Overview of Best Tractor Insurance

Aug 26, 2022 By Susan Kelly

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Tractor insurance protects farmers from going bankrupt if their tractor or other farm machinery breaks down. This may occur if you are involved in an incident or if any of your tools are damaged during a natural catastrophe. Your liability insurance will cover you if you injure someone or damage their property while using your tractor.

Even though high-value equipment is sometimes excluded from standard farm insurance policies, separate plans can be acquired to protect it against more specific risks or to ensure that it is adequately insured.

To What Extent Does a Tractor's Insurance Pay?

Tractor insurance protects tractors and other heavy farm machinery. If your tractor or vehicle breaks down, this insurance will cover the repair costs. If your tractor is involved in an accident, you won't have to worry about paying for damages or being sued. It's available alone or as part of a package deal with coverage for your farm vehicle or machinery. Extraordinary threats, such as floods or typhoons, are also frequently mentioned.

How much does tractor insurance cost?

The overall cost of your tractor insurance depends on several factors, including the value of your tractor, your driving record, the deductibles you choose, the amount of liability coverage you select, and the conditions of your policy. There is a wide range in tractor insurance premiums depending on whether the coverage is purchased alone, as part of a more comprehensive farm equipment insurance policy, or as part of a blanket agricultural equipment insurance policy. Protecting pricey farm equipment with schedule-based insurance coverage can be rather costly.

What should I keep in mind while shopping for farm tractor insurance?

When looking for tractor insurance, it's crucial to factor in the monetary value of your equipment, the costs associated with a breakdown, and the risks you encounter on the farm. Insurance that extends protection to tools you borrow or rent frequently is an excellent idea. Those who worry about not having enough money to replace costly machinery may look into purchasing a policy with a scheduled option.

The United Services Automobile Association (USAA) cooperates with insurance and financial service providers catering to military personnel and their families. USAA has partnered with A.M. Best Company's Travelers to offer tractor and farm insurance to their qualified customers.

When Should You Start Looking into Buying Tractor Insurance?

You may want to consider acquiring tractor insurance if you possess a high-priced tractor or another piece of farm equipment that isn't fully covered by your typical farm insurance policy (such as against things like property damage and liability tied to its use). Tractor insurance can provide additional liability protection and property coverage if an insured risk is excluded from primary farm insurance, such as rock ingestion.

Insuring your vintage tractor is essential, and luckily Hagerty, the largest provider of collector car insurance in the world, has several plans to choose from.

Tractors must be 25 years or older, permanently retired, and in good condition (unless they are undergoing restoration) to be covered. Customers can save money by insuring multiple cars or tractors under the same policy, and the premiums are reasonable.

Specialized policy options, such as full replacement value coverage, are available to eligible owners. The website serves as a quoting tool for the business. When damage occurs, policyholders can go to whichever repair facility they like. Repair and restoration projects can benefit from Hagerty's ability to track down hard-to-find components.

How We Decided on the Best Insurance for Our Farm Tractors

We looked at a dozen companies focusing on insuring tractors and other agricultural equipment. We narrowed it down based on aspects including where they offer coverage, how much it costs, whether or not they provide additional policies, and what risks they cover. In addition, we considered the company's credibility, the ease with which we could contact customer service, and the general ease of doing business with the organization.

Each of the companies we've included on our list is well-known in the agricultural insurance industry for providing excellent plans, has been in business for decades (or is affiliated with companies that have), and gives you the freedom to select the coverage limits and deductibles that work best for your tractor.

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