A tractor isn’t just a heavy piece of equipment. It’s a major investment. If there’s ever an emergency repair or if an accident occurs, the costs can soar quickly. Insurance on a tractor protects you and your family from unaffordable repairs.
Are you a farmer and wondering how to insure a tractor properly? Here is a comprehensive guide that describes how to insure a tractor and answers any questions you may have:
1. Why Get Tractor Insurance?
Tractors break down. They are also capable of causing a lot of damage. Without insurance, a tractor owner can unfortunately see thousands of dollars in cost owing from them for repairs or medical services. Even if a user’s most careful, accidents happen. It doesn’t hurt to protect yourself and secure some form of tractor insurance from a reliable provider. If the worst occurs, having to incur a large cost is at least one thing you don’t have to worry about.
2. What Are the Risks of Owning a Tractor?
Even though tractors are necessary pieces of farm equipment, they can be unquestionably very dangerous. That’s why it’s important to find ways on how to insure a tractor properly.
In Canada, tractor accidents are the leading cause of death and disability related to farm work. Approximately 27 deaths occur in Canada every year due to improper use of farm tractors or accidents relating to them. Roughly 44 percent of tractor fatalities are due to tractor overturns. The risks are real, even if you’ve been fortunate enough to have nothing ever occur on your farm.
3. What Does Tractor Insurance Cover?
When a tractor breaks down and it needs a repair, tractor insurance covers it. If you’re ever involved in an accident and experience an injury, tractor insurance can help you there as well. Damage to someone else’s property or personal injury stemming from you using your tractor is protected by insurance. As with auto and home insurance, tractor insurance coverage varies. Assuming one decides to cover themselves fully, this is the best decision one can make for this piece of heavy farm equipment.
4. Do I Already Have Tractor Insurance?
If you have a tractor loan, you may already have tractor insurance however it is only for the duration of the loan. Alternatively, if you have home insurance, it may – though not always – include your tractor as long as it’s on your property and used for maintenance or farm use. Insurance in this scenario, however, is non-existent the moment you drive your tractor off-property. Needless to say, this is hardly ideal, full tractor insurance coverage.
5. What If Someone Steals My Tractor?
If you have tractor insurance through a tractor loan or home insurance plan, it doesn’t cover tractor theft. Approximately 150 tractor thefts occur every year in Canada and they’re one of the most popular forms of rural theft, with only a small number of tractor theft cases solved. Like it or not, the best way to ensure your tractor is fully covered is through an insurance plan specific to tractors.
These insurance plans tend to come one of two ways – individually where your tractor is insured under a separate policy or under a blanket policy covering several pieces of designated home and farm equipment.
6. How Much Can I Expect to Pay For Tractor Insurance?
Like it does for other vehicles, tractor insurance varies according to shape, size, and model. There are many factors that one takes into account when offering insurance coverage. Whether you’re a hobby farmer or using your tractor for commercial purposes, this could also play into your final cost.
7. Strongly Consider Liability Risks
When selecting insurance for your tractor, liability is recommended for inclusion. Being held liable for damages incurred on someone else’s property or to them, these are costs you don’t want. Safety as you drive isn’t the issue, either. What if your tractor rolls over and injures one of the neighborhood kids – you’re still responsible to pay for any damages related to your tractor. As unfortunate as it is, that’s the truth. Insurance protects you.
8. What Else Can Be Included in Tractor Insurance Coverage?
Standalone tractor insurance coverage helps in a number of situations, including some you may not expect. If you use your tractor to assist a neighbour or clear snow, tractor insurance will oftentimes include these situations. You can actually leave your driveway with specified tractor insurance and not be at risk.
There can also be coverage on tractor rentals and tractor accessories, if it’s specified in the policy. Like auto and home, there are many ways to fully customize your tractor insurance so that it matches your needs – and not someone else’s.
9. How to Insure A Tractor Starts With An Agent
Connect with an insurance agent. It’s the first step towards entertaining different coverage options and discussing your unique situation. From full-time farmers to hobbyists, there’s affordable tractor insurance out there ready to be found. Compare quotes, consider what else you can insure to help lower costs, and you may even want to consider a policy with home and auto included if affordability if the top priority. An insurance agent saves time and can personalize quotes to you. Protect against tractor theft, property damage, and liability.
