You may not need a compact utility, commercial or industrial tractor 24/7. In fact, you may only need to use it at certain times of the month or year, or maybe you’re going through a lull where it’s sitting unused. Perhaps it’s in your best interest to rent a tractor or rent yours out to make a couple extra bucks. So what do you do about covering your butt and your tractor when it comes to insurance in cases like these? Let’s take a look at what options are available to you.
If you’re planning on renting or leasing a tractor, you can purchase tractor insurance that will cover this piece of equipment. For newly leased tractors or if you want to add on additional equipment, be sure to let your insurance provider know about them, so the correct value is recorded – just in case anything happens. Let’s just say you’re renting a tractor for 60 days and want to be covered for that amount of time – no problem. Some insurance providers offer a choice of packages that cover the rental, as well as additional equipment that you need to add on to the tractor.
Or how about if you want to borrow a friend’s or neighbor’s tractor – are you covered? Some tractor insurance providers can give you primary coverage (up to the limit specified in the policy) for damage to borrowed tractors. That means if you damage a borrowed tractor, it is covered as if the tractor was your own. But in order cover the damages, the owner of the tractor will have to make a claim to their insurance company first.
A tractor is an expensive piece of equipment, so if you are renting it out, you want to make sure your investment is protected when you’re don’t operating it. If you’re renting, it doesn’t hurt to have a little piece of mind just in case something happens. Talk to your insurance provider to get all the details that pertain to your situation.