Posted by JD Seller on August 17, 2014 at 07:23:34 from (208.126.198.123):
The post below about renting a car made me think about insurance. I have just carried liability insurance for years on my cars and pickups. I have not bought a new car or pickup since 1991. Also I have not had any car payments either. So no lending institution was "requiring" I carry "full" coverage.
My reason is the amount of money "saved" each year. On just a 4wd of just about any age full coverage is going to be right around $1000 per year. Newer ones can easily be double that. My liability coverage for my pickups averages around $350. So that is $650, or more, saved on each one each year. I have four trucks titled in my name so that would make the saving be over $2500 each year. When you count the car and grain trucks plus other vehicles I estimate that the saving is close to $7500 on everything. That adds up real fast. I can cover any damage and still be well ahead.
I do try to do some common sense things like not park them all in the same building and if there is bad weather coming (hail) I park them under roof.
Now on farm equipment the coverage for fire/theft is very reasonable so I carry it on everything. You can insure a $40K tractor for a few hundred each year. That is reasonable enough to insure it.
So how many of you just have liability????
Also how do you fellows that do not farm insure your tractors??? I would think it would be a headache on a homeowner policy.
Have any of you checked on weather your tractor is covered on tractor rides. MY agent says that your normal farm policy does not cover them when you are using them for an off farm practice like a tractor ride. IS he right???
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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