Best Tractor Insurance for 2022 • Farm Equipment & More

The equipment on your farm is what keeps your operation running smoothly. Without working equipment, the success of your business could be at risk. Tractors are a major piece of farm equipment, and if you don’t have tractor insurance, then it could be a major issue if your machine breaks down. Thankfully, there are a number of reputable tractor insurance providers operating throughout the country that can help keep your business running smoothly. 

Quick Look: The Best Tractor Insurance

The Best Tractor Insurance

Your tractor is essential to your farm — and it was likely one of your more hefty investments as well. That’s why it’s important to get tractor insurance as soon as possible. This type of insurance offers protection to your tractors in the event that your machine is damaged or stolen. If your tractor isn’t working right, it could cause a bumpy farming operation, which is part of the reason it’s so important to consider policy options before something breaks down. 

The following insurance providers offer comprehensive tractor insurance policies. These top providers were selected based on what types of insurance they offer, how coverage works, the ability to bundle and each company’s history. Read on to learn everything you need to know about insurance for tractors.

Travelers

Travelers offers farmers a comprehensive blanket policy that provides coverage for all your farm equipment, including your tractor. This blanket farm equipment insurance policy offers property and liability coverage, in addition to coverage for personal property, farm dwellings, farm animals and farm structures. 

One major advantage that comes with Travelers insurance policies is the optional coverage you can purchase alongside your standard coverage. Some examples of add-on coverage include coverage for pollutant cleanup, farm operations and equipment breakdowns. This makes their tractor insurance one of the more customizable choices, which can be ideal for anyone looking to build their own custom policy. 

While the process to file a claim with Travelers is easily done online, you won’t be able to find a quote for tractor insurance online. You’ll have contact an insurance agent to learn more about policy options. 

American Family

American Family Insurance also offers blanket coverage for many pieces of farm equipment, including tractors. It also offers scheduled coverage, which allows you to cover individual pieces of equipment and insure them for up to a selected limit. Blanket coverage offers coverage for all equipment under a total limit, which can be beneficial if you need to insure multiple pieces under a single policy. 

Whether you choose American Family’s blanket or scheduled coverage, your tractor will be covered in the case of vandalism, lightning, theft and collision. It also offers add-on coverage, which can include the cost to replace an irrigation system, wire damage because of rodents, wiring collapse because of snow, open perils coverage and coverage for borrowed or rented equipment. 

American Family has been in business since the 1920s and has a trusted track record. However, its coverage is limited when it comes to equipment that is more than 10 years old. You can contact an insurance agent online through its website or by phone to get more information, but you can’t get a policy quote online. You can also file claims online or by phone.

Shelter Insurance

Shelter Insurance offers some of the most comprehensive coverage when it comes to theft. This is because it offers coverage that can be supplemental to your current farm owners’ policy. It offers scheduled coverage for high-value equipment that other insurers may not offer. While that is a plus, this provider may not cover rental equipment.  

Shelter Insurance also offers coverage for other occurrences that many other insurers do not offer, including cab glass breakage and overturned vehicles. Its policy offers coverage for the replacement and repair costs of equipment in the case of theft, fire, falling objects, flooding, collapse and lightning. 

You can’t get a quote online, but you can contact an agent during business hours. Claims can be made 24/7 by phone or online. This insurance provider also only operates in 15 states, so you’ll have to be sure your state is one of them if you’re interested in its tractor insurance policy. 

Farm Bureau Financial Services

Farm Bureau Financial Services is a good insurer choice for those who are more hobby farmers than professionals. Its policies allow you to customize coverage for farm vehicles based on their usage. This works best for hobby farmers because it helps save money, since you aren’t using the equipment as much as agricultural professionals would. 

Farm Bureau Financial Services’ coverage includes ATVs, tractors, trucks and protects them through collision and liability coverage. It not only offers roadside assistance, it also offers coverage for the replacement costs of vehicles that are newer. 

Nationwide

Nationwide offers blanket coverage for tractors and other farm equipment, which comes included with its farm insurance policy. This coverage protects against several risks, including equipment breakdowns, towing coverage and cab glass repair. Its policies also offer coverage for personal property, farm structures, livestock and rented or leased equipment. Liability coverage is also offered on farm equipment. 

While the blanket coverage provides protection for a range of items you might use on your farm, Nationwide also offers scheduled coverage with higher policy limits for an individual item that’s of higher value, such as your tractor. Bundling this coverage with your farm insurance policy could help save some money, but it could be a drawback for those who would rather have a more specific policy. Its policy also does not cover as many perils as some of its competitors, but Nationwide offers coverage throughout the country. This can be a major benefit for those who live in rural areas where fewer insurance companies operate. 

AG360 Insurance

AG360 Insurance offers some of the most unique policies for tractors, as it covers a number of perils that other companies don’t. Covered perils include lost income, mechanical breakdowns, power surges, operator errors and motor burnouts. It also offers coverage for machinery and equipment that is typically covered, including boilers, electrical distribution systems, refrigeration equipment and heating and cooling systems. 

However, this equipment insurance is a supplement to AG360’s farmers insurance policy, so you can only get coverage for these other perils if you already have its farmers insurance. Another major disadvantage to AG360 is that it only offers insurance in Kansas. If you don’t operate in Kansas, you’ll need to choose another insurance provider. 

What Does Tractor Insurance Cover?

Tractor insurance offers coverage for your tractor if is damaged, injures someone or causes damage to your property or the property of a client. Each policy offers its own covered perils, so it’s important to thoroughly read your insurance contract before you sign onto a policy. Some of the most commonly covered perils for this type of insurance include damage resulting from fire, vandalism, electrical strikes and hail. 

What Does Tractor Insurance Not Cover?

The most common thing not covered by tractor insurance is general wear and tear. However, what tractor insurance does not cover depends on the individual policy, so some insurance providers may offer coverage for wear and tear. Many policies will also include a list of specific perils you are not protected against. Some commonly excluded perils include earthquakes, flooding and intentional damage done to the machine. 

Should You Insure All Your Farm Equipment?

If you’re an agricultural professional, you should seriously consider buying insurance for all of your farm equipment. Farm equipment is a major investment, and going without insurance could leave you liable for thousands of dollars in repair bills in the event of an accident or damage. Thankfully, getting all your farm equipment insured is a relatively straightforward process, as many insurance providers offer comprehensive farm and ranch insurance packages. Speak with a local representative about the layout and nature of your business to be sure you’re getting all of the coverages you might need.

Frequently Asked Questions

How many hours does a farm tractor last?

1

How many hours does a farm tractor last?

asked 2022-04-18

Sarah Horvath

1

The average tractor lasts through about 4,000 hours of work. However, some powerful models of tractors can run for up to 10,000 hours.

Answer Link

answered 2022-04-18

Benzinga

Do all tractors need insurance?

1

Do all tractors need insurance?

asked 2022-04-18

Sarah Horvath

1

While you likely won’t be required to have tractor insurance unless your machine is still being paid back through a loan, you should consider insurance for all types of tractors you own. These machines are essential to many agricultural operations, and may cost tens of thousands of dollars to repair without insurance coverage.

Answer Link

answered 2022-04-18

Benzinga