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INSURING YOUR GT COLLECTION?


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#1 farmer john OFFLINE  

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Posted November 11, 2015 - 08:31 AM

Hi All; does anyone have their collection insured ? I just ran the question by my insurance agent, he said i'd need pictures , details , serial numbers, comparison's and appraisals, who does appraisals on gts? i know most home policies cover a bit but what are they going to say when you tell them you lost 5 oor 6 1950s garden tractors? i have a fairly large collection of about 70 gts, 30 plus what are pre 1965, if something ever happened my coverage is limited to $5000, i have 3 fully restored wheel horse rjs which here would eat that up, even just putting a value of $500 per tractor it quickly adds up to over $35,000, let alone all the implements, spare parts and the time and trouble, i drove 4 hrs once to get a bunch of manuals from the early 60s, how do you put value on that, what really concerns me is that if your not into the hobby you don't see the value, when i changed my insurance a few years ago they did a walk through and the agent thought my restored stuff were worthless, then i started to tell him there is a large number of gt collectors out there , he found that hard to believe , i explained that things like the new back tires are $200 to $500,the seat $150, front tires $100, let alone rebuilding the motor, paint, decals. i showed him a 58 rj which was not restored but complete and running and i had turned down $800 us which at the time was $1000 can, not that it was ever for sale as the gent was up from buffalo horse trading with me for a wheel horse rototiller, anyways enough rambling, any thoughts, solutions ( my soon to be x wife suggested getting rid of my collection ha ha ha only joking ) appraisal sites ect, thanks john
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#2 David Brown OFFLINE  

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Posted November 11, 2015 - 08:38 AM

I had this once.  All my insurance agent wanted was an approximate value and put a rider on the policy priced according to the overall value you give them.  I think mine was like $20 a year.  I don't even think they are insured now.


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#3 larrybl OFFLINE  

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Posted November 11, 2015 - 08:50 AM

I had this discussion with my insurance agent when he came out to appraise my property. (I had to change insurance because I paied the house off). It was hard enough to get the 20 year old single wide on the policy, the Shop and sheds were easier to add, but as for their contents (3 GT's and tools) the best I could get was 2K in belongings.


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#4 boyscout862 ONLINE  

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Posted November 11, 2015 - 09:07 AM

I used to have the big machines covered under an "inland marine" policy for unregistered machines. It was expensive and fortunately I never had the need to file a claim. You've got me thinking about talking to my insurance company. Good Luck, Rick


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#5 Talntedmrgreen OFFLINE  

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Posted November 11, 2015 - 10:19 AM

I asked about this, and more specifically, due to liability.  Content loss is covered, with a cap, as mentioned above.  If it's outdoors, forget it.  His recommendation was a rider for each machine of any significant value, with documentation to show a similar sale price or receipts for purchase or invested improvements.  

 

As to the liability, I have 30 machines with little or no safety features, and was on the verge of having my first child at an age where he could walk.  I asked about my coverage for the neighbor kids and friends of my children, for when that age comes.  Obviously, I would be keeping my machines locked in the shop, and will be teaching my kids Dad's rules for looking at, touching or using them...BUT...kids find a way, and a nosey neighbor kid won't have a clue what dangers are present.  I remember finding a way into my old man's shop as a youngster to play with his tools and machines, and cringe at the vague memories I have of sneaking the key so I could get into his gun cabinet to 'look' at his shotguns and rifles.  Such things have my guard up as an father, and insurance is a must these days for property liability.

 

The other aspect I inquired about, was liability when I take my machines on the road, for a show or to do some gardening work.  I never did get a good answer on that.  I did learn my auto insurance would not cover the replacement of tractors in the event of a collision, and that simply owning an inherently dangerous piece of equipment is a personal risk.  

I now remove all keys, never leave a hot muffler unattended, and other than cruising, I simply don't operate the machines with folks around.  I doubled up my bindings for machines on my trailer, when in transit and there are a couple extremely rare items that simply don't leave home.

 

Theft is my greatest concern these days...


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#6 HANKG OFFLINE  

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Posted November 11, 2015 - 10:50 AM

This is a very pertinent topic as I am switching home insurance company'.s and was just thinking about insuring my restored tractors , I wonder if I could get them insured with , I think its Hemming's they insure classic auto's.


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#7 jabelman OFFLINE  

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Posted November 11, 2015 - 01:03 PM

This is a very pertinent topic as I am switching home insurance company'.s and was just thinking about insuring my restored tractors , I wonder if I could get them insured with , I think its Hemming's they insure classic auto's.



