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Tractor Insurance Ontario

Protect yourself against loss if you need to replace your essential farm equipment.
  • Cover your tractor with an equipment floater on your farm insurance policy
  • Get replacement cost coverage for a new tractor
  • Speak to your broker about your changing insurance needs
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Tractor Insurance today.

Insurance for Tractors on Ontario Farms

Farming has a long, proud tradition in Ontario. Whether you run a massive commercial farm or a small ranch, you need a tractor to handle agricultural tasks such as growing crops and caring for livestock. The cost of a tractor can vary quite a bit based on its size and features, but they're typically not cheap—and that means it can be a financial burden to soak the cost of replacing or repairing a tractor should it be damaged or destroyed. The solution is the right tractor insurance. Ontario farmers can rely on the experienced brokers at Morison Insurance to find the right machinery and equipment coverage when they start a tractor insurance quote. Give us a call any time to learn more about insurance for tractors and the suitable options for your insurance needs.

What is Tractor Insurance?

Tractor insurance in Ontario is typically insured on a farm machinery & equipment floater. This is basically a type of insurance rider that can be added to a farm insurance policy Depending on the terms of the floater, it offers insurance compensation to repair or replace a tractor that has been damaged, destroyed or stolen up to the coverage limits listed on the policy.

Who Needs Tractor Insurance in Ontario?

Anyone who runs an agricultural operation and uses a tractor for agricultural purposes should have their tractor covered by the right tractor insurance to protect their investment. Ontario farms come in various types and sizes, and most of them utilize a tractor for multiple purposes. A tractor can be one of a farm's most valuable and essential assets.

Insurance for tractors is an essential part of farm insurance coverage because tractors are necessary tools to keep a farm running correctly. If the worst happened and your tractor was destroyed in an incident such as a fire, it could be a struggle to find the funds to replace it immediately. At the same time, going without a tractor is not an option for some farmers. With the right tractor insurance, Ontario farmers can sleep peacefully at night, knowing that they have the coverage to avoid severe financial losses should something happen to their tractor.

What Qualifies as a Tractor?

Tractors actively used as part of an agricultural operation can be insured on a farm insurance policy. That could mean a tractor that is part of a fleet of farm machinery used on a huge commercial farm or a tractor used on a smaller hobby farm. Tractor insurance is a floater or endorsement added to an existing farm insurance policy to provide specific protection for a tractor.

There are, of course, other types of tractors out there, but they would be covered differently when it comes to insurance. For example, a homeowner with a large acreage may have a small tractor that is used to clear snow on their property, or as a riding lawn mower, would not typically need a farm insurance policy. In that case, their small tractor for personal use can be added to a homeowners insurance policy for coverage under personal property.

What is Covered By Tractor Insurance?

Tractor insurance can cover perils such as fire, theft, vandalism, collision with another vehicle or an object, etc.

Are There Additional Coverages Available for Tractor Insurance?

Tractor insurance in Ontario is fairly straightforward, but some complimentary extensions are offered. For example, some insurance providers offer a "loss of use" endorsement. If added to your policy, this coverage can compensate you for the cost of renting a tractor temporarily until your tractor is repaired or replaced after being damaged or destroyed by an insured peril. This type of coverage is worth considering because it gives you the financial support necessary to continue your normal farm operations while your tractor is not operational.

Does Tractor Insurance Provide the Cost of Replacement?

If you have recently decided to purchase a new tractor, you want to know that your investment is protected and that you can replace it with the same tractor if it is rendered unusable by an insured peril. Replacement cost coverage is available for tractors that are less than five years old. This means that if the tractor is destroyed, your insurance carrier will compensate you for replacing it with a new tractor that is the same or similar quality. If your tractor is over five years old, it will be insured for actual cash value, meaning the value of the equipment, taking into consideration depreciation.

What is Excluded From Tractor Insurance in Ontario?

What is excluded from your tractor insurance can vary by company. Plated vehicles do not qualify as farm equipment or machinery.

A common peril excluded are mechanical breakdowns or breakdowns due to operator error.

Can an Antique Tractor Be Insured?

You may have a treasured antique tractor that has been in your family for generations or a new-to-you acquisition that you use for tractor shows, parades, fairs, plowing competitions and the like. Either way, your antique tractor can be insured on an antique tractor policy. To qualify as an antique tractor for the purposes of insurance, the tractor would need to be at least 40 years old and not be used for daily farming purposes. You do not require a farm policy to insure an antique tractor, it can be insured on a stand-alone policy. If you're interested in an antique tractor insurance policy, call your Morison Insurance broker today for a tractor insurance quote.

What Type of Information Do Insurance Companies Require About Tractors?

When you are looking for tractor insurance quotes, Ontario insurance companies will naturally need to know more about your particular tractor and how you intend to use it so they can determine the risks you are most exposed to and the extent of the coverage you'll need. Some of the information they may need to know is:

  • Type of equipment
  • Make and model
  • Intended usage
  • Age of tractor
  • Purchase value

Where Can I Get a Tractor Insurance Quote in Ontario?

If you are acquiring a tractor and looking for the best tractor insurance, call today to speak with a farm insurance expert at Morison Insurance. Our brokers will help you cut through the complicated insurance jargon to get the coverage you need to protect you against financial losses. We have plenty of experience insuring a wide range of farming equipment and can ensure you get the right tractor insurance. To start a tractor insurance quote, use our digital quote form or call our expert brokers at 1-800-463-8074.


This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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