What You Need to Know About Tractor Insurance

Not many people know that tractor insurance exists, but it can be helpful to have. If you’re interested in buying a tractor or tractor insurance we encourage you to read the information below. When you’re ready feel free to stop by any of our locations in Windsor, Aylesford, and Moncton, Nova Scotia to get your brand new tractor today!

Finding Insurance

Tractor insurance is pretty similar to car insurance but can be much harder to find. If you’re interested in buying tractor insurance it will take a bit of research. Generally, smaller insurance companies that are based around farm and equipment protection will have tractor coverage. However, a few larger companies also offer tractor insurance, though it isn’t as heavily advertised. If you already have auto or home insurance you may call your current provider and see if they offer tractor insurance. Often, companies will provide a bundle discount when you have more than one policy with them.

Companies

However, just because an insurance company offers a deal doesn’t mean it's the best option. Some companies have quite a few stipulations on their policies and not all of them will offer the same type or amount of coverage. Some businesses may only cover certain types of tractors or machinery. Others may have completely different standards over what is covered under a general term. For example, one company may decide that accident coverage only includes your specified machinery while others will pay out for damages to your property as well.

Coverage

There are a few different types of coverage when it comes to tractor insurance. Depending on your company you may choose to include all of these coverages, or only a few of them if you prefer. Generally, these coverages consist of fire, lightning, windstorm, hail, smoke, collision, and theft and vandalism protection. However, be sure to read your agency's individual policies before selecting them as your provider.

Financing

It’s important to know that tractor insurance isn’t mandatory by law. This is a completely optional resource available to you in order to protect an important investment. That being said, if you plan to finance your tractor, as most buyers do, it’s likely you will need to purchase insurance. Because it is such a large investment, lenders often mandate that an owner purchase insurance for their tractor in order to receive a loan. If you plan to finance your tractor, we advise checking your monthly budget to see what you can afford in insurance payments in conjunction with paying off your loan.

We hope this information has been helpful to you and that you’ll visit Nova International for all of your tractor needs! We proudly serve the Atlantic Canada region, including Nova Scotia and New Brunswick, and pride ourselves on our great inventory and amazing customer service.