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Having a solid farm equipment insurance policy is vital. It ensures that you don’t end up in an unfavorable financial situation where your business is on the line.
This article explores what you need to know about farm machinery insurance for tractors, trucks, harvesters and other types of farm equipment, how much it costs, and more.
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.
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:
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.
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.
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.
So what does general liability insurance cover? General liability insurance covers the following on your behalf:
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:
Farm truck insurance is offered as commercial auto insurance. Commercial auto insurance offers the following protection for your farm truck:
Commercial property insurance functions to cover the commercial space you’re using to store the rental farm tractors. Its function is to:
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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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.
1.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.
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.
CoverWallet offers tailored insurance for farm tractors, trucks, and other equipment.
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.
Average cost: $325
Our rating: 10/10
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.
Average cost: $365
Our rating: 8/10
Cons
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.
Average cost: $380
Our rating: 5/10
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.
Average cost: $350
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.
Average cost: $390
Our rating: 6/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
