Tractor insurance is an insurance policy that is designed to protect farmers from potential financial losses that may arise from property damage caused to their tractors or other farm equipment. This type of insurance policy is essential for farmers who rely on their farming equipment to make a living.
Tractor insurance covers a wide range of risks such as collision, theft, or damage caused by natural disasters. Additionally, it also provides liability coverage in case of any injury to a third party or damage to their property caused by the use of your tractor.
While tractor insurance is sometimes included in conventional farm insurance policies, farmers can also purchase standalone policies that cater specifically to their farming equipment needs. Such policies provide more comprehensive and specific coverage, ensuring that high-value equipment is adequately insured.
The best tractor insurance policy is one that offers protection against both liability and property damage, covers a range of specific perils, and charges an affordable premium with reasonable deductibles. We hope that this information helps you find the best tractor insurance policy that fits your unique farming equipment insurance needs.
The Best Tractor Insurance for 2024
- Best Overall: American Family
- Best Blanket Equipment Policy: Travelers
- Best Liability Policy: Trusted Choice
- Best Theft Policy: Shelter Insurance
- Best for Leased or Rented Tractors: Nationwide
- Best Variety of Covered Perils: AG360 Insurance
- Best for Hobby Farms: Farm Bureau Financial Services
BEST OVERALL: American Family
American Family’s tractor and farm equipment insurance coverage protects against accidents, fire, theft, liability, and natural disasters. They offer customizable options and add-ons.
American Family is a great choice for overall coverage because they offer many customizable options for tractors and equipment. You can choose between blanket coverage, which covers all your equipment under one total limit, or scheduled coverage, which allows you to pick individual pieces of equipment and insure each for a specific value. Both options include liability, fire, lightning, windstorms, hail, smoke, theft, vandalism, and collision coverage.
American Family provides insurance coverage for a wide variety of equipment, including tractors, combines, forage harvesters, planters, field equipment, farm office equipment, irrigation equipment, tools, and supplies. In addition to their standard policy, you can also add extra coverage for things like the replacement cost of irrigation systems, machinery and equipment that’s 10 years old or newer, farm equipment breakdown insurance, open perils coverage (to cover perils that are specific to your situation, like rodent damage to wiring or collapse because of snow), ingestion of foreign objects for farm machinery (like a rock), and farm equipment rented or borrowed from others.
The cost of tractor and farm equipment coverage from American Family is dependent on several factors, including what equipment you’re insuring, the age of the equipment, what add-ons you choose, your location, and other factors. To get a quote, you can work with an American Family Insurance agent, chat with agents online, or phone American Family 24 hours a day, 365 days a year. You can file a claim online, over the phone, or directly with your agent.
American Family has been in business since 1927 and is a trusted provider of insurance for farmers. They have received a financial strength rating of A.1 from AM Best.
Pros:
- Offers blanket or scheduled coverage
- Has a number of add-ons for specialized coverage
- Has an open perils option to add risks particular to your situation
Cons:
- Does not give online quotes
- Does not cover earthquakes
- Offers limited options on equipment that’s over 10 years old.
BEST BLANKET EQUIPMENT POLICY: Travelers
Travelers Farm and Ranch Insurance provides farmers with the option to insure their high-value farm equipment through a blanket policy. This policy offers farmers an affordable way to cover all of their farm equipment, making it an excellent choice for comprehensive coverage. As part of the blanket coverage, the policy includes liability and property coverage for farm equipment, farm dwellings, personal property, farm structures, and farm animals. You can customize your coverage by purchasing additional protection for farm operations, pollutant clean-up, equipment breakdown, and other related items. The cost of your policy will depend on various factors such as the level of coverage you need, your deductible, whether you choose blanket or scheduled coverage, your location, and other related items.
You cannot get a quote online for Travelers Farm and Ranch Insurance. Instead, you will need to speak with a local Travelers agent to discuss your needs. Filing a claim is easy and can be done online, or you can call their hotline to report claims 24/7.
Travelers has been in business since 1864 and is a trusted name in business insurance. They are rated A++ by AM Best in terms of financial strength and claims-paying ability.
