Owning and operating a tractor can be fun and utilitarian. Collecting, caring for, and maintaining a classic tractor can be even more fun, and for some people it’s a passion. Collecting and caring for tractors comes with significant risks however, most of which stem from possible property damages. These risks must be mitigated if collectors hope to avoid large financial losses, and insurance mitigates these risks. At the Jeffers Insurance Agency we provide this insurance and we make sure that every policy we write provides the policyholder with the greatest possible value.
What does Collectible Tractor Insurance do?
Collectible tractor insurance protects against damages to and losses of collectible tractors. The coverages for this type of insurance are broad and apply to most tractor owners; it is also specific and applies to only a few tractor owners. For this reason, it is important that each policyholder have insurance that is tailored to his her collectibles, needs, goals, and budget.
Collectible (or classic or vintage) tractors are of 30 or more years of age. They may still be in use but the levels of use tractors get partly determine insurance rates and deductibles. For most collectors, rates and deductibles are best when they are low, and the less use tractors get, the lower their rates and deductibles can be.
There are a number of factors that influence rates and deductibles and we will go over them all with you. Doing so will help us create the right solution and will help you understand your insurance and which ones are considered vintage or classic.
Tractor collectors have several coverage options to insure their vehicles, including full and comprehensive coverage. Specialty policies are available, and in these policies are varying types of coverage. Some collectors add insurance for their collectibles to their homeowners policies or farm policies. However, most collectors choose standalone policies. In some cases, inland marine insurance can cover collectible tractors.
Tractors appreciate over time, so insuring these vehicles is less costly than insuring cars or other vehicles that are used for transportation or labor on regular bases. Also, as a result of their appreciation, tractors are more easy to insure for 'agreed value,’ which reimburses the amount that it costs to restore a tractor to its pre-restoration value or to replace a tractor.
If a collector is not insured for agreed value, he or she may be insured for market value, which is typically less than agreed value but still a reimbursement. If a tractor can only be insured for market value there are qualities of the vehicle or the vehicle’s use that dictate this. Exposures that can lead to needs for restoration or replacement include theft, fires, and floods. If a tractor is properly garaged, it is protected from many exposures. If a garage provides adequate protection, then a tractor is protected from most exposures. In this case, a tractor is easy to insure for agreed value.
The right collectible tractor insurance plan involves the right mix of coverage and cost, and we will examine every aspect of your collectibles, collection habits, needs, goals, and budget to determine this mix. This mix will ultimately help us create the best possible solution.
The Jeffers Insurance Agency is proud to provide Collectible Tractor Insurance in York, Hanover, Lancaster, Harrisburg, Shrewsbury, and Mechanicsburg, PA. We also serve other areas in the state and we serve Maryland, New York, and Virginia as well.