Insuranks
Insuranks

Farm Equipment, Tractor, & Truck Insurance: Cost & Quotes From $11

For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!


For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Having a solid farm equipment insurance policy can ensure that you don’t end up in an unfavorable financial situation where your business is on the line. In this guide, we’re going to explore what you need to know about farm machinery insurance over, how much it costs, and more. 


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Farm Tractor Insurance

Agriculture tractor insurance is a type of tailored agricultural machinery insurance for tractors. It is useful for farms or farmers using the following types of tractors that hasten work:

  • Implement carrier tractors

  • Orchard type tractors

  • Row crop tractors

  • Utility tractors

  • Garden tractors


Typical insurance for farm tractors consists of different business insurance you can decide to have or not. Let’s talk about the inclusions in the next section.


What is Covered by Farm Tractor Insurance?

Like with heavy equipment insurance and heavy machinery insurance, exactly what is covered by your policy depends on the kind of business insurance you choose to include. Commonly, a typical farm tractor insurance offers general liability insurance, auto liability insurance, and more.


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 Auto Liability Insurance for Farm Tractors 

Keep in mind that this isn’t the kind of general liability coverage that a business needs but rather a commercial vehicle insurance coverage. The function of farm tractor auto liability insurance is to:

  • Cover the medical expenses of injured third parties or reimburse the value of the damaged property if your farm tractor causes an accident while running on a public highway 

  • Cover attorney fees, compensatory payments, administrative costs, and other legal expenses if someone decides to take legal action against the accident your farm tractor caused

 

Auto liability insurance for farm tractors is offered together with collision insurance and comprehensive insurance. Collision insurance will cover your tractor’s parts repair or replacement if it becomes damaged after colliding with an object or vehicle while running on the highway. On the other hand, comprehensive physical damage coverage will cover parts repair or replacement if your farm tractor incurs damage due to theft, vandalism, fire, and other covered perils. 


We almost forgot but you can also get personal accident coverage and bundle it with your farm tractor auto liability insurance. Personal accident coverage will pay for medical bills if you get injured upon causing a vehicular accident with your tractor or getting involved in one. If another person is driving your tractor, then he or she is covered too. 



Goods in Transit Insurance for Farm Tractors

Specific types of farm tractors can be attached with a trailer and are useful for hauling goods.  If you own one, consider getting goods in transit insurance. Goods in transit insurance will reimburse your losses if the products loaded in your farm tractor’s trailer become lost or damaged during the trip. 


Equipment Breakdown Insurance for Farm Tractors 

Frequent use will eventually result in the occasional breakdown of your farm tractor. This is why tailored agricultural tractor insurance offers equipment breakdown insurance. Equipment breakdown insurance covers parts repair or replacement if your farm tractor incurs damage while being used on the farm. This covers battery replacement, wiring repair, GPS repair, and many more.  


You can endorse trailer and implement coverage to farm tractor equipment breakdown insurance.  As the name implies, trailer and implements coverage will reimburse losses if trailers and other farm tractor attachments become lost or damaged due to frequent use, theft, vandalism, and other covered perils. 


By the way, if your farm tractor is stolen or becomes totaled, equipment breakdown insurance can replace your farm tractor with a new one provided that it was less than one - three years old. Ask your insurance company if its equipment breakdown insurance does this. 


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Farm Tractor General Liability Insurance

Note that farm tractor auto liability insurance will only provide coverage if your farm tractor injured people by causing an accident while running on the highway. If your farm tractor caused injuries to third parties while being used on the farm, then you need to turn to another business insurance for protection - general liability insurance. You’ll find this useful in the following situations:

  • You accidentally run over someone’s foot while using a farm tractor in the farm or any other work locations

  • You backed on someone while using a farm tractor on the farm or any other work locations

  • You damaged someone’s property while using a farm tractor on the farm or any other work locations


So what does general liability insurance cover? General liability insurance covers the following on your behalf:

  • Third-party personal injuries - When you injured someone while using a tractor on the farm or any other place except highways, general liability insurance will cover medical bills if the person files a claim

  • Third-party property damage - Farm tractors are solid machines that can easily destroy or damage someone’s property. General liability insurance for farm tractors reimburses the owner of a damaged property on your behalf

  • Legal defense - Personal injury claims and property damage claims are wrapped in court and general liability insurance will pay for attorney fees, compensatory payments, administrative costs, and other legal expenses on your behalf



Farm Tractor Workers Compensation Insurance 

Workers' compensation insurance is useful if you have one or more employees operating multiple tractors on the farm. This insurance protects your business against the hefty expenses of work-related accidents and illnesses. By having workers comp insurance, you can cover the following:

  • Medical treatment/procedure - Overturning and being backed on are some incidents that will inflict injuries to your farm tractor’s operator. In connection, workers' compensation insurance will shoulder costs if the operator’s injuries require a medical treatment/procedure

  • Hospitalization - Injuries such as fractures, concussions, and contusions will end with your farm tractor operator staying in the hospital for days, weeks, or months. Workers compensation insurance will help with this by paying for the hospital bills on your behalf 

  • Medication - Workers' compensation insurance will cover the cost of antibiotics, anti-inflammatory tablets, and other medicines your farm tractor operator needs to prevent an injury from worsening 

  • Lost income compensation - Workers' compensation insurance will supplement lost income if your farm tractor operator can’t work for a while. Lost income compensation is implemented as a weekly allowance equal to two-thirds of the average weekly wage 

  • Death benefits - If your farm tractor operator dies because of a work-related accident or illness, workers compensation insurance will take care of funeral expenses and will provide cash aid to dependents


How Common Are Farm Tractor Accidents?