Pros:
- Offers blanket or scheduled policies
- Offers an add-on to cover disruption of farming operations
- Customizable options including coverage of equipment breakdown
Cons:
- No online quotes or estimates
- No customized tractor insurance products
- Doesn’t list the types of damage and perils covered on their site
BEST LIABILITY POLICY: Trusted Choice
Trusted Choice is a digital insurance platform that provides you with access to independent insurance agents and partners. These agents can help you find the right amount of tractor and farm equipment coverage you need based on your specific liability needs. The digital platform allows you to access multiple companies and policies, giving you more customizable options, and the ability to choose the right amount of liability coverage.
Trusted Choice is the best option for liability coverage because they work with independent insurance agents who can help you find the policy that suits your situation best. This allows you to have more options, such as how much liability coverage you want, whether you want to insure your tractor through a blanket policy or a scheduled policy, what specific perils you want covered, your deductible, and many more.
Trusted Choice offers a range of policy options, including coverage for accidents, natural disasters, weather, crimes and civil unrest, collision, and replacement of equipment. Their policies do not cover normal wear and tear. The cost of your tractor and equipment insurance will depend on the level of coverage you choose, your equipment’s value, your deductible, whether you choose a blanket or scheduled policy, your location, and other factors.
To get a policy from Trusted Choice, you need to reach out to one of their independent insurance agents to discuss your situation. You can make an appointment with an agent through their website or by calling them. The claims process will depend on the insurer you purchase your policy from.
Trusted Choice was founded in 2011 and is one of the top online sites for connecting people looking for insurance with independent insurance agents. They work with a number of large insurers like Nationwide, The Hartford, Travelers, Safeco, and many more.
Pros
- Working with agents means you can find a policy that best covers your liability
- You get options from multiple insurers
- They offer other specialized farm insurance coverage
Cons
- Does not provide online quotes
- They might charge a premium for additional coverage
- Your claims process will depend on your insurer
BEST THEFT POLICY: Shelter Insurance
Shelter Insurance offers farm equipment insurance coverage and full farm owners’ insurance that provides liability and property protection. With its farm equipment coverage, you can purchase scheduled coverage for theft. This ensures that you will receive full reimbursement if your high-value farm equipment gets stolen.
Shelter Insurance is known for its best theft coverage as it provides scheduled farm equipment coverage that supplements your current farm owners’ insurance policy. This policy guarantees that you can repair or replace your tractor or any other farm equipment damaged by incidents such as fire, theft, falling objects, windstorms, hail, cab glass breakage, overturned vehicles, vandalism, flooding, lightning, or collapse. The cost of your coverage will depend on various factors such as the value of your equipment, your location, the level of coverage you choose, and the deductible you opt for.
Although Shelter Insurance does not offer online quotes, you can directly contact one of their agents or call them Monday through Saturday from 7 a.m. to 10 p.m. CST. In case of a claim, you can report it 24/7 via phone or online. As a well-respected farming insurer, Shelter Insurance has been operating since 1946 and has an AM Best rating of A. However, it operates only in 15 states.
Pros
- Offers scheduled coverage for high-value equipment
- Covers unusual perils like cab glass breakage and lightning
- Covers vandalism and overturned vehicles
Cons
- No quotes or estimates available on their website
- Does not cover rented equipment
- No earthquake coverage
BEST VARIETY OF COVERED PERILS: AG360 Insurance
Insurance offers a variety of rare covered perils as part of their base policy that can protect your farm. These options include equipment breakdown insurance, which protects against things like power surges, mechanical breakdown, motor burnout, and operator error.
Insurance stands out in the variety of covered perils category because they cover specific perils like equipment breakdown that aren’t covered by other policies. They offer coverage on equipment and machinery that is not typically covered by other insurance policies, including heating and cooling systems, production equipment, boilers, water heaters, pumps, electrical distribution systems, and refrigeration equipment. Policies cover you in case of power surges, mechanical breakdown, motor burnout, and operator error. It essentially acts as a supplement to typical property insurance.
Policy pricing will vary, as the cost is based on factors like how much the equipment costs, how much your farming operation generates in revenue, how much insurance you want, your location, and other factors.
The downside of Insurance is that they only offer insurance in Kansas. However, you can contact them during business hours by phone or email and they will connect you with an agent to work with you. You will also work with an agent to file a claim.
