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What You Need to Know About Tractor Insurance

Oct. 26 2022 Accessory Buying Guide By Mike Cooper Tractors

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Buying a tractor is a big investment and it’s wise to have some sort of protection in place. Thankfully, you can purchase tractor insurance to protect both you and your equipment! To learn more about tractor insurance you can read our article below. Or, if you’re still looking for your dream tractor, feel free to stop at our dealership in Fort Gibson, Oklahoma.

Finding Tractor Insurance

One of the biggest challenges when it comes to buying tractor insurance is finding a provider! While it might feel like tractor insurance is impossible to find, you just need to do a little digging. Generally, you should be able to find insurance companies that cater to equipment and agricultural machinery pretty quickly. However, larger insurance companies may also provide coverage for these machines and simply not advertise the coverage. If you already have a policy with an insurance company, you may want to call and see if they offer tractor insurance. It’s an easy way to get a bundling discount!

Coverage

While discounts are always appreciated, it’s still important when selecting an insurance company that you pay close attention to the fine print. Generally, all insurance companies will offer repair, accident, and theft coverage for your tractor. However, different companies may have different stipulations and rules regarding the coverage provided. For example, in the case of an accident, some companies may pay for bodily injury and others may not. Before selecting a policy be sure you know all the details. 

Loans 

Unlike car insurance, tractor insurance is not mandatory anywhere in the country. It is completely up to you if you’d like to purchase coverage for any of your agricultural machinery. However, if you have financed or plan to finance your tractor, you’ll find that a majority of lenders require you to have tractor insurance. Before financing your tractor be sure to budget for both monthly loan and insurance payments.

We hope this information will prove to be helpful to you as you make plans to purchase tractor insurance or finance your machinery. If you’re located nearby in Tulsa or Muskogee, Oklahoma we hope you’ll visit Mike Cooper Tractors for all of your agricultural equipment needs!