Farm tractor accidents are very common and it’s estimated that 130 die annually because of them. In fact, there are a lot of incident reports available online. Here are some examples from the Occupational Safety and Health Administration:

Incident DateWhat Happened?
October 18, 2017An employee was working for a crop harvesting firm and was using a tractor owned by the employer. While driving, the tractor rolled over on an embankment and fell 25 feet off from the main access road. This resulted in the employee’s instant death 
May 12, 2008A dairy farm employee - a tractor operator - was crossing the public road to go to the other side of the farm. While crossing, a pickup truck came and struck the tractor in question. The operator was thrown off the tractor and struck by the same pickup truck. This resulted in chest fractures that required intensive medical care 
February 17, 2017An employee was operating a Kubota Tractor with an attached brush trimmer. While being used, the tractor ran over another employee. This employee sustained a broken nose, a laceration to the left eye and left side of his face. The employee was hospitalized and treated for his injuries


Farm Truck Insurance

Farm truck insurance is offered as commercial auto insurance. Commercial auto insurance offers the following protection for your farm truck:

  • Auto liability coverage - Covers medical expenses for injured third parties and reimbursement for damaged property if your farm truck causes an accident

  • Physical damage coverage - Pays for the parts repair or replacement of your farm truck if it incurred damage due to an act of God, malicious mischief, or collision

  • MedPay/personal injury protection - MedPay and personal injury protection both cover the medical expenses of the driver and passengers who got injured after your farm truck caused an accident or got involved in an accident. But note that there’s a subtle difference between the two. Personal injury protection is more comprehensive because it covers medical expenses, after-hospital visits, lost income compensation, and more. MedPay, in contrast, only covers funeral and medical expenses 


Note: you might also want to get non trucking liability insurance or bobtail insurance for your farm truck. 


Commercial Insurance for Farm Tractor Rental Business

There’s also tailored commercial insurance available if you’re renting out farm tractors and other farm equipment.. Farm tractor and farm equipment insurance coverage included are general liability insurance, commercial property insurance, and workers’ compensation insurance. 


General Liability Insurance for Farm Tractor Rental Business

Just like general liability insurance for farm tractor owners, general liability insurance for farm tractor rental businesses covers third-party bodily injuries, third-party property damage, and legal defense costs. But note that it’s a bit different because it features optional policies such as:

  • Advertising injury coverage - If your farm tractor rental business faces a claim for slander, libel, defamation, copyright infringement and other types of reputational or advertising harm, advertising injury coverage will cover legal expenses 

  • Products and completed operations coverage - Products and completed operations coverage will provide protection if a tractor being rented causes personal injuries or property damage to a client and other third parties 


Commercial Property Insurance for Farm Tractor Rental Business 

Commercial property insurance functions to cover the commercial space you’re using to store the rental farm tractors. Its function is to:

  • Reimburse losses if the commercial space you’re using is destroyed by fire or extreme weather

  • Reimburse losses if the structures of the commercial space of your farm tractor and  equipment rental business incur damage due to fire, theft, vandalism, extreme weather, and other covered perils 


Note that commercial property insurance for farm tractor rental business includes stocks and contents coverage. Stocks and contents coverage allows you to recover losses if the installations inside and around your business’s commercial space as well as the documents and other valuable items inside become lost or damaged due to fire, theft, vandalism, and other covered perils. 


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Farm Tractor Insurance Cost

The average farm tractor insurance cost is about $750 per month or $8,500 per year for a $1 million general liability insurance.


However, there are several factors that go into determining how much your farm tractor insurance will cost. First and foremost, the tractor model that you’re trying to insure and the number of tractors you have on your farm will have the biggest impact on your insurance premiums.


Your rates will also be dependent on your farm’s safety record. If you have a history of accidents on your farm, then you will have a much higher rate because of the significant risk that the carrier is taking when they offer you agricultural equipment insurance.


You’ll also have to work out how high your deductible is, as a higher deductible will cut down on the cost of your insurance premium because it lessens the chances of you using the policy for more minor repairs. Taking out a higher deductible is like gambling that you won’t need to use your insurance policy.


As we’ve discussed, many tractor insurance policies are only available as part of a blanket farm insurance policy, and this will understandably result in much higher premiums because of the wider range of things that are covered by a blanket policy.