Insurance has been around since 1937 and has offices in Moundridge, Canton, Inman, and St. John, Kansas. They have a suite of insurance options that are targeted specifically to the agribusiness sector.
Pros
- Offers equipment breakdown insurance
- Covers things like production equipment and pumps
Cons
- No online quotes or estimates
- Is a supplement to their farm insurance coverage which covers more normal perils
- Only available in Kansas
BEST FOR LEASED OR RENTED TRACTORS: Nationwide
Nationwide offers tractor and farm equipment coverage that offers protection against several risks that other policies don’t cover, including rented and borrowed equipment.
Nationwide is the best option for leased or rented tractor insurance as it offers tractor and farm equipment coverage through their AgriChoice farm insurance policy. It specifically covers rented or borrowed equipment, farm homes, farm structures, personal property, liability, and livestock. Moreover, Nationwide offers various options to tailor your coverage so that you only pay for what you require. The coverage includes rental reimbursement on farm equipment, equipment breakdown coverage, coverage for towing, cab glass repair, and several other options that cover your farm equipment against specific perils. They also offer liability coverage on the equipment.
You can cover everything on your farm under the blanket policy with a general limit. However, if you want more protection on a high-value tractor or other farm equipment, you can opt for scheduled coverage. The cost of the policy depends on factors such as how much coverage you need, which add-ons you choose, how much your equipment is worth, how much you want to pay in a deductible, your location, and other factors. Since you are buying it as part of your larger farm insurance policy, you might be able to save some money.
Getting a Nationwide farm and equipment insurance quote is easy. You can connect with a local agent or contact them via their toll-free number, which is open from 8 a.m. to 7 p.m. EST on weekdays for sales and service, and anytime for claims.
Nationwide is a well-respected farm insurance provider with an AM Best rating of A+ in the category of financial strength and claims-paying ability.
Pros
- Covers leased or rented equipment
- Can cover some pieces of equipment via a schedule
- Option to work directly with an agent
Cons
- Part of their larger AgriChoice blanket farm policy rather than a specific policy
- Does not cover as many perils as some competitors
- No online quotes
BEST VARIETY OF COVERED PERILS: AG360 Insurance
Insurance includes a range of rare covered perils as part of their standard policy that can safeguard your farm. These options consist of equipment breakdown insurance that protects against various issues such as power surges, mechanical breakdown, motor burnout, and operator error.
Insurance is the top contender in the variety of covered perils category as they cover specific perils like equipment breakdown that other policies tend to miss. They offer coverage on equipment and machinery that is not typically covered, including heating and cooling systems, production equipment, boilers, water heaters, pumps, electrical distribution systems, and refrigeration equipment.
Policies protect you in case of power surges, mechanical breakdown, motor burnout, and operator error. Essentially, it works as a supplement to typical property insurance.
Policy pricing varies, as it is based on factors such as equipment cost, revenue generated by your farming operation, desired insurance coverage, location, and other elements.
The downside of Insurance is that they only offer insurance in Kansas. You can contact them during business hours by phone or email, and they will connect you with an agent who can assist you. You will also work with an agent to file a claim.
Insurance has been providing insurance coverage since 1937 and has offices in Moundridge, Canton, Inman, and St. John, Kansas. They have a range of insurance options specifically tailored to the agribusiness sector.
Pros
- Offers equipment breakdown insurance
- Covers things like production equipment and pumps
Cons
- No online quotes or estimates
- Is a supplement to their farm insurance coverage which covers more normal perils
- Only available in Kansas
BEST FOR HOBBY FARMS: Farm Bureau Financial Services
Farm Bureau Financial Services provides flexible farm vehicle coverage that enables you to insure all your vehicles based on their usage, so you never have to pay more than you need to. This is particularly beneficial for those operating hobby farms.
Farm Bureau Financial Services is considered the best for hobby farm insurance because it provides farm vehicle insurance. This insurance covers your farm truck, ATVs, and tractors for liability and collision. The coverage is customized based on your use of the equipment which can potentially save you money.
