor with those attachments.
How much insurance will value it at and how much they pay will be based on who you have a policy with and what your pay limits are.

I had an interesting chat with the insurer at renewal time this year. With inflation skyrocketing I was starting to wonder if I was underinsured. The answer was that after the 2-5 year replacement coverage guarantee it becomes a pissing match between you and the adjuster trying to maximize profit and minimize payouts. Insurers tend to err on the side of profitability.

What got me thinking about it was a buddy's recent experience driving an older Dodge truck in excellent condition (from out west). Hit a deer that damaged the front bumper and one headlight, was still driveable but need a chrome bumper replacement.

The pissing match started when the adjuster decided it was cheaper to to write off the truck instead of repairing and offered a payout that was less than the annual full coverage premiums currently being paid. Truck still looks mint with low mileage other than needing a new bumper.

Good luck on your claim, let us know how it plays out.

 

[GrizBota]

On my farm policy, I have stated value coverage for my equipment. But I’m sure that’s way too low since inflation marches on. A $10k quad in 2016 is now a $12.5k quad.

Good luck with the insurance.

On the upside, it might be time for a new tractor.

 

[GreensvilleJay]

so why is it 'totaled' ??

 

[ctfjr]

I have 'replacement cost' coverage vs 'actual cash value' (ACV). You should check your policy to see what you have and what your deductible is (I'm assuming this is a homeowner's policy). I also have separate riders for certain items (my ham radio gear for example).
Replacement Cost coverage is really good to have. We had a lightning strike at our old house several years ago. One of items lost was an original Asteroids video game, 6' tall. I paid less than $100 for it many years ago. I said to the adjuster I didn't expect them to buy me a new one. He replied that's exactly what they will do, just show them an equal similar item. I sent them a snip from Amazon for a $3k video game and that's what they paid.
If you have replacement cost they should buy you a new equivalent tractor.

 

[GrizBota]

I have 'replacement cost' coverage vs 'actual cash value' (ACV). You should check your policy to see what you have and what your deductible is (I'm assuming this is a homeowner's policy). I also have separate riders for certain items (my ham radio gear for example).
Replacement Cost coverage is really good to have. We had a lightning strike at our old house several years ago. One of items lost was an original Asteroids video game, 6' tall. I paid less than $100 for it many years ago. I said to the adjuster I didn't expect them to buy me a new one. He replied that's exactly what they will do, just show them an equal similar item. I sent them a snip from Amazon for a $3k video game and that's what they paid.
If you have replacement cost they should buy you a new equivalent tractor.

Very good points here. I’d encourage all of us to consider this information. Since my farm policy is due in a couple weeks, I think I’ll give my Agent call. If for nothing else, to understand what my coverage actually is.

 

[D2Cat]

Don't go strictly by what your agent tells you, read the entire policy. Your agent can declare something and when it gets down to it he's wrong. Then what is in writing takes precedent. Be aware and be careful.

 

[fried1765]

Pretty sure it is totaled. Tractor has 150 hours or so....i've owned it since new. Its like losing a family member.

What should I be getting from insurance for this? It has the Kubota Loader and Kubota Backhoe. Good shape, kept in a shed.

I'm so bummed.

Sorry!
Bend over!
Here comes the insurance adjuster.

 

[GrizBota]

Pretty sure it is totaled. Tractor has 150 hours or so....i've owned it since new. Its like losing a family member.

What should I be getting from insurance for this? It has the Kubota Loader and Kubota Backhoe. Good shape, kept in a shed.

I'm so bummed.

If it were mine, I’d check the sales price of similar tractors on auction sites and private party list prices at tractor sales web sites (like tractorhouse). The actual value likely somewhere in that range.

Sometimes accident appraisals are low (I wonder why, not). Twice I’ve gotten more than initially offered for a totaled car by doing what I suggested above and using that data to support my position.

 

[fried1765]

If it were mine, I’d check the sales price of similar tractors on auction sites and private party list prices at tractor sales web sites (like tractorhouse). The actual value likely somewhere in that range.

Sometimes accident appraisals are low (I wonder why, not). Twice I’ve gotten more than initially offered for a totaled car by doing what I suggested above and using that data to support my position.

Ditto!

 

[HiPowerOne]

I would work with your insurance agent and the adjuster. Recently, my daughter's 9 year old SUV was totaled due to 'rodents' chewing on the vehicle wiring! Really! The insurance company settled and the payout was within $500 of average KBB value.

One caveat would be, inform the agent and adjuster that the backhoe and loader may be specific to only the B7300 and losing the base tractor makes them nearly useless. Otherwise, they might settle on the base tractor only. I do not know if that will work, but it would be worth the try. Otherwise, you may have to work to sell the loader and backhoe, and to do that you will have to remove the mounting hardware/hydraulics, etc. in order to be able to sell those. You would have to remove them before the insurance takes them.

 

[PaulL]

I would work with your insurance agent and the adjuster. Recently, my daughter's 9 year old SUV was totaled due to 'rodents' chewing on the vehicle wiring! Really! The insurance company settled and the payout was within $500 of average KBB value.

One caveat would be, inform the agent and adjuster that the backhoe and loader may be specific to only the B7300 and losing the base tractor makes them nearly useless. Otherwise, they might settle on the base tractor only. I do not know if that will work, but it would be worth the try. Otherwise, you may have to work to sell the loader and backhoe, and to do that you will have to remove the mounting hardware/hydraulics, etc. in order to be able to sell those. You would have to remove them before the insurance takes them.

To be fair, we often advise people to buy a tractor with a loader or a backhoe if they want one, because they're so hard to find after the fact. I'd imagine that loader and backhoe would sell very very quickly.

 

[DustyRusty]

Once an insurance loss occurs, you are not allowed to remove anything from the vehicle, unless you purchase the salvage from the insurance company. The only thing that would be an exception would be a 3-point hitch appliance since it isn't part and parcel of the tractor itself. Most times the insurance company will make the salvage price quite reasonable since they will save on transportation and 3rd parties to auction it off. They als September 24, 2023 o will not pay you sales tax if you retain the property. Most often it is about 5% of the pay off figure.