Kubota tractors are popular choices for farms and rural properties across Canada that why protecting these valuable investments with proper insurance is crucial. While Kubota offers its own branded insurance program, it’s important to understand the details before signing up. This article dives into Kubota Insurance for the Canadian market, exploring Is kubota insurance worth it, its advantages and disadvantages and insights from dealerships who sell the product.
Kubota Tractor Acceptance Corporation (KTAC) Insurance: A Detailed Look
Kubota Tractor Acceptance Corporation (KTAC) insurance is a full-coverage insurance program specifically designed for Kubota-financed equipment. This article will discuss KTAC insurance, its coverage, why you should consider getting it, and its cost.
What is KTAC Insurance?
Kubota KTAC Insurance is an insurance program specifically designed for Kubota equipment. It is typically cheaper than other insurance options. It covers almost everything except for wear and tear, war, nuclear attack, acts of God, and terrorism. This includes theft, fire, flood, hurricane, hail damage, and accidental operator error. It has a low deductible of $250, and there is no limit on the number of claims you can file. Moreover, filing a claim with Kubota KTAC insurance is very easy. You can either go online or make it through a phone call.
Why consider KTAC insurance?
There are several reasons why you should consider getting KTAC insurance for your financed Kubota equipment:
- Typically cheaper than adding your equipment to your homeowner’s or business policy
- Lower deductible ($250) than most other insurance policies
- Covers many events, including theft, fire, flood, hurricane, hail damage, and accidental operator error.
- It is easy to file a claim.
Pros of Kubota Insurance:
- Simplified Claims Process: A key benefit is the streamlined claims process. If you need to make a claim, contact a designated number, and an adjuster will visit the dealership to assess the damage. This eliminates the hassle of arranging an inspection yourself.
- Comprehensive Coverage: Kubota Insurance offers a wide range of coverage including protection against wind damage, rollovers, water damage, theft, and even fallen trees impacting your tractor.
- Off-Property and Secondary Residence Coverage: The insurance extends protection beyond your primary property. You’re still covered if you’re using your tractor for work or recreation away from your home. Additionally, Kubota Insurance remains in effect if you bring your tractor to your vacation property, such as a cottage.
Cons of Kubota Insurance:
- Quebec Exclusion: One significant limitation is that Kubota insurance is not available in the province of Quebec. If you reside there, you’ll need to explore alternative insurance options.
- Limited to Financed Equipment: Kubota Insurance is only available for financed equipment purchases. Once your financing term ends, the insurance coverage automatically terminates. This can be a drawback if you intend for ongoing protection. Important Note: Customers are only sometimes notified when their Kubota insurance coverage lapses with the financing agreement. Stay informed and consider alternative insurance solutions before assuming continued coverage.
- Limited Dealership Support: While dealerships can provide a general overview of Kubota Insurance, they cannot answer specific policy details or claims process questions. For any in-depth inquiries, you’ll need to contact the dedicated 1-800 number provided by the insurance provider.
Dealership Perspective on Kubota Insurance:
According to dealerships, Kubota Insurance is generally viewed as a positive product. They have yet to encounter customer complaints regarding the claims process, and they acknowledge the valuable coverage it offers. However, dealerships emphasize the importance of being aware of the limitations, particularly the lack of availability in Quebec and the automatic termination upon financing completion.
How much does KTAC insurance cost?
The cost of KTAC insurance depends on the type of equipment you are financing and the amount you are financing. Here’s a general breakdown:
- Smaller equipment: $1.30 per month for every $1,000 financed.
- Larger construction equipment: $2.00 per month for every $1,000 financed.
In Conclusion: Is kubota insurance worth it?
Kubota Insurance offers a convenient and comprehensive insurance solution for financed Kubota equipment purchases in most Canadian provinces (excluding Quebec). The streamlined claims process and broad coverage are definite advantages. However, it’s crucial to be aware of the limitations, such as the termination upon financing completion and the lack of dealership support for specific policy details. By carefully considering these factors, you can determine if Kubota Insurance aligns with your needs and explore alternative options if necessary.
