Antique tractor insurance

[BOBM25]

Does anyone carry insurance on their antique tractors? If so, from whom and about how much is it? Our Super H just about started the shed on fire and took the SMDTA with it. The super H is fully restored and the SMDTA is very close to being done. The tractor had not been moved in a couple days, but the positive battery cable arced against the box. There were flames because it left soot on the fuel tank. I don't know if the property insurance would want to cover 10,000+ dollars worth of 50 year old tractors.

 

[Mike CA]

(quoted from post at 09:00:20 08/15/07) Does anyone carry insurance on their antique tractors? If so, from whom and about how much is it? Our Super H just about started the shed on fire and took the SMDTA with it. The super H is fully restored and the SMDTA is very close to being done. The tractor had not been moved in a couple days, but the positive battery cable arced against the box. There were flames because it left soot on the fuel tank. I don't know if the property insurance would want to cover 10,000+ dollars worth of 50 year old tractors.

My father has been an insurance adjuster for many years. I will ask him when I can get ahold of him (just tried to call... no answer)

I would guess that a tractor would (could? should?) be covered under your home owners policy. But I'm guessing that it would have to be specifically written in.

I'll look into it myself with my own insurance, since I'm going to conservatively estimate the value of my one 1944 H (once complete) to be in the neighborhood of $25,000-$30,000.

 

[Anonymous-0]

Hagerty Insurance will cover antique tractors used for showing ,etc., but not field working tractors. Ihave dealt with them and they are first class on paying claims. gh

 

[Bob M]

All of my tractors are covered under the "antique tractor program" thru the Great American Insurance Co.

My primary concern is personal liability for when the tractors are at shows, in parades, etc. (WAY too many greedy lawyers lurking around anymore...) My homeowner's policy does not provide this protection.

However the policy also covers them for loss due to fire, theft, etc. with a $500 deductable. Cost is about $125 annually for 3 tractors.

 

[Karl Hamson]

Here in British Columbia, Canada our government offers an "Unlicensed Tractor" policy. This costs me about $60 per year for four tractors and covers towed implements as well. This is liability only but as I hay several neighbors fields there is no way I would venture onto the public road without liability insurance.
My farm policy has a "mobile equipment" section. A couple of years ago the bull nosed the brake release on my Massey 165 and it rolled down the hill about 200 yards before hitting a big tree. Damage was about $4500 and the insurance company cheerfully paid it. My first, and hopefully the last, insurance claim.

 

[Pete_5959]

Mine are covered by State Farm. Put them on my existing plicy as a special rider. No additional cost.

 

[GeneMO]

I am a crop insurance claims supervisor, but have worked around property people for 25 years now. Best advise is, contact a local, reputable agent. But I will give you my two cents worth.

I work for Farm Bureau Insurance. As a rule we have an office in most every county, espcially in farming areas. There are other good companies as well. As a general rule, the standard homeowners policy would cover your tractor just as any other personal property. That is, if you just have one or two, and they are of average value and you just tinker around with them. You would be subject to whatever deductible your policy has.

Most all companies offer specific coverage, this is where you list the tractor individually and put a value on it. If the underwriter agrees with your value you are all set. You may have to supply a photo, or value from some sort of published listing to justify your figures.

Most farm policies offer a "blanket" coverage where you specify how many dollars of coverage you want on feed, hay, machinery, livestock etc. You generally need to provide an inventory and insure at least to 80% of value. Here your antique would be lumped in with all the other machinery and be covered for the policy perils at Actual Cash Value (ACV). Here again, you can specifically list an item for a value.

Farm and or Homowners policies also include liablity insurance to cover you in case you injure somoene or something through negligence. As we all know you can get sued for anything. You can genrally buy increased limits of liability or an "umbrella" if you are worth big bucks and want the increased protection.

Everything I have mentinoned if for the person who is doing things on his own property or showing and going to parades occassionally, and not charging anything. If you start making something a business, then it's a whole different deal. You would need a commercial policy. Same basics, it is just more expensive. Occassionally selling items at flea markets and auctions is not commercial. It is when it constitutes the majority of your income.

Sorry for the long post, Gene

 

[Flyin Farmall]

Where do you guys come up with your values??? I'll sell you some H's for that any day!!

 

[Hugh MacKay]

Bob: I read these responces, and see a couple of problems, frist one is establishing value of tractor for loss through fire or damage. Does one use loss or replacment cost, and just who establishes all the guide lines. My concern here is the fully restored tractor. My experience has been, I have taken a kicking on vehicles above average condition for their age.

On the question of liability, folks should read the fine print. Most farm liability policies do not cover you for shows. It may look as though it does on surface, but the question of normal farm activity enters. I've priced liability for shows, believe me my tractors don't go to shows. My experience, most companies didn't even offer show liability, and the ones that did were 10 times the cost.