Tractor Insurance

What is Tractor Insurance and How Does It Work?

One of the most important documents for a tractor is its insurance policy. A tractor insurance Policy is a type of commercial vehicle insurance policy formulated to protect your farm tractor from any unforeseen damages and losses that could occur due to circumstances such as accidents, collisions, natural calamities, fires, or even thefts. There are millions of tractors in India. All tractors are required by law to be insured with tractor insurance in India.

Insurance for tractors comes in a variety of forms, depending on the type of tractor, engine capacity, and the business you choose to insure with. A contract between the insurer and the insured is known as insurance. According to this arrangement, an insurer is obligated to pay the insured a lump sum amount in the event of loss, theft, or tragedy in exchange for a premium. The insurer is not obligated to pay compensation for any accidents that are not specifically stated in the contract.

Why Should I Invest in Insurance for a Tractor?

According to the Motor Vehicle Act, if you or your organization employs a tractor or many tractors in your everyday commercial operations, you must have at least third-party liability tractor insurance. This protects you against any losses or damages made to a third party as a result of a tractor owned by your company.

While third-party liability insurance for tractors only covers damages to a third party, a comprehensive insurance policy for tractors also covers for own damages and losses thus giving you and your agricultural business just the exact amount of coverage you need for your tractors.

• All firms are vulnerable to both large and small hazards. If you're a corporation with a lot of assets and a lot of tractors, buying a tractor insurance plan is the basic minimum you can do to protect all of your tractors from their damages and losses both to the tractor and to the driver or owner.
• Insuring your tractor protects you from unexpected, large losses, preventing any business downtime that may occur due to natural disasters and fires.
• With a tractor insurance cover, you can not only insure new tractors but you can also purchase old tractor insurance.

What Types of Tractor Insurance Policies are there in India?

- Insurance that covers everything: Comprehensive Insurance

Comprehensive tractor insurance in India protects both you and your tractor from third-party harm. The most useful sort of insurance is comprehensive tractor insurance. Comprehensive insurance protects the tractor in a fire, theft, or natural disaster. When compared to other types of insurance for tractors, this one is quite pricey.

- Insurance for a third party

Only the damages to a third-party person, vehicle, or property are covered by third-party insurance. Third-party tractor insurance in India does not cover damage to personal tractors. Third-party insurance is the most popular type of insurance since it is less expensive than comprehensive insurance. Theft, natural disasters, and fire are not covered by third-party insurance.

What is Covered Under the Tractor Insurance Policy?

The tractor insurance policy coverage depends upon the type of policy you’re buying and the policy provider. However, the standard coverage under a tractor insurance policy is as mentioned below.

• Damages due to accidents- A tractor insurance policy generally covers the repair cost of a tractor, damaged due to rollover or collision. 
• Damages due to natural calamity- You get coverage against the damages or losses incurred due to natural calamities such as floods, landslides, and earthquakes. 
• Theft or vandalism protection- The users of the policy will get the replacement or repair cost of a specified limit if the tractor is stolen or vandalized. 
• Third-party coverage- If someone else gets hurt or other properties are damaged while you’re using your tractor, the tractor insurance policies with third-party coverages will cover this loss. 

What is not Covered Under the Tractor Insurance Policy?

Below is a list of damages or losses that are not covered by the standard tractor insurance policies. 

• Damages resulting from the regular use of a tractor are not covered in a tractor insurance policy. For instance, if you’re using a tractor in a field and its headlight gets damaged because you hit the tractor on a wall accidentally then this damage is not covered in the tractor insurance policy. 
• Any damage to the tractor because of general aging is not covered as well. For instance, if your tractor is 12 years old and its engine is not working properly then its repair cost is not covered by a tractor insurance policy. 
• Tractor insurance policies don't provide coverage against the damage caused by any mechanical or electrical failures. 
• You will not get coverage against the losses incurred due to other damages that are not covered in a policy. For instance, if a farmer is not able to pay because their tractor is out of service then the loss of income is not covered in a tractor insurance policy. 
• Any damage incurred due to the improper use of the tractor is not covered in any tractor insurance policy.
• Any damage incurred due to drunk and drive cases is not included in the policy.
• Any claims made by a tractor, driven by a non-license holder, are not entertained. 
• Any damage or loss to the tractor that is caused due to active terrorism or any other illegal activity is not covered under the tractor insurance policy. 
• Accidents incurred due to carrying a load exceeding the recommended limits are not covered. 

What are the Benefits of Tractor Insurance Plan for Owners?

