I just purchased a D-6H and financed some of the transaction through my local bank that has all of my personal and bussines financing. They needed the dozer insured as them being the loss payee. My question is what is an average cost of insurance for off road equipment? I own trucks and my truck insurance won't cover off road stuff. I got a quote for commercial inland marine for theft,vandalism,fire that was well North of $700.00. What have you guys/gals found ? Thanks Ron
It generally goes by the type of machine and how much insurance coverage you want. Insure it for what it's worth or else you might get shafted by the coinsurance clause. My loader's insurance runs $14.28/k
Shop around some, I have no idea what one piece would cost to insure, they have mine lumped together for a sum total, the upside is the more "stuff" you have the cheaper they are to individually to insure, hint hint. Are you using this for personal use or for hire, makes a big difference who will even insure it at all. Don't be surprised if they require you to have underground insurance as well, in case you hit something with it, the bank might not be up on this issue as of yet, might not want to ask them about it if they haven't mentioned it, that will be really expensive compared to insuring the dozer, for your first piece. Welcome to the site and also congrats on the purchase, as they say nows when the fun starts.............along with the expense. Its usually so many dollars per thousand of vavlue of the machine, but if you've only got one piece, maybe that makes a difference, seems high to me, but I don't know if its a 30k dozer or a 100k dozer either, look for someone who specializes in not just off road equipment, but construction equipment, ask insurance companies in your area for those that insure heavy iron, if they won't help, ask local contractors who they have insurance with. I covered my machines through regular insurance and the inland marine section is used for stuff like tools, inventory, attachments, shop machines like lathes, welders, generators, about anything not on wheels or tracks that have value.
My loader insurance also runs $24.28K not that huge like you.