Its "cheap" insurance

[cowman82]

I have everything set to minimum liabilities.

 

[cowman82]

There is a lot of money made on a false sense of coverage. Sadly, the agents don't even understand what they are selling in a lot of cases.

I know a guy that just had several million stolen from him. He pays over 50k/yr in insurance for these items. They said they'd only give him 400k and now are fighting him to even give him anything at all. They said they have 4 years to investigate it or something like that.

 

[Lucky]

There is a lot of money made on a false sense of coverage. Sadly, the agents don't even understand what they are selling in a lot of cases. I have caught errors multiple times on my policies.

I didn't fight them on this since I figured it was the case. We've had SxS and ATVs since about 1995 and never filed a claim so figured I'd let this one ride. Crazy thing is I had 2 SxS and an ATV with insurance on them when this happened. Guess they picked the wrong thing to go riding on.

On a side note...I never gave it any thought until our new agent brought it up, but if you are in an accident on an ATV with another vehicle you need insurance.

 

[chevytaHOE5674]

My farm equipment policy specifically states regardless of location. I make hay and do equipment work all over the county, as well as have multiple pieces of land spread across 20 miles, a policy wouldn't be much good if it only covered while at home.

 

[Brute 23]

Liability is still a good value, imo. I think there is a strong case mathematically to self insuring though for some of these other items if at all possible.

 

[cowman82]

My farm equipment policy specifically states regardless of location. I make hay and do equipment work all over the county, as well as have multiple pieces of land spread across 20 miles, a policy wouldn't be much good if it only covered while at home.

you have to make sure you are covered this way though... b/c they will not cover you like this unless you ask. I've known several people who've been screwed b/c they were rolling down the road and got hit. most farm policies only cover you if you are on your farm.

 

[Caustic Burno]

Liability is still a good value, imo. I think there is a strong case mathematically to self insuring though for some of these other items if at all possible.

Out of all the insurance liability is the one in today's ligation society that is essential.

 

[Lucky]

My farm equipment policy specifically states regardless of location. I make hay and do equipment work all over the county, as well as have multiple pieces of land spread across 20 miles, a policy wouldn't be much good if it only covered while at home.

My equipment is covered off the ranch regardless of where it is. The SxS and ATV fall into a different category. I got a seperate policy for them this time around.

Another deal I forgot about where insurance came in handy. About 12 yrs ago little twister/straight line winds came through. It did a little damage to our house but picked up a 2 yr old 24' gooseneck cattle trailer and flipped it over a fence. It twisted it up beyond repair. Insurance paid replacement cost. I thought I'd have that trailer forever. Who would ever think that would happen.

 

[dave_shelby]

Lesson learned here, I need to read our policy in more detail.

 

[TCRanch]

Another deal I forgot about where insurance came in handy. About 12 yrs ago little twister/straight line winds came through. It did a little damage to our house but picked up a 2 yr old 24' gooseneck cattle trailer and flipped it over a fence. It twisted it up beyond repair. Insurance paid replacement cost. I thought I'd have that trailer forever. Who would ever think that would happen.

Yup! Second tornado that hit our barnyard picked up this trailer, sheared the utility pole in half with it (and jetted the pole through the workshop) and eventually landed. The nose of the trailer was in the creek about 50 yards away. Don't remember if insurance paid replacement cost but we upgraded to a bigger, better built trailer.

 

[Brute 23]

Just a little follow up on this. My broker has been digging around and came up with a good idea that we both thought had value. I removed the personal property replacement cost coverage from my policy. We priced going to the minimum of 40% which did create some saving, but ultimately we removed it all because it actually moved the needle enough to get my attention.

Its definitely a case by case deal but I just don't have a bunch of high end furniture (if I do its by accident and 2nd hand lol) or any thing like that. The few things I do have of value are things that can not be replaced or an things like guns, that have low caps any ways.

If you are looking for savings it might be an option. My brother is also looking in to it now, also.

 

[Mountaintown Creek Ranch]

And a follow-up to my previous statement.
When that hurricane showed coming up here and destroying our area I was thanking God that I had insurance !!!! Even though it missed us just to the east could have very easily wiped us out just like it did those unfortunate people.
Unfortunately I think it's a necessary evil that you have to pay.

 

[Brute 23]

... and that's why some of us are heading toward self-insuring. That mentality is what let's companies raise prices with out justification and ultimately, repercussions. That's not a trian I want to ride.

 

[kenny thomas]

A few yeats ago when Hurricane Harvey come ashore in TX i talked with a man and ask if he had insurance. His house was pretty bad. He said no he didn't have any insurance because the premium for 20 years would cost as much as his house was worth. Plus since he didn't have insurance FEMA would help. I had a FEMA guy with me and ask him if that was correct and he said yes if he had insurance they didnt help much but if he didn't they would help a lot.