They offer extras like uninsured and underinsured motor vehicle coverage, roadside assistance, and coverage on the replacement cost of newer vehicles. The coverage level you need depends on how the vehicles are used, making it ideal for those with hobby farm operations who might require less coverage.
Several factors determine the cost of your policy, including the cost of your farm equipment, your deductible, what you use your vehicles for, your location, and other factors.
You can contact an agent through an online form or call them Monday to Friday from 8 a.m. to 6:30 p.m. CST to get coverage. You can also report a claim with your agent or by calling a claims hotline.
Farm Bureau Financial Services has been in operation since 1939 and currently employs 1,600 people and 4,000 field associates. In 2020, AM Best gave them an A rating for financial strength.
Pros
- Allows you to customize coverage on all your vehicles
- Covers vehicle replacement cost
- Offers roadside assistance
Cons
- Cannot get a quote or estimate online
- Does not list their covered perils online
Final Words
When it comes to insuring your farm equipment, tractor insurance is a must-have. However, choosing the right insurance company can be a daunting task, especially if you are not familiar with the different types of coverage and policies available. This is why we have put together a comprehensive list of the best tractor insurance companies in the market.
Each of these companies offers a range of options to protect your tractor and other farm equipment, but the products and services they offer can vary significantly. Some of these companies offer coverage as part of larger farm insurance policies, while others specialize in protecting farm equipment against specific risks or perils. Some companies allow you to customize your insurance coverage to get either blanket or scheduled coverage, while others offer unique add-ons to help in the case of equipment breakdown and more.
After thorough research and analysis, we recommend American Family as the best tractor insurance provider. American Family offers a highly customizable policy that allows you to choose a range of different options, including coverage for theft, collision, fire, and natural disasters. With American Family, you can also enjoy a large number of perils covered, from vandalism and animal damage to falling objects and more.
In addition, American Family offers flexible payment options, a user-friendly online platform, and exceptional customer service. Whether you have a small family farm or a large commercial operation, American Family’s tractor insurance coverage can provide you with the peace of mind you need to focus on what matters most – running your farm.
FAQs
How Much Does Tractor Insurance Cost?
The cost of tractor insurance depends on various factors such as the price of the tractor, your driving history, the deductibles you select, the level of liability coverage you opt for, and the specifics of what is included in your policy. The cost can also vary depending on whether you are obtaining your tractor insurance through a broader farm equipment insurance policy, a blanket farm equipment insurance policy, or a scheduled policy. Scheduled policies that protect high-value farm equipment may cost more.
What Does Tractor Insurance Cover?
Tractor insurance is an insurance policy that provides coverage for your tractor or other heavy farm machinery. It offers both property and liability coverage. In case of any damage to your tractor, or if it causes property damage or injures someone, you are covered. Tractor insurance can be a standalone policy, or it can be part of a larger farm and equipment insurance policy. This type of insurance often covers specific perils such as floods or extreme weather events.
How Can I Choose the Best Tractor Insurance Policy for My Farm?
To select the ideal insurance policy for your farm tractor, you need to assess the value of your equipment, the impact of equipment failure on your farm, and the specific risks you want coverage for. For instance, if you regularly rent or borrow equipment, you should opt for a policy that covers these instances. If you’re worried about replacing costly equipment, go for a policy with a scheduled option to ensure adequate insurance coverage.
When Should You Consider Tractor Insurance?
If you own a valuable tractor or other farm equipment, it is important to consider getting tractor insurance to ensure that you are fully protected against potential risks. While your blanket farm insurance policy may offer some protection, it may not cover specific perils such as property damage or liability related to your use of the equipment. Tractor insurance can provide additional coverage for high-value tractors and cover you for specific perils that your farm insurance policy may not cover, such as rock ingestion.
How We Chose the Best Tractor Insurance
We conducted research on a dozen companies that provide tractor or farm equipment insurance. We narrowed down our choices based on factors such as coverage areas, coverage amounts, other policies offered, and the types of perils covered by the policies. Additionally, we considered the reputation of the company, the customer service options they offer, and the ease of dealing with them.
The companies that made it onto our list are renowned for providing great insurance policies to the agribusiness sector, have been in business for decades or work with companies that have been, and offer ways to customize your tractor insurance policy so that it caters to your specific needs.