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Crawlers, Dozers, Loaders & Backhoes Discussion Forum

Whats the deal with theft/vandalism insurance?

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Sean

12-02-2003 19:10:40

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I'm going to be buying a loader fairly soon and will be storing it on a secluded wooded lot unattended for prolonged periods of time. I don't own an excavating business, just a home owner situation. What kind of theft and vandalism insurance is available to someone like me? How much would it cost?

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KURT (mi)

12-04-2003 16:05:09

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Re: Whats the deal with theft/vandalism insurance? in reply to Sean, 12-02-2003 19:10:40

I priced theft insurance on a brand new tractor $15K. The home owners policy would be $10 for each $1000 insured for theft. For example: $15K tractor, $150/year for theft only. Keep in mind that you will want to insure it for a little more than what it is worth.

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Bob

12-04-2003 07:36:29

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Re: Whats the deal with theft/vandalism insurance? in reply to Sean, 12-02-2003 19:10:40

Sean; We have a farm separate(30 miles) with a large shop. The contents are covered under homeowners. As we were close anyway we did opt to increase the coverage $. we have 5 tractors and a grain truck as well as several antique tractors and 1 cylender engines. We have State Farm and have never had a problem. One word of warning. I had a neighbor that I ask to keep an eye out for vandals when we werent around. I finally found out I had the fox in the chicken coup. He was using tractors and stealing fuel and I belief more items. This fellow and his wife had gone to school with my wife. Not everyone is a crook but keep your eyes open.

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Rich in Iowa

12-03-2003 18:10:17

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Re: Whats the deal with theft/vandalism insurance? in reply to Sean, 12-02-2003 19:10:40

Sean, Cannot specifically your question, however, the lower cost policy is not always the best one if a claim is ever filed. Just my $.02 worth.

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kjm

12-03-2003 17:22:20

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Re: Whats the deal with theft/vandalism insurance? in reply to Sean, 12-02-2003 19:10:40

Sean, After you talk to your SF agent call a Farmer`s Mutual in your county it saved me 50% with more coverage. No I don`t sell insurance. KJM

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Steve

12-03-2003 13:20:18

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Re: Whats the deal with theft/vandalism insurance? in reply to Sean, 12-02-2003 19:10:40

Sean, I have a farm separate from my home. My homeowner's insurance co covers both. My homeowner's insurance assures me that my existing coverage handles the tractor, crawler, etc.

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VaTom

12-02-2003 19:29:17

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Re: Whats the deal with theft/vandalism insurance? in reply to Sean, 12-02-2003 19:10:40

All my unlicensed vehicles (4) are covered by my home owners' insurance. Parked at a remote location might change that. I asked about damage on someone else's property and was told that sounded like a commercial application and to insure accordingly.

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Sean

12-03-2003 16:10:35

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Re: Re: Whats the deal with theft/vandalism insura in reply to VaTom, 12-02-2003 19:29:17

Thanks Steve and VaTom. Hmm, well I don't own a house yet, just this property. And I don't have a business, although I am going to have the lot classified as a tree farm (which is classified as a business). I guess I'll have to call ye' olde insurance agent and see what they say. But, would just any insurance co. (State Farm etc) cover something like a loader?

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Bishop

12-03-2003 17:00:23

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Re: Re: Re: Whats the deal with theft/vandalism in in reply to Sean, 12-03-2003 16:10:35

Sean ; your homeowners will cover the unit for LIABILITY only on the vacant property. you would need to contact your SF agent and ask him/her for "inland Marine" policy to cover your unit for actual physical damage. As far as farm being covered by the homeowners the farm has to be void of any structures (vacant ground)and no farming operations whatever. lol from a 42 yr SF agt in Mo.

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VaTom

12-03-2003 18:53:03

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Re: Re: Re: Re: Whats the deal with theft/vandalis in reply to Bishop, 12-03-2003 17:00:23

Hi Bishop, I knew there was another good reason I've never dealt with State Farm, as big a presence here as they are. I've had no problem with either Allstate or Erie over full coverage on my farm machinery by my homeowners' where I live. What a bunch of crap.

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Sean

12-03-2003 18:13:16

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Re: Re: Re: Re: Whats the deal with theft/vandalis in reply to Bishop, 12-03-2003 17:00:23

Thanks Bishop and kjm. I'll look into Farmer's mutual and see how much they are. Bishop since you're a SF agent, I have SF for my renters insurance (I don't have a house) and also have SF vehicle insurance on 2 cars and 1 truck. I know the renters doesn't cover the same stuff as a homeowner's policy (like stuff outside getting stolen/vandalized etc). Since my land (undeveloped, no structures or crops other than trees) is several miles away from my rental unit...is there any way to get the loader covered and it still be under my renters insurance? Or should I just go with the "inland marine" thing, whatever that means. lol

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rick roberts

12-04-2003 09:21:47

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Re: Re: Re: Re: Re: Whats the deal with theft/vand in reply to Sean, 12-03-2003 18:13:16

I got an inland marine policy from farm bureau insurance that covers the 450 JD up to 15,000 dollars for theft , damage and vandalism, etc. It costs me 505.00 a year. I think it was a smart move as I have to haul this between farms and the agent told me it was not covered while on my trailer between places without insurance. I was concerned I would have an accident and damage the unit while traveling. He said the truck insurance covered the trailer I was pulling but none of the contents I might have on it. I wasn't aware of this. rick

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Jim Presley

12-04-2003 21:57:26

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Re: Re: Re: Re: Re: Re: Whats the deal with theft/ in reply to rick roberts, 12-04-2003 09:21:47

I'll have to ask about this inland marine policy. My allstate agent told me that since I keep my TD-9 on property I own 250 miles from my residence, that the homeowners did not cover it. My property is also not built up yet (no residence address)so they could not give me a new policy either, so I was out of luck. Jim P

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