How To Find Tractor Insurance | You May Not Be Protected!

Got a viewer e-mail from Rick, who wanted to know why Allstate wouldn't insure his tractor. Today we dive into the exciting world of tractor insurance. If you're a tractor owner, you should watch because you may not be protected. Here's what I learned...

First, a lot of the big name insurance companies won't insure tractors. They don't understand the risk that goes into equipment insurance, so they won't touch it. That leaves you with two options that both have disadvantages. Your agent may go to an outside source that insures specialty items, but they're going to have a very high premium. Or, if you're buying a new tractor, you could insure it with the finance company. Many of the manufacturers have finance companies that offer insurance so they know it's always covered while they have the note on it. That insurance can be fairly cheap and the premiums can be included in the payment stream, but it usually doesn't cover liability and it ends when the contract ends.

Second, you need to list ALL of your attachments on the policy, even the front end loader and a belly mower if you have one. They may not be considered a part of the tractor. Especially include brush hogs, box blades, rock rakes, augers, etc. If they're hooked to the tractor and it is stolen, the tractor may be covered, but you're on the hook for the attachment if it's not on the policy.

Third, if you've not updated the amount of coverage on your tractor recently, it may be woefully under insured. Tractor values have risen sharply the past few years and replacement costs may be way above what the policy covers. I personally have my tractor insured for what I paid for it and there's no way that amount could buy anything close to it today. I'm scheduling a meeting with my agent to get that corrected.

Finally, if you don't have a farm policy, you're probably not covered when you drive the tractor off your premises. If you pull a Christmas parade float, a hayride, or drive up to the local station to fuel it, you may be exposing yourself to a huge liability issue.

My thanks to Jamie and Will of Burch & Liles Insurance Solutions LLC for taking time to talk with me today. If you live in the Midwest and can't find someone to insure your tractor, call them at (660) 679-6165, or go to their website at https://www.blinsure.com/.

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