Owning a compact utility, commercial or industrial tractor, you’ll want to protect your investment against theft, vandalism, accidents and acts of nature. That’s when Comprehensive tractor insurance comes in handy. A tractor is an expensive piece of equipment and you want to protect your investment – Comprehensive coverage helps you do just that.
Comprehensive coverage will insure you against accidental damage to your tractor. Yep, accidents do happen, even on a tractor, so you’ve got to protect yourself against costs that could result from such accidents. Comprehensive insurance will pay to repair or replace your tractor in case of things such as:
• Extreme weather conditions
• Collision with an animal
When choosing Comprehensive insurance for your tractor, you’ll have to pick which deductible you’re going to go with – that’s the amount that you’ll have to pay out of your own pocket if you file a claim. Remember that if you go with a higher deductible, you’ll lower your insurance, but it also means you’ll have to shell out more cash in the case of an accident.
When you are applying for Comprehensive tractor insurance, you’ll have to provide the insurance provider with a Stated Amount. This is the best estimate of the current value of your tractor. The Stated Amount includes the age and condition of your tractor and if it has any permanently attached equipment on it.
When you’re looking into Comprehensive coverage for your tractor, keep in mind that some insurance companies do not cover things you would assume are covered, while others do cover losses that you would not usually expect to be covered. Always ask your insurance provider what its Comprehensive insurance covers. As well, since Comprehensive coverage varies in different states and provinces, be sure to go over your policy carefully before signing on the dotted line.