I know Haggerty a few people I know have cars through them
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#8 chieffan OFFLINE  

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Posted November 11, 2015 - 01:04 PM

As a former property insurance adjuster I can tell you that insurance companies vary widely in there requirements.  Some you do not even want to get close to.  Farmers is one of them.  Your tractors could fall under the collectibles section.  But do to fact that they have an engine and wheels, would more than likely be under an inland marine policy.  We have 2 - 4 wheelers on a separate policy for liability in case one of the grand kids get into trouble and another parts is involved.  If the agent starts to demand to many requirements, it is just a polite (or not so polite) way of telling you he don't want to insure them.  Walk away and find another company to talk to.  Do a Google search for any company your thinking about and see what others have to say about them. 

 

As one mentioned about any dwelling that is not on a permanent foundation is hard to get insured, and then only very basic coverage.  For the most part you local Mutual insurance companies are the best to deal with as they are the company.  None of this agent stuff for a company that is miles and miles away that could care less about you as long as you feed them the $$$.

 

I probably didn't help any but insuring this kind of collection is a real grey area.  Mine are not restored and covered under personal property hobby farm equipment.  I have heavy coverage on the dwelling and the 24 X 42 garage and shop.  Replacement cost on everything.  Rest of the buildings are not covered to try and keep the premium down to where I can pay it every 6 months.


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#9 Talntedmrgreen OFFLINE  

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Posted November 11, 2015 - 01:34 PM

Mine are not restored and covered under personal property hobby farm equipment.  I have heavy coverage on the dwelling and the 24 X 42 garage and shop.  Replacement cost on everything.  

 

 

If you are successful in insuring your equipment, how do you go about establishing a value for replacement...I assume something has to be determined before the coverage is issued?



#10 Jazz ONLINE  

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Posted November 11, 2015 - 02:00 PM

Picture 011.jpg

If you are successful in insuring your equipment, how do you go about establishing a value for replacement...I assume something has to be determined before the coverage is issued?

Around here appraisals on autos/ tractors about $125. each so might get a bulk rate. I carry no extras on my GTs.. a 6' fence around property but unfortunately the two big guys who partrolled the yard passed away this summer and we are sitting on the fence as to whether replace...



#11 Eric ONLINE  

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Posted November 11, 2015 - 04:06 PM

I was told that my machines were covered on our insurance under recreational vehicle and are worth up to 500 dollars. I would argue value but someone's things are always worth more to that person than to the one paying for it. I see it as paying for more insurance will cost me more in the long run than the tractors are worth.

#12 lrhredjb OFFLINE  

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Posted November 11, 2015 - 04:44 PM

I happened to notice while reading the rules for the Portland show that all gts, butt buggys etc. were required to have
insurance. This would be liability insurance of course but I wonder where does one get this insurance?

#13 johndeereelfman OFFLINE  

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Posted November 11, 2015 - 05:44 PM

I happened to notice while reading the rules for the Portland show that all gts, butt buggys etc. were required to have
insurance. This would be liability insurance of course but I wonder where does one get this insurance?

 

Normally, when a show requires insurance like you're referring to, it is usually through their organization or club only. In most cases like this, you give them $5.00 or $10.00 and that will get you insured with them only, should you have an accident on their show grounds. This insurance coverage by them will not insure you once you leave their grounds.



#14 johndeereelfman OFFLINE  

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Posted November 11, 2015 - 06:04 PM

This topic has come up when I had to update our home owners insurance two years ago when we bought the bigger house. Not sure if I can mention it or not, but I list my insurance policy through State Farm Insurance Company. Anyway, when I told my agent that I wanted $80,000.00 of coverage just on the garage alone, he was curious to know why so much. After I explained to him the size of my garden tractor collection, he quickly asked if I use the tractors for yard work. After telling him they are not, he told me he cannot cover me. Apparently, the insurance policy will only cover the basic objects that are normally found in a garage, like a grill, car or truck, lawn mower or tractor, yard and shop tools, and any miscellaneous cabinetry for storage. He states that, if I can prove that I use each tractor for yard work, then all tractors would be covered, however since they are only for collecting purposes, then they won't be covered if something should happen. Now here is the kicker. If I move my entire tractor collection into the basement of the house, all tractors, attachments, and parts would be covered under the policy 100%. It may be a little different for you guys that have an attached garage to your house, but for guys like me that has a separate garage from the house, our hobby won't be covered.

 

Around here, there is a company located the Chester County area that specializes just in hobby or collection insurance. For around $135.00 a year, you can have a $50,000.00 insurance policy to cover your toys. I'm still looking into the details of it, but once I know all of the final glitches and surprises, I'll give you all of the information. The neighbor across the alleyway told me about, as he has an insurance policy with this company, on his 1956 Chevy Bel Air. He started looking for something better, as his automobile insurance company wouldn't insure him enough coverage to cover him if he should have an accident. The car is fully restored, and he had the car appraised somewhere around $65,000.00. He says he never had any issues with this insurance company, but then again, he hasn't has to use them yet either! 


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#15 FrozenInTime OFFLINE  

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Posted November 18, 2015 - 11:56 PM

I have mine fully insured for value. 






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