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Do you have your tractors/collectables insured ?


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#1 Alc ONLINE  

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Posted August 22, 2011 - 05:40 AM

Do you have your tractors/collectables insured ? If so is it a "rider" on your home owners ? Thanks Al

#2 MH81 ONLINE  

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Posted August 22, 2011 - 06:38 AM

We have a policy rider that covers contents of the garage and the big tractors are listed. I haven't decided what to do about the GTs, as for being on the homeowners, not sure the insurance agency would buy into the fact that I need x # of mowers at my house. :D

#3 Alc ONLINE  

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Posted August 23, 2011 - 05:19 AM

I wonder if a home owners policy would cover when the tractors/equipment are at events ?

#4 MH81 ONLINE  

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Posted August 23, 2011 - 07:34 AM

I don't think they'd be covered off-property. A dedicated policy probably wouldn't be all that much. When they're on the trailer, they should be covered by your auto policy, at home, contents of garage? if listed separately & your policy is big enough. If you talk to you insurance agent, ask about a generic policy that covers boats, cars, etc... Anything collectable. That way you could put them and anything else you want to protect on there. Also, shop around a little. You may find just what you want from another agent.

#5 Alc ONLINE  

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Posted August 23, 2011 - 07:48 AM

I'll have to call my agent to see what they carry and how they come up with value too.

#6 Ranchkingron OFFLINE  

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Posted August 23, 2011 - 12:06 PM

I was told by my agent that they would be covered by our homeowners policy but that it would be better to get a rider for them a collectibles.

He also said if they were ever stolen to claim one (the least valuable) as the dedicated house mower then we could get a new one and use the rider for the collectors value on the rarer more expensive ones ?

I'm not sure why but I reason like was said they figure you don't need more than one for the house ?

The rider policy is $157 per year and goes up or down depending on how many and what value they have.

Ron
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#7 Alc ONLINE  

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Posted August 23, 2011 - 08:01 PM

Thanks Ron , Does that cover them when your at a show too ? Al

#8 Ranchkingron OFFLINE  

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Posted August 23, 2011 - 09:57 PM

Unfortunately no and neither does my auto policy so if I go to a show with them or leave the property I'm on my own.

Ron

#9 coldone OFFLINE  

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Posted August 23, 2011 - 10:05 PM

Hey Coldones wife here. In NC your tractors, mowers etc are covered under your homeowners policy as long as they are used for the maintenance of your residence premises. This also being said if you say have a property 10 20 etc miles away from your home that you are mowing etc they would be covered there as well. As for taking them to shows and if they are more collectables then YES a seperate policy is better suited for you. I personally would rather have them covered under my homeowners policy as I get REPLACEMENT value of the item in quesiton. To where a rider or seperate policy will only pay you the actual cash value (aka depreciated value) of the item at the time of loss. But you may want to check with your agent to see if they provide a seperate policy that will allow you replacement value for it. If the seperate policy is the way you decide to go then I HIGHLY suggest you obtain an apprasial on the item. That way there can not be much of a dispute over the value of it (especially if you have put ALOT of time and mainly money in to getting it show quality) THe issue with determining the value of these items is that not many people (mainly adjusters) have much experience with them. Lots of times its hard to find someone who can give you an accurate value on it. I know for some it comes down to looking online and brining in ad's for the same like kind and quality of what they have/had to help determine the amount needed. Pictures pictures pictures. That way you can verify that you do own said item and it did have a $500 part on it. Hope this helps some.
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#10 Ranchkingron OFFLINE  

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Posted August 23, 2011 - 10:31 PM

Hey Coldones wife here. In NC your tractors, mowers etc are covered under your homeowners policy as long as they are used for the maintenance of your residence premises. This also being said if you say have a property 10 20 etc miles away from your home that you are mowing etc they would be covered there as well. As for taking them to shows and if they are more collectables then YES a seperate policy is better suited for you. I personally would rather have them covered under my homeowners policy as I get REPLACEMENT value of the item in quesiton. To where a rider or seperate policy will only pay you the actual cash value (aka depreciated value) of the item at the time of loss. But you may want to check with your agent to see if they provide a seperate policy that will allow you replacement value for it. If the seperate policy is the way you decide to go then I HIGHLY suggest you obtain an apprasial on the item. That way there can not be much of a dispute over the value of it (especially if you have put ALOT of time and mainly money in to getting it show quality) THe issue with determining the value of these items is that not many people (mainly adjusters) have much experience with them. Lots of times its hard to find someone who can give you an accurate value on it. I know for some it comes down to looking online and brining in ad's for the same like kind and quality of what they have/had to help determine the amount needed. Pictures pictures pictures. That way you can verify that you do own said item and it did have a $500 part on it. Hope this helps some.


Here in Michigan even for a show vehicle you can get a separate/rider policy for the actual value you place on them i.e. you have a mint vintage car that you can value at $20.000 but you only paid $12.000 for. but there are limits like it must be secured inside, only used during summer months, no more than 2000 miles per calender year etc.

With my tractors the restrictions were secured on my property, and no on road use because they cant be legally licensed, even trailering them means they are off property and become uninsured, but you're right I could have gotten a policy to cover them at shows but it was way more than I wanted to spend since I don't take them to shows.

And like you said you must provide some documentation as to perceived value photos, ads, or have them appraised, I did all three so I'm covered up to $10.000 for the tractors and the two motorcycles.

My agent also checked every one of the ads and documents to be sure I wasn't padding the numbers.

Thanks Mrs. Coldone for the great advice Ron
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#11 Alc ONLINE  

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Posted August 24, 2011 - 05:22 AM

After reading all the good info from everyone I'll be looking to get some that pays the replacment value . I can see it now " Here's your $5.00 check for your David Bradley that sold for $495 in 1957 " :wallbanging:

#12 IamSherwood OFFLINE  

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Posted August 24, 2011 - 06:47 AM

Thanks for all the good info here, and for bringing up the subject.
A reminder for me to rattle my brokers cage.
Last winter I had a small carb fire on one of my old clunker snowmobiles. Got it out, and
all was well. Parked in the same shed where 4 of my collector GTs.
I immediately called the mrs, to pick up 4 fire extinguishers in town(the ones I had weren't handy enough) and
then called my broker to work on getting something happening with coverage. As things sometimes go, it slipped
my mind and apperantly his too. On my list of calls for today.

I recall that the contents coverage of the homeowners policy will only go so far. (as already mentioned)
Seperate coverage is needed.




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