Does anyone in the insurance business know if a customer can get an insurance premium discount by having a GPS tracking device on equipment such as a tractor or combine?
Basically, one of the biggest controllable factors that affect your insurance premium is risk. The lower the lower the risk factor, the lower the premium shall be. GPS trackers will decrease the risk, ergo your premium can be lowered, especially if you happen to be in a situation where it cannot be protected by a padlocked gate or is in an open area.
You should discuss your situation with the agent handling your insurance to ensure this.
In all reality, even if you were to see a discount (highly unlikely), it would be offset by the added cost for the mobile electronics coverage with a lower deductible. If you're trying to save money on insurance, don't look for small-fish discounts like that, instead find someone who specializes in your particular industry, and have that person show your farm to the best carriers as the Ferrari on a used car lot. You'll get more added value that way, as there will be room for negotiation. Feel free to reach out to discuss more if you'd like.
I have not see a discount applied for this security protection. However, it is a tool in the underwriting process for those who store their equipment outside or not in a gated or locked area. So it can help with “qualifying” for coverage rather than “reducing premium.” With that said, if the equipment is registered, there may be a premium benefit to keeping the Commercial auto liability on a commercial auto policy and covering the physical damage portion of the equipment on an inland marine policy.
Tractors not registered to operate on roads and highways are usually insured under an Inland Marine Policy covering Scheduled equipment. Having Tracking devices on your equipment certainly helps negotiate your rate when marketing the account. Unlike Car insurance, equipment and property rates are negotiated at front on renewals and every safety measure the business owner takes to reduce or mitigate losses is taken into consideration at the time of negotiating for a competitive rate with the different markets. Should you have a more specific question, feel free to call me on my cell at xxx-xxx-xxxx
This particular service would only apply to liability insurance. Workers compensation does not give a discount for these services. Thanks & take care out there & be well!!
Speaking for Farmers, in the state of TN, we do not offer a discount for anti-theft devices on farm machinery. Anything attached to the vehicle at manufacture would be part of the VIN rating automatically, so no additional discount. Hope that answers your question.
Answers (1-10)
Basically, one of the biggest controllable factors that affect your insurance premium is risk. The lower the lower the risk factor, the lower the premium shall be. GPS trackers will decrease the risk, ergo your premium can be lowered, especially if you happen to be in a situation where it cannot be protected by a padlocked gate or is in an open area.
You should discuss your situation with the agent handling your insurance to ensure this.
In all reality, even if you were to see a discount (highly unlikely), it would be offset by the added cost for the mobile electronics coverage with a lower deductible. If you're trying to save money on insurance, don't look for small-fish discounts like that, instead find someone who specializes in your particular industry, and have that person show your farm to the best carriers as the Ferrari on a used car lot. You'll get more added value that way, as there will be room for negotiation. Feel free to reach out to discuss more if you'd like.
I have not see a discount applied for this security protection. However, it is a tool in the underwriting process for those who store their equipment outside or not in a gated or locked area. So it can help with “qualifying” for coverage rather than “reducing premium.” With that said, if the equipment is registered, there may be a premium benefit to keeping the Commercial auto liability on a commercial auto policy and covering the physical damage portion of the equipment on an inland marine policy.
Tractors not registered to operate on roads and highways are usually insured under an Inland Marine Policy covering Scheduled equipment. Having Tracking devices on your equipment certainly helps negotiate your rate when marketing the account. Unlike Car insurance, equipment and property rates are negotiated at front on renewals and every safety measure the business owner takes to reduce or mitigate losses is taken into consideration at the time of negotiating for a competitive rate with the different markets. Should you have a more specific question, feel free to call me on my cell at xxx-xxx-xxxxI believe they can. But if you call into our office xxx.xxx.xxxx you can get a definite answer.
This particular service would only apply to liability insurance. Workers compensation does not give a discount for these services. Thanks & take care out there & be well!!
Speaking for Farmers, in the state of TN, we do not offer a discount for anti-theft devices on farm machinery. Anything attached to the vehicle at manufacture would be part of the VIN rating automatically, so no additional discount. Hope that answers your question.
You would need to contact a P&C agent to answer this, as I am a Life and Health agent.
You have to ask your business insurance agent as some carriers will
Don’t think so but contact someone with USAA or Farm mutual insurance companies. I don’t write direct with either.