5 things you need to know about Vintage Tractor Insurance
Vintage Tractor Insurance (also known as Classic Tractor Insurance) is designed to protect treasured agricultural vehicles that are enjoying a more relaxed life in retirement. Whether you have a Fordson Dexta, Allis-Chalmers or even a David Brown tractor, it’s vital to find a policy that suits both the vehicle and its current use.
To help you understand the insurance options available, this article explores some of the key things you need to know before buying Classic Tractor Insurance.
1. What counts as a vintage tractor
In order to obtain Vintage Tractor Insurance, your vehicle typically has to be at least 30 years old – depending on the insurer.
That’s because many modern tractors come equipped with state-of-the-art technology, which means they pose different risks when it comes to damage, theft and use.
Plus, it must no longer be a working tractor. It can only be used for demonstrations at shows or for other educational purposes.
2. Taking classic tractors to shows
If you’re planning to take your vintage tractor out to an agricultural event or a classic vehicle show, the organiser will want you to have insurance in place. Full Road Traffic Act cover or Public Liability Insurance will normally be specified.
This protects you against legal action if a member of the public claims that they – or their property – were harmed as a result of your vehicle at an event.
3. Agreed value
Vintage Tractor Insurance policies often include an ‘agreed value’ clause. That means you can agree on the value of the vehicle with your insurer when arranging your policy. This will typically involve completing a form to confirm your tractor’s condition and supplying some photos of it.
If there is a total loss of the tractor, your insurer will pay out the amount agreed rather than other vehicle insurance which works on “market value”. In simple terms, it means you receive a set payout, which is ideal when protecting what is likely to be a valuable asset – and your pride and joy.
4. Laid up protection
Not all owners register their vintage tractors for road use. Often they’re stored away and only brought out for shows and events. As a result, some owners don’t buy insurance for stored vehicles; they either don’t believe specific cover is available or don’t see a risk because it’s in secure storage. However, buildings catch fire or are broken into, so your valuable asset does face risk, albeit very much reduced, while in storage.
Contrary to popular belief, laid-up cover is available in the vintage vehicle insurance market. It can prove to be a cost-effective solution that protects classic tractors against accidental damage, fire or theft while in storage.
5. Extend your Vintage Tractor Insurance
Of course, you’re likely to be aware that there is a range of supplementary policies that can be used to protect against other, related risks. The Club Classic team is often asked about:
- Accessories: If you have a vintage trailer or implements associated with your tractor, for instance, you’ll need appropriate insurance.
- Event Insurance: If you are in a club that wants to actively display and demonstrate its tractors you will need Public Liability Insurance.
- Workshop Insurance: If you keep your vehicles, tools and spare parts in a workshop, cover can often be arranged for these – as well as the building in which your vintage tractor is kept.
Of course, there are other insurance products available too, but these are the ones we’re asked about most frequently. If you have any questions about what’s covered as part of your policy and whether any additional protection is needed, a broker can provide more information.
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