Ball Park Tractor insurance per thousand of value No Contracting

[Chris1664]

Hi there , looking at rough price for tractor insurance per thousand value of machine . Low hours ( under 500 hrs each per year ) trailers included. Looking at alternatives to fleet policy i'm using at the moment . Tractors are roughly 45k and 30 k . I was thinking it would be somewhere between 10 and 12 £ per thousand , would that be about it ? Cornwall area.

 

[Clive]

@Kate Poree @Nigel Wellings Might give you a guide ?

 

[nick...]

I enquired about insuring a £100k tractor and ball park price was about about £1000
Nick...

 

[snipe]

Same as above.

 

[teslacoils]

1 percent for anything with an engine tractor / combine etc.

 

[Farmer_Joe]

how much extra is it for contracting, they go on income or is it fixed price, never asked

 

[homefarm]

My quote for next year received yesterday is
JD 6150, £58,000, £100 excess £459.26
JD 6155, £87,000 ditto £688.88
Kubota . £29,300 ditto £232.01

This for a fully comp fleet policy no contracting with 4 cars 1 van 4 tractors,telehandler, sprayer and combine, it is the first time they have ever itemised each vehicle.

Combine at £1583.64 does bring home the cost of ownership for something with so little use 11 months of the year but then I guess the fire risk is pretty high.

 

[Farmer_Joe]

whos that with,

looks reasonjable,

im with mole valley underwritten by bib

 

[jon9000]

How much to insure large SP harvester like potato or sugerbeet. 4 grand on 400000?

 

[Bullring]

Cornish mutual usually work on £100 for the first £1000 and £10 per thousand after that so your £45k tractor would be around £550. It's gone up slightly due to insurance premium tax.

 

[Nigel Wellings]

The old rule of thumb was about £50 for first £1000 then about £10 per thousand thereafter, so fairly close to the 1% figure, for comprehensive cover including attached and detached implements. But those figures have been overtaken in last decade with far more discounting from insurers. They level of discount you get will very much be based on what claims you have had over the last 3 years, how many tractors, cars and commercial vehicles on the fleet plus a further discount can sometimes be obtained if your farm policy is also placed with the same Insurer.
The rates quoted by Homefarm in his post are about £8 per thousand so reasonably competitive.
Cheapest rates we see go as low as £6 per thousand but will greatly depend on claims.
As we all know the cost of new tractors, combines etc has increased drastically compared to a decade ago yet level of risk has not doubled with the increase in value so only right that Insurers should discount more especially as values get higher.
Most decent Insurers will give anywhere up to 50% contracting use within the farm use premiums. Anything over 50% contracting use and rates can climb quite sharply- your Broker needs to know who to approach to get the best deal.
Lastly make sure you are insuring your tractors etc at realistic replacement values not trade in values, original purchase cost or list price. Insurers will payout market value or the value insured in the event of a write off, so ensure you insure at market value

 

[Chris1664]

Thanks for replies . Decided to end up reinsuring through my normal broker ( Cornish Mutual ) still with a fleet policy . After asking for alternative quote non fleet individual ( which was not competitive) the renewal premium for fleet was a couple of hundred quid cheaper than last year despite replacing a 15 k tractor with a 45k one. Looking at some of the above i could probably have still insured a bit cheaper but i've been very happy with the service Cornish Mutual have provided over the years so don't mind paying a little but more , the discount from the year before has brought the total close enough to competitors i reckon.