Covering your farm vehicles

Vehicle insurance is generally the first time New Zealanders encounter an insurance company. And, if you modify your car, or have previous driving offences and accidents, your insurance is likely to be more costly.

It is the same with a farm situation. There is more risk in rolling country than on the Canterbury Plains, older plant tends to be more dangerous than new, and some people have a more unhealthy relationship with equipment than others. This all reflects on the amount of risk that an insurer will or will not accept.

However, market forces apply. The more you can bring to an insurance company in the way of business the stronger bargaining position you are in for discounts. Policies on properties, assets, health, and life insurance can and do reflect the premiums on individual policies.

Many companies offer farm packages whereby everything farm related can be combined under one policy attracting conditions not available under individual policies. Some banks also offer insurance as part of their business packages.

To get the appropriate affordable insurance coverage that is relevant for you, it may require some skills that you are not equipped with, so you may require advice. This is where you may find an insurance broker useful.

Insurance brokers identify the risks that you or your farm may be exposed to, then advise you on what insurance’s are available for these risks and to canvas the wholesale business insurance market to obtain the most advantageous terms for these covers.

Most brokers can offer a range of services from arranging new covers, renewals, and claims and can even negotiate a better deal with your existing insurance provider.

Do you need insurance?

· to purchase an existing business?

· to set up a new business?

· to purchase plant and equipment?

· for future growth?

· to purchase a truck, tractor or farm machinery?

· for new premises?

Whether you're an agricultural contractor, large scale farmer, grower or lifestyle farmer you'll need the right insurance covers to protect your business.

FMG takes a practical approach to insurance by assessing your insurance needs and business goals and presents you with what you need and nothing you don't.

A blanket cover approach can miss specific risks you face such as requiring higher limits of Forest & Rural Fires Act liability cover should your property border DOC land.

For a more proactive look at your insurance needs visit www.fmg.co.nz or call FMG on 0800 366 466.