Posted by oldtanker on October 19, 2010 at 10:26:48 from (66.228.255.223):
In Reply to: Insurance posted by Enar on October 18, 2010 at 17:46:20:
Some insurance companies don't like to insure items that can be called classics but are still being used by other people are a work item.
The problem being that an M for example isn't worth that much. I don't care how much you dumped into it, it's what you can expect to get out of it at sale time. I can find a lot of M's around here in pretty good shape for under 2K. I wouldn't pay over that 2K figure for any M unless you could prove that it's a "speical" tractor....1st/last in production/live hyd/TA and so on. Now if I take that 2K tractor and put 5K into making it like new I still have a 2K tractor.
The insured isn't happy with that deal so you get into violation of the law.
Insurance is to put you back where you were before a loss. Anything over that is betterment and in most states not allowed. Because you can still buy a used M on a dealers lot the insurance company has to go by fair market local area value. Now you can find some companies that will look at collector value but they are only a few, most are going to look at what they are selling for on auction reports and dealers lots.
They know that if you take a car with a market value of 2500, dump 10K into the engine, tires/rims and paint you have a car thats worth 2500. Go ask the guy who owns said car what it's worth.
You may find a company that will insure it as a collector but suffer a loss and see what they want to pay. You can claim while buying a policey that's it's worth 5k but you may be dissapointed in what they are willing to shell out.
I talked to a local used tractor dealer here the other day. I made a comment about what a tractor was worth. He told me that on the older tractors he can't afford to put new rubber on em. He did in the past but no longer. On something like an H (his example) the cost of 4 new tires can be more than more than what the market value is and that buyers are not willing to pay extra just because it's got new rubber.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Memories of an IH Super A When I was ? up to 10, I worked on my Papaw's farm in Greeneville, TN every summer. As I grew older (7), it was the thrill of my day to ride or drive on the tractor. My Papaw had a 1954 IH Super A that he bought to replace a Cub. My Papaw raised "baccer" (tobacco) and corn with the Super A, but the fondest memory was of the sawmill. He owned a small sawmill for sawing "baccer" sticks. The Super A was the powerplant. When I was old enough (7 or 8), I would get up early and be dressed to
... [Read Article]
Latest Ad:
Variable pulley for case 1530 skid loader
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
