What is a Tractor Insurance?
Tractor insurance is a sort of commercial vehicle insurance policy created to guard your tractor against any unanticipated losses and damages that may result from events like crashes, fires, natural disasters, thefts, and other calamities.
Why we need tractors Insurance?
According to the Motor Vehicle Act, if you or your organisation employs a tractor or several tractors for your regular commercial operations, you must have at least third-party liability tractor insurance. This protects you financially from any losses and harm done to a third party as a result of a tractor that belongs to your company. Every organisation is susceptible to dangers of all sizes. The basic minimum you can do to safeguard all of your tractors from damage and loss caused by you, the driver-owner, is to purchase tractor insurance if your company has many tractors that are utilised for commercial purposes. By insuring your tractor, you can be protected from unanticipated, significant losses, preventing any form of business.
Grounds Tractor Insurance cover
There are specific grounds on which Policylobby.com will give special Suraksha. This measure ensures that your vehicle is completely shielded in the course of its operation.
Robbery or Thefts – A vehicle when carrying a load is more prone to robbery. Such incident leads to vehicle's damage and loss of the commodities. The insurance will reimburse all these losses.
Accidents – Accidents like fire, collision, and other unfortunate incidents can happen anytime. Your vehicle must be prepared to face such risk. The policy is capable to give a tough combat against such crisis.
Injury or death of the driver also falls under this category. The Policylobby.com on your behalf will offer the compensation in such circumstances
Third Party Involvement – Most of the accidents involve a third party. The owner of the vehicles is liable to all the injuries, damages and even death of the party. Filing a claim will help you to cover these expenses.
Fire or Vandalism – If the vehicle catches fire, the insurance policy will take responsibility of the damage.
Types of Tractor Insurance
Policylobby.com does not compensate any kind of negligence or nuisance while the Tata Ace is on-road. Those set of conditions are as follows:
A complete insurance policy for tractors provides you and your company with the exact amount of coverage you require for your tractors, whereas a third-party liability policy for tractors only covers damages to third parties.
Best Tractor Insurance Providers
|Insurance Provider||Goods Carrying Tractor Insurance||Passenger Carrying Tractor Insurance|
|HDFC ERGO Commercial Vehicle Insurance||Yes||Yes|
|Digit Commercial Vehicle Insurance||Yes||Yes|
|USGI Commercial Vehicle Insurance||Yes||Yes|
|Bajaj Allianz Commercial Vehicle Insurance||Yes||Yes|
|Royal Sundaram Commercial Vehicle Insurance||Yes||Yes|
|Shriram General Commercial Vehicle Insurance||Yes||Yes|
|Iffco Tokio Commercial Vehicle Insurance||Yes||Yes|
|Tata AIG Commercial Vehicle Insurance||Yes||Yes|
|New India Commercial Vehicle Insurance||Yes||Yes|
|SBI General Commercial Vehicle Insurance||Yes||Yes|
|Bharti AXA Commercial Vehicle Insurance||Yes||Yes|
Tractor Insurance Claim Process
Claiming your Tractor insurance is an easy process now a days. You can contact to your agent direclty , can call on toll free number , or by filling online forms as well. Make sure insured person have following details :
- Time and date of loss
- Policy number for reference
- The location where the incident took place
- A brief description of the incident
- Name & contact number of the person filing the claim
Documents Required to Claim Tractor Insurance
To claim the insurance , you should have the following documents with you all the time :
- Registration certificate of the vehicle
- Driving license (original copy)
- Claim form duly signed and filled
- Copy of FIR
- Tax paid receipt
- Copy of Aadhar Card
- Fitness certificate
- Original insurance policy papers
- Load challan of your commercial vehicle
- Route permit ( if applicable)
Important Factors To Be Considered While Buying/Renewing your Tractor Insurance
While renewing or buying a commercial vehicle insurance policy, customer should focus on below points:
- Insured Declared Value (IDV): The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the market value of your car is Rs 5 lakh when you buy the policy. That means the insurer will disburse a maximum amount of Rs 5 lakh.
- Coverage: It is important to have appropriate coverage when buying any commercial vehicle insurance policy.
- Discount/NCB: NCB actually stands for ‘No Claim Bonus’. It is actually a kind of reward that the car insurance providers provide to their customers when they do not file any claim in a policy year.
- Add-on Benefits: Select add-on covers to enhance the overall policy commercial vehicle insurance coverage.
- Deductibles: Choose for deductibles only when it is possible to pay a portion of the claim from your pocket. Always check for the deductibles and clauses at the time of renewal.
Commercial Vehicle Insurance Cost<
Subject to deduction for depreciation at the rates mentioned below in respect of parts
1. For all rubber/nylon/plastic parts, tyres and tubes, batteries and air bags- 50%
2. For fibre glass components- 30%
3. For all parts made of glass- Nil
4. Rate of depreciation for all other parts including wooden parts will be as per the following schedule
|Vehicle Age||Depreciation Rate|
|Within 6 months||Nil|
|Between 6 months to 1 year||5%|
|Between 1 year to 2 years||10%|
|Between 2 years to 3 years||15%|
|Between 3 years to 4 years||25%|
|Between 4 years to 5 years||35%|
|Between 5 years to 10 years||40%|
|Exceeding 10 years||50%|
PERSONAL ACCIDENT COVER FOR OWNER-DRIVER
The Company undertakes to pay compensation as per the following scale for bodily injury/death sustained by the owner-driver of the vehicle, in direct connection with the vehicle insured or whilst driving or mounting into/dismounting from the vehicle insured or whilst travelling
in it as a co-driver, caused by violent, accidental, external and visible means which independent of
any other cause shall within six calendar months ofsuch injury resultin:
|Nature of injury||Scale of compensation|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above||100%|