To KTAC or not KTAC

[fmgsr]

In purchasing a new tractor, because I paid cash, KTAC was not included. So I contacted KTAC, I had to send them the invoice, total 35,000, - minus the rebates and dealer discounts- they just got back to me, they want $719. a year.
That’s $59. a month. The last tractor I bought, I don’t remember what I paid, but I think he is trying to rip me off. By the way, LX2620.

 

[TheOldHokie]

In purchasing a new tractor, because I paid cash, KTAC was not included. So I contacted KTAC, I had to send them the invoice, total 35,000, - minus the rebates and dealer discounts- they just got back to me, they want $719. a year.
That’s $59. a month. The last tractor I bought, I don’t remember what I paid, but I think he is trying to rip me off. By the way, LX2620.

Thats simply the price

Dan

 

[GrumpyFarmer]

It comes in handy when you need it…I’ve had it with my machines and used multiple times and it was painless to use (price hurts) and it’s really good insurance if you need it. I would get it again. YMMV.

I think other options contact you insurance company and ask for a competitive quote for same level of coverage. What’s that cost?

I am not arguing the price is right or not, but the coverage is awesome IMO. Theft, damage, transit, etc…it covers a lot and pretty easy and painless to make a claim. I’ve used it multiple times. Just my couple $.02.

 

[jyoutz]

I haven’t yet used it, but I will continue KTAC when my loan is paid off. It not only covers the standard theft and comprehensive damage, it covers damage due to operator errors.

 

[fmgsr]

Oh I agree, I had it on my BX, never used it, but is a good feeling
it's there in case. I just see the cost up front where I didn't before.

 

[Old Machinist]

They quoted me almost double that in 2024 on my 2 year old LX3310 with 200 hours on it. So like any other insurance it will go up with age and hours used.

 

[Heehaw]

I look at insurance as a gamble where the house wins more often than not.
If they didn’t make out ahead they wouldn’t offer it.
If you cannot afford to replace your tractor if there was a total loss then at least basic insurance coverage for total loss would be wise.
If you cannot afford the cost of a major repair then KTAC or something similar would be wise.
If you can afford the cost of a major repair then the odds are “self insured” may be the right answer.
Whether to buy insurance is such a personal choice when you pay cash for something.
Are you ok with taking some risk to save money, or is the comfort of knowing you have insurance more important to you?

 

[BAP]

In purchasing a new tractor, because I paid cash, KTAC was not included. So I contacted KTAC, I had to send them the invoice, total 35,000, - minus the rebates and dealer discounts- they just got back to me, they want $719. a year.
That’s $59. a month. The last tractor I bought, I don’t remember what I paid, but I think he is trying to rip me off. By the way, LX2620.

If you think that they are ripping you off then don’t buy or go to your insurance agent and buy insurance there.

 

[jyoutz]

If you think that they are ripping you off then don’t buy or go to your insurance agent and buy insurance there.

But insurance other than KTAC will only protect against theft or comprehensive claims such as fire. It won’t repair operational damage.

 

[BAP]

But insurance other than KTAC will only protect against theft or comprehensive claims such as fire. It won’t repair operational damage.

Yeah, but he is whining about getting ripped off by someone at KTAC, so if he goes somewhere else and gets a quote he can compare the cost. Because KTAC covers operated stupidity, it’s going to cost more. Basically, you are up front for damages down the road.

 

[DaveFromMi]

I added the tractor to my State Farm homeowners and auto policy. Last year, the extra amount for the tractor was $450.

 

[jyoutz]

I added the tractor to my State Farm homeowners and auto policy. Last year, the extra amount for the tractor was $450.

What do they cover?

 

[jimh406]

I had it for a year. I don't usually break things, so it seemed like a waste for me. I didn't renew.

If you do break things, it seems like a fair deal. YMMV.

 

[jyoutz]

I had it for a year. I don't usually break things, so it seemed like a waste for me. I didn't renew.

If you do break things, it seems like a fair deal. YMMV.

Or if something very expensive fails.

 

[dirtydeed]

I'm a believer in KTAC ins (usually). However, KTAC was 4x the cost of my current coverage for the mini-ex. Difference being $295/yr vs $1,200/yr for KTAC. I just couldn't stomach that for this machine despite being better coverage.

 

[fmgsr]

Yeah, but he is whining about getting ripped off by someone at KTAC, so if he goes somewhere else and gets a quote he can compare the cost. Because KTAC covers operated stupidity, it’s going to cost more. Basically, you are up front for damages down the road.

He ( I ) is not whining, I’m just very surprised at the cost.
I always heard people talking around $300 +-.

 

[Trustable]

KTAC is a straight up better policy if you have the money due to its coverage but I spoke to my State Farm agent last month. Basically it’s already covered under my materials (non home structure) section of my policy. As long as it’s not used commercially it is covered. If it leaves the property insurance won’t cover it after the boundary either. Granted if you have a more expensive tractor or have a bunch of high dollar things in your house or use it commercially or bring it off property a lot KTAC is probably the best bet. I only use the tractor at my property so I’m gonna just utilize my home policy after my tractor is paid off and KTAC ends.

 

[Elliott in GA]

FWIW, in 2021 my KTAC was ~$450 per year (5 year 0%) on a tractor that had an MSRP of ~16,200 (paid ~15,200) plus all of the other stuff (loader, 2 mowers, grapple, 3rd function, spreader) made the total ~$30K.

As my contract expires in FEB, I am expecting to get a quote from Kubota and my normal insurance company to compare.

 

[jyoutz]

KTAC is a straight up better policy if you have the money due to its coverage but I spoke to my State Farm agent last month. Basically it’s already covered under my materials (non home structure) section of my policy. As long as it’s not used commercially it is covered. If it leaves the property insurance won’t cover it after the boundary either. Granted if you have a more expensive tractor or have a bunch of high dollar things in your house or use it commercially or bring it off property a lot KTAC is probably the best bet. I only use the tractor at my property so I’m gonna just utilize my home policy after my tractor is paid off and KTAC ends.

My question is “what is it covered for” under a homeowner insurance policy?

 

[WI_Hedgehog]

"Insurance" should be called, "Catastrophic Loss Midigation." It basically means you're going to pay something, but not go broke if something unexpected occurs.

Homeowner's "insurance" has a deductable, Like $1,000 or $2,000, depending, maybe only $500, but you pay more up front for a lower deductable. And maybe you wait six months for repairs. If you said to the insurance company, "I want a $0 deductable and near immediate repair, and if the damage is bad enough I was a replacement pretty much 'now' because that's how I generate my income," that sounds like KTAC if I understand it correctly.

And from what I understand KTAC is pretty reasonably priced because owners don't tend to abuse their equipment, it's the opposite: they don't want their machine to go down because being down costs them income, so KTAC can charge less because it only has to pay out when something really does go unexpectedly wrong.

Now if I'm wrong someone please correct my understanding, because if the Orange Kubota Man ever does somehow show up at my door with a big piece of equipment with lots of stick controllers I want to know my understanding of KTAC is accurate before I head off trying not to break something.