Insureing my antique tractors

I was reading in a antique tractor magazine and red an add for getting insurince on your antique tractors. I was wondering how many people have insurince on your antique tractors and if it would be wort looking into.

I guess if I had a tractor worth $20/30,000,I might think about it.

For myself, the question really is, can one get insurance for one?

I have mine insured. They are just listed on my farm policy just like all of my other farm equipment. If you don't farm and have a few tractors they can be added to your home owners policy. Then you list them and the value you want them insured for. The cost of the insurance in not that high. My Daughter and her husband have three old tractors. The live in the city limits of St. Louis, Mo. They just have them listed on there home owners policy through some type of insurance rider. She says it only cost them like $175 each year.

Like JD says you can buy a rider on your standard HO policey. The thing is they will determine the actual value of the tracor if a loss occures by the market (local area in some states), not what you claim it's worth. That means that if you insure a tractor for 5K and it is damaged they are going to look at the value on the national or local area and pay that amount minus the deductable.

You have to read and understand your policy here! Your standard policy is not going to cover a flood. In fact flooding will be excluded in the policy. Your 2K collector tractor is more than likely covered under your home owners policy except for an injury accident on your property and even that may be excluded. This also applies to ATVs, boats and snowmobiles!

I cannot state this any louder! An insurance policy is a contract. You meet your end and they meet their end. Insurance is not supposed to make it a profit for you. It's to put you back to where you were before the loss occurred! Anything more is by legal terms betterment.

Don't trust your agent! They may not know anything the company isn't telling them! My own agent isn't knowledgeable about state law. The company is very good but he isn't the smartest guy I know.


Heck yer on here....logic tells me you have internet access.....so spend a ittle less time on here and a little more time surfing the web!

Rick

Oldtanker: If he does not list a value then you are correct that they will only pay the average market value. You can get stated amount insurance for higher amounts for things that are higher in value than just average.

I have four or five pieces of equipment that I have stated amount insurance on. The cost of the coverage is higher but not much higher. Physical damage insurance cost per thousand dollars of coverage is not that high. It is liability that is costly.

Now on stated amount insurance you can't just say a piece of equipment is this value and that is it. I have pictures of the actual condition of the equipment. I also have bills showing how much I actually have in those pieces of equipment. An example would be the Ford 981 I have. I have it covered for $10,000. I have bills showing where I have more than that in the restoration of it.

You can get insurance for anything just need to find an agent who will right a policy for your needs.

I have a restored Military Jeep that I drive. I carry insurance on it thru Hagerty, who specialize in collector vehicles. It was easy to add the tractors I show to my policy, so they are covered while trailering and showing them. My regular farm policy doesn't cover machinery not used in the farm operation, and your car or truck policy will usually cover your trailer, but not what you are hauling. I think it's better to deal with a company that specializes in collector vehicles, etc. They are more likely to have the coverage you need. Just my opinion, for what it's worth.

I have several of mine insured here in Michigan.

My home owner's policy covers my tractors that are used "soley to maintain my property", which means it will not cover them if I take them off my property. Not even to the neighbor's house.
My agent also said it would be "iffy" if I were to drive them to another property I own.

This is not the same as a farm policy. He was quite upfront about that.

The ones I had to buy separate policies for are the ones I haul on a trailer to shows.

Those do not fall under a farm policy, or the HO policy.

It was not very expensive. I think it was roughly $1.00 per $1000 coverage. They had to take pictures of the condition and I had to estimate the value.

I was more worried about being in an accident and having one come off the trailer and causing injuries.

We have all of our tractors and equipment insured on a separate policy with Texas Farm Bureau Insurance.

Policy is not very expensive considering the replacement value of a damaged antique tractor.

Bottom line....Has anyone collected on a lose? Insurance companies always find a reason not to pay what you thought you were paying for.

car insurance people are like car dealers, they tell what you want to hear untill it time to call in on their words, if not on black and white, they will say: where did you get that from?

(quoted from post at 05:52:23 06/27/12) Bottom line....Has anyone collected on a lose? Insurance companies always find a reason not to pay what you thought you were paying for.

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Most state laws state that they have to pay up to the value of the item damaged. So you have a nice JD B that gets stolen or what ever. The insurance company only has to pay up to market value to replace it. Not what you have in it. That isn't the company ripping you off that the company following the letter of the law. You may find an agent or a company that will sell you a policy that states your tractor is insured for 10K but can get out of paying that much because of the law. You may get lucky and get paid that 10K but you may wind having paid extra for nothing. Trust me, your insurance company has lawyers who know a heck of a lot more about your states insurance laws than you do and advise that company on exactly what they can and can't do.

As far as dealing with an insurance company is concerned most states give you the right to contest the decisions of the company but that can get expensive. The insurance companies know that and that the average person isn't going to spend a couple of grand in leagal fees and on an arbitrator.

Gotta remember that most agents don't work directly for the company. They work for an angency or own it. That way the insurance company isn't responsible if the agent misleads you. Some insurance companies are hiring outside adjusters much for the same reason.

Rick

I have insurance on a couple of my tractors that I know will be run on roads occasionally.

I bought "stated value" policies from American Family Ins. including liability coverage.

Cost is around $1.50 per $100 of coverage.

For a $3500 tractor, $52.50 per year.

Tim

Check your home policy it should cover your tractor. I have replacement coverage it bought me a brand new Quad when mine was stolen.
Just make sure they think it's only used on the farm.
Walt

We have all of our tractor collection insured with Hagerty. My first call to them impressed me, the guy knew what I wanted insured , no problem, was his response. And he knows and understands antique tractors. clint

i have everything in my collection scheduled on a seperate insurance polocy. it took a LOT of time to get wrote out but is well worth it in the end. i dont have a lot of high dollar stuff, just a lot of stuff and if a tornado or a fire destroyed one of my buildings, everything is covered for the amount listed on the polocy. did the same thing for the toy collection also.