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damn insurance company

J

jason, NW Ontario

Member
Sorry to ask for stupid advice, but...
Our insurance company wants to know the VALUE of our newly purchased Cockshutt 1850 diesel Wheatland. I have no idea what to tell the goof. If you were in this position, how would you approach this answer?

thanks
Jay
100_3620.jpg
 
I value all my tractors at what it would cost to replace them.

I have always had to put a value on any piece of farm equipment I have wanted to insure. Standard procedure with equipment insurance.


You just bought it so you must know what it is worth. What you paid for it would be a good place to start.
 
They are wanting to know what you want as an insured value. They could just say it is scrap and pay you $200 bucks if something happens. Would you like that??? Most insurance companies want to know the value of older equipment. The reason being that one can be in good running shape, worth much more than one that is none running. I would guess a value around North-East Iowa as $2000-3000 on your tractor. It has broken window glass and is setting out in the weeds. Not showing anything to make it a HIGH value tractor.
 
no need in giving the insurance folx hale ,, .. they are giving you the option of placing a value on the tractor ,, if you just aquired it, doesn't matter if you paid nothing or hi bucks for it , You already know what its worth ,, no problem
 
Why would you even put insurance coverage on an old tractor like that,insurance will pay out less than scrap anyway in case it burns down.

I carry no insurance at all on any of my tractors,wheel loaders and equipment,its all 10 yrs or older,most look like yours.
 
My insurance company paid full insured value on all of the tractors destroyed or damaged when excessive snowload collapsed my polebarn a few years ago.$40,000 coverage costs around $200 a year.Kinda surprised they didnt drop me or raise the rate.Bill M.
 
Your "newly purchased" tractor? What did you give for it? That's what I'd tell them.

Actually, I wouldn't insure it. Not being critical of your tractor, but I have three worn out, well aged John Deeres that aren't insured. There is a cost trade-off that makes some pieces of equipment not worth insuring. After the 9-11 fiasco, my insurance rates tripled. I dropped every piece of equipment, all the cattle, several buildings, and all the hay from my policy. Also bumped the deductible to $1000. Insurance is still double what it was before 9-11. And then if I have a claim, they try to weasel out of it. A bunch of thieves, but necessary, I guess???

Paul
 
You don't want to operate without liability insurance. If you are driving the tractor on or near a road and get in an accident without insurance, someone my own your farm.
George.
 
Jason,
I would check market value and use that, don't forget when you have a claim on a used item, they devalue it pretty fast 1, how old, 2, how long you had it, 3, value at claim date, 4, deductible.
$3,000 will be $300 fast. Not much of a choice. .

I live up near balsam lake, we just got our (thanks to the government giving the Ins. Co. a bonus) new rates all of what we were paying for, WE HAVE LOST, but we pay the same amount and can RE - PURCHASE what we had at a higher price. Please contact your account executive for a review.
TRUST ???
 
I've learned over the years that my insurance company really is giving me two choices when I list something used I just purchased. Either to put on it what I paid for it, or what it would cost to replace it. Once a year we sit down and talk, somethings I raise coverage on, some I lower or drop. The way mine works is tractors and equip for p and c is about 6.50 per thousand; barns and such for p and c is around 8.00 per thousand. Basic farm liability is a flat rate rolled into the total policy and umbrella liability is a flat rate.
 
Bruce from Can.,
Not too thick mixed with lots of small stones, it should be good down in and around Woodville, lots of farms.
Where we get potatoes down that way it seems there's a lot of clay and sand on them.

Side Note:
Have you noticed how many farms or plots, from Peterborough to Orillia are putting in the plastic pipes it can't be cheap, with all the equipment. Some of them also flatten or make rolling hills.
The farm houses and barns are left to rot - must be a big corporation that's buying up the good ground. This is just what I can see from the HWY what are they doing in the back country.
 
For our insurance company, we have to spec a value on each item, its about 10$ per 1,000$. They only cover whats explicitly listed, they won't give you more that you're insured for.

With ours if written off, we get the full value less deductible. We have to adjust values each year.
 
What are the chances that something will happen to that tractor that will completely destroy it?

Instead of buying insurance, take the few bucks and have a steak dinner.

Only my opinion of course.
 
Bet you get your taters from the Findley boys. I think what you are seeing with the plastic pipe going in is happening all around us too. Farm land has gotten too expensive in the west of 400 hwy , and you can buy unimproved farm land that was either a old mixed farm or a beef cow calf/ranch, take out the fence, knock down the barn drain the fields and sell the house off and end up with good cash crop land for 5-600 per acre.Cost to drain runs 800 to 1000 per acre, land can be bought for 2700 on up to 4500 depending on how much work will be required to put in shape and how many working acres you will have in the end. Crop land in my neighborhood is renting for $100 per acre. And of course last years strong wheat beans and corn price has the cropper boys with extra cash looking for a safe home.
 
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