Dogs are often called man’s best friend, but farmers tend to disagree. For those who spend their days working in the fields making a living, man’s best friend is definitely the tractor. Whether you have invested in a commercial farm or you’re more of a hobby farmer, a tractor will go a long way toward making your daily routine easier. When you’re plowing your garden, spreading compost, or clearing a pasture, your tractor will be the tool you turn to again and again. Tractors are a major investment, so make sure yours is covered with the best tractor insurance policy in case of damage or theft.
Know the Risks of Owning a Tractor
According to the U.S. Department of Labor:
- Tractor accidents are the leading cause of death and disabling injury on U.S. farms
- Number of U.S. deaths caused by farm tractors each year: 270• 50% of fatal farm accidents are caused by tractors
- 44% of tractor fatalities are due to tractor overturns
Tractors can be extremely dangerous, causing hundreds of fatalities and thousands of injuries every year. Even if you take major precautions by using all available safety features and giving careful attention to your surroundings, an accident can happen in the blink of an eye, causing injuries, property damage, or even death.
What Is Tractor Insurance?
Just as a car needs auto insurance before heading out on the highway, a tractor needs to be properly insured before you ever take it out for a spin. There are many ways that your tractor could be damaged or cause damage to another person or their property. In order to protect your equipment and your financial assets, you will need a reliable tractor insurance policy.
What Type of Tractor Insurance Do You Need?
Insurance for tractors can come in many shapes and sizes, and the type of policy you need will depend on several variables. If you’re a hobby farmer using the tractor exclusively in your own backyard, you can add it to your homeowners insurance policy, just as you would a lawn mower. Large agricultural operations will need tractor insurance as part of a larger farm insurance plan. If you own a business that uses tractors for landscaping or construction, your tractor insurance will be part of your inland marine insurance, a mobile equipment policy that includes all heavy equipment you operate on behalf of your business.
Don’t Forget Potential Tractor Liability Risks
Due to the high accident rate for tractors, it’s important to consider your liability risks. If your tractor causes harm to another person or their property, you could be liable for the damages. If your tractor rolls over and injures your neighbor’s kid, you will be responsible for paying for damages. Tractor liability will be covered under your farm insurance policy or under your business general liability policy, depending on how and where the tractor is being used.
Tractor Insurance for Damage and Theft
- Number of U.S. tractor thefts reported in 2014: 1,475
- Only 17% of stolen tractors were recovered in 2014
Tractors are among the most expensive pieces of equipment used on farms. So what would happen if your tractor was damaged or stolen? Tractors are one of the top targets for rural theft, with nearly 1,500 tractors reported missing each year. Only a small number are ever found by police, so farmers and business owners have to rely on their tractor insurance policies to pay for replacements. If your tractor isn’t insured, you’ll be stuck buying the new equipment out-of-pocket.
Compare Quotes to Find the Best Rates on Tractor Insurance
Insuring a tractor can be tricky because of the wide range of coverage options, depending on your unique situation. Whether you’re a full-time farmer, hobbyist, or business owner, you can find the most affordable tractor insurance rates by comparing quotes from multiple insurance companies. Trusted Choice® independent insurance agents can help you save time by providing you with personalized quotes from multiple insurers. Our experienced agents can help you navigate the maze of coverage options to find the policy that will best protect you against theft, property damage, and liability. Contact a Trusted Choice agent today to get a free tractor insurance quote.