How to Buy Antique Tractor Insurance

Determine whether your tractor can be classified as an antique. To be an antique it must be at least 30 years old and be restored to its original condition or in the process of being restored. It must be considered a collectible, meaning that it cannot be used for farming or any other work-related activity. The minimum value of the tractor should be $3,500 to qualify for antique tractor insurance.

Figure the value of your tractor. One reference used by the insurance industry to determine value is the Hotline Antique Tractor Guide, which can help the insured and the insurance company to agree on a value. A company that specializes in antique vehicle appraising can furnish a written appraisal.

Decide on the type of coverage you want. There are three types to choose from. Actual Cash Value Coverage (ACV) means that your tractor will be covered for a predetermined book value minus depreciation. Stated-amount coverage is when you state an amount that is higher than the book value, again being affected by depreciation. An agreed-value coverage is when you receive the full value of your tractor in the event of a total loss, without any depreciation being subtracted.

Locate insurers that provide coverage for antique tractors. In some cases, regular car insurance companies will insure antiques, so you can start by contacting your local car insurance agent. Another option is to locate a specialty company that sells antique vehicle insurance. To find a carrier in your state, visit the Web site for the National Association of Insurance Commissioners (see Resources).

Obtain quotes from several different companies and make comparisons. When comparing quotes, be sure that the coverages from each company are identical and that the value they all are basing their premium on is correct. The NAIC site you used to find the carriers can also supply information about the companies' financial stability and history of complaints.