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Tractor Insurance Ontario

Tractor Insurance
Tractor Insurance
Sep 14 2021 3 min read

As of 2016, there were over 650,000 farm tractors owned or leased in Canada with a combined value of over $18.6B (1).

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    We serve the Haldimand, Niagara and Hamilton regions in Ontario.
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    That’s a lot of farm equipment that needs to be insured and likely a lot of questions farmers have about their tractor insurance.

    Such as…

    WHAT TYPES OF TRACTORS CAN BE COVERED?

    The short and simple answer is all of them, but here’s a breakdown anyways:

    HORSEPOWER

    Whether your tractor is under 60 hp, over 149 hp or anywhere in between, it can be included in an insurance policy (more on this below).

    BRANDS

    There are several quality tractor manufacturers in Canada that farmers and homeowners can choose from. The good news is that all brands available on the market today can be insured.

    These tractor brands include:

    1. John Deere
    2. Kubota
    3. Caterpillar
    4. Case IH
    5. Massey

    And more.

    HOW ARE TRACTORS INSURED?

    FARM TRACTOR INSURANCE

    Most often a tractor is added to a farm insurance policy (which includes both hobby farm insurance and farm insurance for full operation farms) under the “Self-Propelled Equipment” category (which is different from other farm equipment categories such as electrical equipment and other equipment like hand tools).

    RESIDENTIAL TRACTOR INSURANCE

    What about the other types of tractors that non-farmers own and use? You’re covered there too. If you’re a homeowner with a riding lawn mower or a tractor that’s used for snow removal on your property, it can most likely be added to your home insurance policy.

    Depending on the size and HP or your tractor (if either exceeds policy limits it will need to be added as a separate item in your policy to make sure you’re covered for both physical damage as well as liability) and what it’s used for (if you use your residential tractor for snow removal outside of your property you’ll want to speak to your insurance provider about limits and coverage). In some cases, depending on the extent of the snow removal your insurer may not be able to offer the protection you require, make sure you have that discussion sooner than later, it’s that important!

    farm tractor insurance quote

    WHAT IS COVERED BY TRACTOR INSURANCE?

    In the event of a loss caused by an insured peril (i.e. fire, collision, theft etc.,) up to the cash value of your farm tractor is covered by your insurance policy so it can be replaced. This can also include any attachments you have for your tractors such as snow plows and lawn cutting blades.

    You should also speak to your insurance agent about things like Loss of Use coverage for your tractor and limited waivers of depreciation to make sure you have comprehensive tractor insurance coverage.

    If you use a rented farm tractor, make sure that’s covered under your policy as well.

    HOW MUCH DOES TRACTOR INSURANCE COST?

    The cost of tractor insurance is typically around $5 per $1000 value of the tractor. For example, if your tractor is valued at $30,000 you’d probably be looking at around $150 per month for tractor insurance.

    Depending on the number of farm tractors you own, you may also want to look into the proper liability protection. Get a quote for tractor insurance today.

    Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.

    Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.

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    SOURCES

    1 – https://www150.statcan.gc.ca

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