Have The Best Farming Experience With Tractor Insurance

TLTR: Tractor insurance is often overlooked because of other blanket coverages. This article explains why you need tractor insurance and how you can get it. 

While most farm insurance policies include blanket coverage for farm equipment, it’s always a good idea to get insurance specifically for your tractor. According to Statista, there were about 245,000 tractors sold in 2019. No doubt many of them lack coverage. Don’t make that mistake.

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Why Do You Need Insurance for A Tractor?

It’s a good idea because equipment is a farmer’s most significant investment, and a tractor is one of the most essential pieces of machinery on the farm.

By and large, tractor insurance is essential for preventing unnecessary financial risk. According to Kanoski Bresney, an injury attorney, tractors cause about 130 deaths annually.  Most of these accidents are due to tractor rollover. Rollovers significantly damage the tractor itself, as well.

There are various ways you can get tractor insurance. It can be included in commercial auto insurance policies or commercial umbrella insurance policies. Concurrently, blanket coverage can cover the tractor with an agreed or actual value. You can even insure different parts of the machine based on their worth.

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Benefits Included in Tractor Insurance

Different insurance companies offer various features in these policies. So, here are some of the things typically covered by tractor insurance:
  • Rollovers
  • Lost income
  • Fire
  • Lightning
  • Smoke
  • Theft
  • Collision
  • Hail
  • Windstorm
  • Vandalism
Other farm-related policies typically cover equipment such as:
  • Harvesters
  • Planters
  • Hay rakes
  • Irrigation equipment
  • Combines
  • Sprayers
  • Wagons
  • Farm office equipment
  • Other field equipment
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How Much Does it Cost to Insure A Tractor?

According to Price It Here, currently, tractors can cost anywhere from $9,000 to $75,000, depending on type.

When you get car insurance, you need to keep in mind the brand and model, the car’s condition, your credit score, and many other factors. Similarly, the cost of tractor insurance depends on various things, such as:

  • Type of tractor
  • Make and model number
  • Fuel type used
  • Whether any modifications were done
  • Age of the tractor
  • Registration place of the tractor
  • Claim history
  • Insurer’s history

Generally, based on these factors, the average cost of premiums on tractors varies between $5000 to $12,000 annually. These costs are dependent on the carrier you pick as well.

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Who Needs Tractor Insurance?

Anyone who owns a farm and has a tractor should have coverage in place. Not having a good policy can lead to financial disaster. Investing in a good policy is safeguarding your future as a farmer.  Many farmers don’t own but lease or rent tractors. If you are one of them, be sure to consult a knowledgeable insurance agent.  

Lastly, if you use a tractor on your private land for private production, you probably don’t need a commercial tractor policy. In such cases, you may want to just add a tractor insurance policy to your standard homeowner or farm insurance coverage.  

To Sum Up…

Farmers are the invisible backbone of the economy. You work hard day and night to produce food for millions. Getting tractor insurance provides a safety net that you not only need but deserve.

Get in touch with a local insurance agent today to make sure you get the right kind of tractor insurance.

What are your experiences with farming and farm equipment? Let us know in the comments below!

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