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Tractor Insurance

Tractor Insurance

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Frequently Asked Questions About Insurance

Yes, according to the Motor Vehicle Act, it is mandatory to at least have a third-party insurance policy for your tractors to run legally on Indian roads. Moreover, the risks for tractors are high. Therefore, it is advisable to get maximum protection for the same.

It is important to get tractor insurance because standard tractor insurance acts as a shield for various damages like personal accidents, natural calamities, and even third-party liabilities.

Tractor insurance safeguards the vehicle from all possible damage and risks. Damages or loss to the tractor due to natural calamities like floods, earthquakes, fires, landslides, theft, accidents, burglary, strikes, riots, etc. are covered in tractor insurance.

The claim form which should be filled in and signed by the policyholder, RC book of the tractor, Driving license, FIR copy, and Repairs bills in original are the documents that need to be submitted to make a valid claim under your tractor insurance policy.

The advantages of buying tractor insurance online are carefree procedures, minimum documents required, security against fraud, and less time-consuming.

Yes, tractor insurance covers your tractors from direct loss incurred due to the theft.

Tractor insurance covers your tractor from incidents like theft and fire damage as well as insuring you for accidents.

Visit the website of the Insurance Information Bureau, which is framed by the Insurance Regulatory and Development Authority of India (IRDAI), and enter the registration number of your tractor to check the details of your tractor insurance cover.

A policy number is a unique number that an insurance company uses to identify you as a policyholder. The insurance companies use unique numbers to differentiate between their customers.

Comprehensive tractor insurance is best for tractors because it covers fire, theft, natural disasters, and more damages along with third-party harm.

Tractor insurance Cover both Tractor and Tractor driver in case of any mishappening.

Yes, you can insure an old tractor. Many insurance providers offer coverage for older tractors.

At Tractorgyan, fill out the tractor insurance form and we will help you in getting the best tractor insurance plan.

Tractor insurance premium cost is calculated based on tractor value, usage, location, and coverage type, including risks.

About Tractor Insurance

One of the most important documents for a tractor is its insurance policy. A tractor insurance policy protects your tractor from any unforeseen damages and losses that could occur due to circumstances such as accidents, collisions, natural disasters, fires, or even theft.

Why Should I Get Tractor Insurance?

  • Legally Mandatory

According to the third-party insurance is mandatory in India for all motor vehicles, including tractors, as per the Motor Vehicles Act, 1988. Without insurance, you will be penalised with:

  • Heavy fines
  • Legal action
  • Seizure of your vehicle
  • It Protects Your Investment

A tractor is a massive investment for anyone. The cost of repairs and replacements can be high. So it will help you protect against:

  • Accidents
  • Fire or natural disasters
  • Theft
  • Vandalism

If you don’t have insurance, you will have to pay the entire cost of repairs or replacement from your own pocket.

  • Covers Third-Party Liability

If your tractor accidentally damages someone else’s property or injures someone, third-party insurance will cover the cost of compensation. This will save you from financial losses and legal hassles.

  • Protection Against Natural Calamities

Floods, lightning, storms, and earthquakes can cause massive damage to agricultural equipment. Comprehensive tractor insurance will protect you against such unexpected events.

  • Loan Requirement

If you have taken a loan to purchase your tractor, banks and NBFCs may require you to have insurance coverage until the loan is repaid.

  • Income Security

For most farmers and contractors, the tractor is their primary source of income. Insurance ensures that if the tractor is damaged, there is a quick repair to avoid downtime.

What Types of Tractor Insurance Policies are there in India?

Insurance that covers everything: Comprehensive Insurance

Comprehensive insurance provides complete tractor coverage from fire, theft, or natural disaster, etc., accidental cover and third-party coverage. When compared to other types of insurance for tractors, this one is quite pricey.

Third Party Insurance

Only the damages to a third-party person, vehicle, or property are covered by third-party insurance. It does not cover damage to personal tractors, and 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 on 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 up to a specified limit if the tractor is stolen or vandalised.
  • 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 coverage 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 ageing 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.
  • 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 driving 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 by 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.

Which Add on Covers you avail for your Tractor?

You can choose multiple add on cover on your tractor insurance, which gives you more protection.

  • Liabilities to employees
  • Bi-fuel kits
  • Return to invoice
  • No claim bonus protection
  • Depreciation Reimbursement
  • Electrical Accessories Coverage
  • Personal Accidental Cover to Paid Driver

What are the Benefits of a 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 be 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 the 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?

Resumingan 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 decreases 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 a lower premium. 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. 
  • Geographical location also affects the premium. If a tractor is used in an area prone to accident then the tractor insurance premium is higher than in areas which is consider safe to operate.
  • 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 immobiliser decreases the policy premiums. 
  • Engine capacity impacts tractor insurance. Low HP tractors have affordable insurance, whereas high HP engine tractor insurance is costly. 

How does Tractor Gyan help you with Tractor Insurance Online in India?

Tractor Gyan India’s most impactful agri tech voice help you get the best possible tractor insurance assistance. We have a wide network of verified and registered tractor insurance providers that provide the best tractor insurance plan at the best possible premium.

How to Apply for Tractor Insurance Online with Tractor Gyan?

Applying for tractor insurance is easy with Tractor Gyan. Just fill up above mention form with your details like tractor registration number, year of purchase, registration month, tractor brand, tractor model, name, mobile number, and more, then submit the form. 

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

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