Tractor Insurance in New Hampshire
What Is Tractor Insurance?
Owning and operating a tractor presents certain risks, as owners must consider what might happen if a tractor were damaged or involved in an accident. In either case, the resulting financial loss could be substantial. Tractor insurance won’t prevent something bad from happening, but it could help protect tractor owners in New Hampshire from certain financial losses caused by covered incidents.
Tractor Insurance is a specialized form of insurance designed to insure against tractor-related risks. The insurance is available as either a commercial or a personal policy, depending on the situation.
Who in New Hampshire Needs a Tractor Policy?
Whether you use a tractor to maintain your home or use it in a business, getting the right coverage is essential. Though there is no specific "tractor insurance" policy, coverage is available for personal and business use.
Businesses that need a tractor policy usually purchase a commercial policy, with the tractor coverage part of a larger farm equipment insurance policy or a separate inland marine policy. Commercial tractor and farm equipment insurance policies generally protect covered equipment when it’s used for business operations.
Individuals who use a tractor to maintain their residence may or may not need a tractor policy, depending on the extent of coverage wanted and/or if a loan was secured to purchase the tractor.
Though motorized vehicles are typically excluded on homeowner's insurance, there is often a small exception if using it to service the premises. In this case, the tractor could be considered personal property and may be covered if stolen or damaged in a fire or windstorm. However, what if the tractor collides with something or rolls on a steep incline? Such events are not covered by all homeowner's insurance policies, so you need to check with your insurance agent before assuming you are all set.
Even if the tractor is only used personally at your home, you may still need to get a tractor policy (aka inland marine policy) if the tractor is financed as the lender will most likely want to be listed on the policy.
Does Homeowners Insurance Cover Personal Tractor Use?
As mentioned, homeowner's insurance policies sometimes extend coverage to personal tractors. However, whether a policy covers a tractor depends on the terms of the policy and how the tractor is used. If a homeowners policy doesn’t include coverage for a tractor, then a separate tractor policy is typically needed.
Anyone who needs help determining whether their homeowner's insurance includes coverage for a tractor should speak with an insurance agent specializing in tractor policies. An agent who knows both homeowners and tractor coverage will help individuals check their policy's coverage.
Some issues that should prompt you to contact your insurance professional are if you ever take your tractor on a public road or if used by anyone in the household for business purposes. (Example: your son or daughter decides to earn money mowing the neighborhood lawns.)
Do Homesteaders and Hobby Farmers Need Commercial Tractor Policies?
Whether homesteaders and hobby farmers need a personal or commercial tractor policy often depends on whether their efforts are solely for personal use or to sell items. If anything from a homestead is sold at a farm stand, farmer’s market, roadside or store, a commercial policy may be necessary. In select cases, homesteaders may even need a full-fledged farm equipment insurance policy.
Because this is a nuanced situation, homesteaders and hobby farmers should talk with a knowledgeable agent before selecting a personal or commercial tractor policy.
Are Tractor Policies Needed When Leasing or Renting a Tractor?
Individuals and businesses that rent a tractor for a short period generally don’t have the same insurance needs as someone who owns a tractor. Tractor renters and leasees aren’t without potential risk, and likely need some form of tractor-specific coverage. Again, this is a situation that an insurance agent should help with.
How Much Do Tractor Policies Cost?
Premiums for tractor policies vary, and commercial policies tend to be more than personal ones. In most cases, though, these policies are quite affordable because they provide a specific kind of coverage.
An independent insurance agent, like HPM Insurance, can compare policy options and get various quotes for tractor owners to compare.
How Can Tractor Owners in New Hampshire Get Tractor Insurance?
For help insuring a tractor located in New Hampshire, contact the independent insurance agents at HPM Insurance. Whether you need commercial or personal tractor insurance, our agents can make sure you’re well covered.