tractor insurance

yellowfrog

Member
Arable Farmer
Location
somerset
just had renewal for my tractor and its gone up 150 pounds from 1450 to 1600. its my only tractor and I do contracting only with it. tractor is nh 7.200 auto. it just seems a fecking lot for insurance what do you pay for your ins and with who
 

Goweresque

Member
Location
North Wilts
Insurance is an inverse loyalty game - the longer you stay with a company, the worse they tend to treat you. The insurers work on the basis that if they increase the premiums each year more people than not will just pay the increase, so they will make more money. Whereas to get new customers they have to be competitive, so those get lower quotes, which they are still making some money at. So they have new customers who make them X profit, older ones who make 3 or 4X profit and the ones who never move who may make them as much as 10X profit. And ever year they try to move you into a higher profit category.

The trick from the consumers point of view is to change insurers regularly, so you're always somewhere near the bottom of their profit scale.
 

benny6910

Member
Arable Farmer
Insurance is an inverse loyalty game - the longer you stay with a company, the worse they tend to treat you. The insurers work on the basis that if they increase the premiums each year more people than not will just pay the increase, so they will make more money. Whereas to get new customers they have to be competitive, so those get lower quotes, which they are still making some money at. So they have new customers who make them X profit, older ones who make 3 or 4X profit and the ones who never move who may make them as much as 10X profit. And ever year they try to move you into a higher profit category.

The trick from the consumers point of view is to change insurers regularly, so you're always somewhere near the bottom of their profit scale.

I’ve found this out this year, had a quote from the nfu that was 30% cheaper then my current insurer. My neighbour is a loyal nfu member and has had a quote from my current insurer and the nfu are far too expensive. Loyalty gets you nothing nowadays.
 
Goweresque has hit the nail on the head here...Shame but that really is how it works,our insurance always went down each year if no claims were made,those days are long gone,change our 4x4 pretty much each year now as it just jumps up £100/£150 on each truck. Nasty! My neighbour told me what he was paying for his JD6820 with trailer cover ect and one Land Rover,i had a job to keep a straight face, was three times what im paying for the same cover,he just leaves his card details with them and auto renewal takes place,"very easy"his words...Fudge Easy.
 

Dog&stick

Member
Mixed Farmer
Location
Herefordshire
Well worth shopping around, gave my policys to the two local opposition insurances; asked them to quote like for like, best mornings work done in years, I'm now only paying 46% of the renewal quote, happy days!, running 9 tractors with 20% income contracting cover, for less than the OP been asked on his.
 

Phil P

Member
Arable Farmer
Location
North West
Been with the NFU for years but ment to get some quotes form different insurers this time as I know we’re paying way too much! Left it a bit to late though this year:facepalm:, anyway gave them a call a total them we’ll be shopping around next for next year and they instantly knocked £1600 of the price!
This has made me want to shop around even more as it’s confirmed they over charging me:mad:
 

rob1

Member
Location
wiltshire
Last year I paid 1400 for four tractors, digger and the hilux, that includes contract work,mole insurance, to be fair NFU werent that far out but had a big barny with the local agent over a claim, which was the first one in 28 years with them, always got more than one quote though
 

SRRC

Member
Location
West Somerset
@yellowfrog I see you're Somerset based. I use BKG West. They knocked spots off the equivalent NFU cover and have been very good to deal with. Well worth a call if nothing else.
I swapped to BKG West too, very good service and about 15% cheaper than the NFU.
However I'm now back with the NFU as their price was much better. More or less the same as online for the cars too so they have got the lot.
 

roscoe erf

Member
Livestock Farmer
Insurance is an inverse loyalty game - the longer you stay with a company, the worse they tend to treat you. The insurers work on the basis that if they increase the premiums each year more people than not will just pay the increase, so they will make more money. Whereas to get new customers they have to be competitive, so those get lower quotes, which they are still making some money at. So they have new customers who make them X profit, older ones who make 3 or 4X profit and the ones who never move who may make them as much as 10X profit. And ever year they try to move you into a higher profit category.

The trick from the consumers point of view is to change insurers regularly, so you're always somewhere near the bottom of their profit scale.
Just want to chang one word to perverse
 

SFI - What % were you taking out of production?

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  • 25-50%

    Votes: 28 15.8%
  • 50-75%

    Votes: 3 1.7%
  • 75-100%

    Votes: 3 1.7%
  • 100% I’ve had enough of farming!

    Votes: 4 2.3%

Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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