Cost per MonthCost per YearBest for
CoverWallet$325$3,900Farm tractor and farm equipment insurance quotes comparison online
Progressive$350$4,200Equipment breakdown insurance for farm tractors
Geico$365$4,380Commercial auto insurance for farm tractors and farm trucks
Trusted Choice$380$4,560Farm tractor insurance company with trusty agents
Farm Bureau$390$4,680Custom insurance for farm tractors
American Family$415$4,980Tailored insurance for new farm tractors and other equipment
Shelter$450$5,400Farm equipment insurance with comprehensive equipment breakdown coverage for farm tractors
Nationwide$750$9,000Tractor insurance that covers rented tractors

Compare Farm Tractor & Equipment Insurance Quotes

Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Best Farm Tractor Insurance Companies

If you’re looking for agriculture tractor insurance online, then you’ll need to know a few things about the insurance carriers that offer policies covering these vehicles. Each of the following companies offers its own form of farm tractor insurance, and they each have their own areas of specialization. Read the reviews below to know about the pros, cons, and pricing for a $1 million general liability coverage. 


CoverWallet Farm Tractor Insurance


Pros

  • Cancel a policy anytime

  • Get insured online

  • Stable rates

  • Responsive customer support 

Cons

  • Not an insurance company but an insurance broker 


CoverWallet is a sister company of AON and an insurance broker with a quotes comparison platform you can use to find insurance companies offering tailored insurance for farm tractors, trucks, and other equipment. What makes this company good is that you can get quotes showing pricing and offers by only providing basic customer information. Also, CoverWallet allows you to immediately buy any insurance quotes received. 


Best for: Farm tractor and farm equipment insurance quotes comparison online

Average cost: $325

Our rating: 10/10


Progressive Farm Tractor Insurance


Pros

  • Offers equipment breakdown coverage for farm tractors

Cons

  • Doesn’t offer auto liability insurance and other commercial auto insurance coverages for farm tractors 


There are a few different kinds of vehicles that Progressive does not insure because of their lack of specialization in that particular area.  Unfortunately, farming tractors are included in the list of vehicles that Progressive does not offer commercial auto insurance for, so you will be unable to get a package deal on your tractor if you already work with Progressive.


Best for: Equipment breakdown insurance for farm tractors

Average cost: $350

Our rating: 9/10


Farm Tractor Insurance Geico


Pros

  • Has a lot of discounts in its commercial auto insurance for farm tractors and trucks

Cons

  • Some business insurance products are underwritten by other carriers


While Geico doesn’t outright refuse to insure farm tractors unlike Progressive, they tend to handle tractors on a case by case basis. This company primarily offers commercial auto insurance for farm tractors and trucks with a plethora of discounts - new vehicle, safe driver, and more. 


Best for: Commercial auto insurance for farm tractors and farm trucks

Average cost: $365

Our rating: 8/10


Trusted Choice Tractor Insurance


Pros

  • Has knowledgeable insurance agents that help you find get the best coverage for your farm tractor 

Cons

  • Customers report that some insurance agents are rude


Trusted Choice is a platform of independent insurance agents who work with you to find the best farm tractor insurance rates. Working with a company like Trusted Choice is often a good idea if you’re looking for niche insurance like agricultural equipment coverage because they help remove a lot of guessworks when it comes to finding the right coverage. 


Best for: Farm tractor insurance company with trusty agents

Average cost: $380

Our rating: 7/10


Farm Bureau Financial Services Tractor Insurance


Pros

  • Offer custom and tailored insurance for farm tractors

Cons

  • Not accredited by BBB


Farm Bureau Financial Services offers policies that are specifically tailored for the farmers buying them. They will go over how you use your farm tractor with you and draw up a policy that excludes everything you don’t need. This makes them an excellent choice for farmers looking to save money.


Best for: Custom insurance for farm tractors

Average cost: $390

Our rating: 6/10


American Family Tractor Insurance


Pros

  • Tailored insurance for the latest farm tractors and other equipment

Cons

  • Customer support is slow to respond 


American Family is one of the best companies to work with if you’re trying to ensure modern farming equipment and tractors. This is because the company typically works with gear that’s newly bought and they offer a wide range of add-ons for their farming equipment coverage so that you’re fully protected.


Best for: Tailored insurance for new farm tractors and other equipment

Average cost: $415

Our rating: 5/10


Shelter Tractor Insurance


Pros

  • Comprehensive equipment breakdown coverage for farm tractors

  • Insures tractors under its tailored farm equipment insurance 

Cons

  • Doesn’t underwrite tailored farm tractor insurance


Shelter Insurance knows what they’re doing when it comes to insuring tractors, and this is made obvious by how they cover relatively specific occurrences like lightning strikes and broken cabin glass. Unfortunately, Shelter Insurance won’t cover rented farming equipment, so you’ll have to own your tractor.


Best for: Farm equipment insurance with comprehensive equipment breakdown coverage for farm tractors

Average cost: $450

Our rating: 4/10


Nationwide Tractor Insurance


Pros

  • Covers rented tractors

  • Has an AgriChoice program for farms 

Cons

  • Slow to handle claims 


Nationwide offers some of the most versatile tractor insurance on the market, and they will cover a wide range of vehicles, including rented tractors. Unfortunately, Nationwide doesn’t offer commercial auto insurance for tractors, but they are instead included in their AgriChoice insurance program for farms.


Best for: Tractor insurance that covers rented tractors

Average cost: $750

Our rating: 3/10



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