GEICO is one of the biggest insurance companies in the United States and provides various insurance services, including tractor insurance.
This coverage is designed specifically for tractor owners to protect them from potential risks and financial losses.
In this article, we will explore the specifics of GEICO’s tractor insurance, including what it covers, what the cost is, and whether or not it is mandatory.
What Does GEICO Tractor Insurance Cover?
GEICO tractor insurance offers a comprehensive range of coverage options, including:
The following are the different types of coverages that protect the tractor and its owner from financial losses resulting from accidents, theft, natural disasters, and other related costs:
– Collision and Comprehensive Coverage: These coverages protect against physical damage to the tractor, including damage caused by accidents, theft, and natural disasters.
– Bodily Injury and Property Liability Coverage: These coverages protect against financial losses resulting from injuries or property damage caused by the tractor.
– Uninsured and Underinsured Liability Coverage: These coverages protect against financial losses resulting from accidents caused by drivers who do not have insurance or have insufficient insurance coverage.
– Medical Payment and Personal Injury Protection Coverage: These coverages provide financial assistance for medical expenses and other related costs.
– Mechanical Breakdown Insurance (MBI): This coverage covers repairs to mechanical components such as the engine and transmissions.
– Rideshare Insurance: This coverage ensures that tractor owners are covered while driving for both personal and business purposes.
– Emergency Road Service: This service provides assistance in the event of a roadside emergency, such as flat-tire services and locksmith charges.
– Accident Forgiveness: This policy waives the increase in auto insurance rates after the first at-fault accident.
– Glass Coverage: This policy waives the deductible for comprehensive claims for glass repair.
– Rental Reimbursement: This policy covers the cost of a rental tractor if the owner’s tractor is not available for more than 24 hours.
How Much Does GEICO Tractor Insurance Cost?
The cost of GEICO tractor insurance is dependent on different factors such as the state of residence and the value of the tractor.
The estimated cost of tractor insurance is approximately $15 per $1,000 value of the tractor, based on the selected deductible.
The cost of tractor insurance can also be in the range of $5,000 to $12,000 per year for primary liability, $500 to $800 for general liability, and $1,000 to $3,000 for physical damage.
Is Tractor Insurance Mandatory?
While it is not necessary to insure a tractor for purely agricultural purposes on one’s own farm, having at least third-party liability tractor insurance is mandatory as per the Motor Vehicle Act.
This type of insurance covers the owner financially from any losses and damages caused to a third-party due to a tractor owned by their business.
Conclusion
GEICO offers tractor insurance that provides a comprehensive range of coverage options to protect tractor owners from various risks and financial losses.
The cost of this insurance varies depending on several factors, including the state of residence and the value of the tractor.
While tractor insurance is not mandatory for purely agricultural purposes, it is mandatory to have at least third-party liability insurance as per the Motor Vehicle Act.
For tractor owners who want to ensure complete protection, GEICO tractor insurance is a viable option to consider.