There are many benefits of buying a tractor insurance plan for tractor owners.

• Tractor insurance provides all-around coverage for the damage that occurs due to accidents, theft, fire, and natural disasters. This gives tractor owners great peace of mind as they don't have to worry about the unexpected expenses that may incurred due to any risk.
• The policy also covers the third-party legal liabilities that might arise from injuries or damages caused by your tractor.
• An insured tractor reduces the financial burden for the farmers because they will get financial support in case of any risk or damage.
• Many insurance providers offer a No Claim Bonus on their tractor insurance policies. This bonus can help policy users to get extra discounts on future premiums.
• Having tractor insurance is often a legal requirement under various motor vehicle regulations. So, it makes your tractor a legal purchase. 

How to Claim Tractor Insurance Online?

If you want to file a claim for your tractor insurance, you should contact the tractor insurer as quickly as possible if the tractor is involved in an accident or suffers damage. To file a claim for tractor insurance online, go to any insurer's website and fill out the claim form.

To file a tractor insurance claim online, you'll need the following documentation on hand:

• Filled Claim Form
• Vehicle Registration Certificate and Driving license
• Fitness Certificate
• Load Challan
• Tax Slips
• Original Insurance Copy (Print of soft copy is also valid).
• Aadhar Card
• Route Permit
• First Information Report Copy

Which Tractor Insurance Companies are Popular for Providing Tractor Insurance in India?

You can pick from various tractor insurance companies in India:

• Tata AIG
• United India Insurance Company
• L & T
• ICICI Lombard
• Bajaj Allianz
• Oriental Insurance
• Cholamandal insurance
• Royal Sundaram tractor insurance

How to Renew an Old Tractor Insurance Policy Online?

Renewing an old tractor insurance policy online is a very simple process. Here are the steps to do so. 

• Visit the official tractor insurance provider. 
•  Look for the option ‘Tractor Insurance Section’. 
•  Click to start the online process. You have to enter the details such as old insurance policy number, tractor registration number, personal information, and past claims made. 
• Select the right type of insurance plan you would like to go with. 
• Adjust the coverage to meet your requirements. 
• After entering all these details, submit the form and wait for an online quote. 
• Once you receive the quote and you find it suitable for your budget, make the payment. 
• When the payment is complete, you will get the confirmation for the tractor insurance renewal. 

Factors that Affect the Tractor Insurance Policy

Multiple factors influence the premium and coverage of a tractor insurance policy. 

• The tractor insurance premium increases and decrease based on the coverage availed. For instance, a third-party policy asks for an affordable premium compared to a comprehensive policy. 
• The coverage and premium also vary according to the tractor models. Mini tractors with basic features will have lower prices. Hence, its coverage will be less whereas pricy tractor models will have higher prices and high-capacity engines. Hence, the insurance value will be high. 
• The age of the tractor affects its Insured Declared Value (IDV) and depreciation. Old tractors have low market value. Hence, their premium will be low. 
• The driver's experience also influences the insurance policy. In general, if the driver has a great driving record with no accidents or pending claims then it's considered that the driver is good. Such drivers use tractors responsibly and are less likely to be involved in an accident. Hence, the premium of their tractor insurance policy is generally low compared to less experienced tractor owners. 
• With the use of certified anti-theft devices, farmers can reduce the premium and even get some discounts on their tractor insurance policy as it reduces the risk of theft. 
• Choosing add-ons such as coverage for natural disasters or zero depreciation can increase the premium as these features are pricy. 
• The use of security features such as a GPS tracking system and immobilizer decreases the policy premiums. 
• Engine capacity impacts tractor insurance. Low HP tractors have affordable insurance whereas high HP engine tractor insurance is costly. 

How TractorGyan help you with Tractor Insurance Online In India?

TractorGyan is one of the best and most renowned online marketplaces for Indian farmers where they get the best possible tractor insurance assistance.

We help you find the best tractor insurance in India. We have a wide network of verified and registered tractor insurance providers. We can help you connect with the ideal policy provider that offers insurance on flexible terms.

As with all the tractor insurance providers, we will suggest you are the best in the market, you're likely to have the best coverage and quick coverage. 

How to buy Tractor Insurance Online with TractorGyan?

Applying for tractor insurance is easy with TractorGyan. You can visit your official website and fill up a simple form to get started.

In the form, you have to provide details such as tractors, models, registration, and more. You also have to provide accurate contact details. At last, submit the form. 

That's it! We will now connect you with the best tractor insurance policy provider in India.

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