By Priya Singh
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Updated On: 23-Mar-2023 01:05 PM
In this post, we'll look at the insurance of the tractor, as well as its process and benefits for farmers or owners.
Tractor insurance is a sort of commercial vehicle insurance that covers the insured vehicle as well as third parties. In this post, we'll look at the insurance of the tractor, as well as its process and benefits for farmers or owners.
Tractors have played a critical role in enhancing agricultural productivity and efficiency, which is the backbone of the Indian economy. While larger tractors are normally used for commercial farming, mini tractors have grown in popularity among small-scale farmers with limited land and finances.
In this post, we'll look at the insurance policy of the tractor, as well as its process and benefits for farmers or owners.
Tractor insurance is a sort of commercial vehicle insurance that covers the insured vehicle as well as third parties. The Insurance section protects the tractor and its owner from external harm such as theft and break-ins.
Commercial tractors and farm tractors are insured differently under the Motor Vehicles Act. Third-party liability covers any loss or damage caused by the insured tractor to another vehicle or person.
Also Read: Tractor Maintenance Guide – Different Ways to Maintain a Tractor
Tractor insurance protects the vehicle from all potential damages and risks. The following are the coverage options.
Some tractor insurance policies include add-ons or optional coverage elements. These add-ons are available for an extra fee. You can select from the following common add-ons:
The following are some of the exclusions for which the insurance company is not obligated to pay:
The premiums for tractor insurance coverage are determined by the following factors:
Authorised tractor owners who want to comply with the Motor Vehicles Act and cover their financial losses if their tractors are damaged can purchase tractor insurance.
In the event of an accident, theft, or damage to the tractor, you must register claims immediately in order to get benefits on time. The policyholder must provide basic information such as the Insurance Policy Number, the name of the insured, and contact information.
Together with it, one must collect vehicle information, such as the location of the loss or damage to the vehicle, the vehicle's registration number, and the vehicle's present position for inspection, among other things.
Additional legal aspects of the case will be investigated by the insurance company, including the name of the driver, a brief description of the occurrence, and the names of those injured/dead, as well as any claims that may arise as a result of third-party intervention, among other things.
After collecting all of the basic evidence from the policyholder and completing the internal processes of the insurance firms to authenticate claims, the claims are issued in the name of the beneficiary. The insurance firm pays out claims in two ways:
After the FIR for the tractor is shared with the insurance company, the firm demands that the policyholder submit the following papers in order for the claim to be processed:
It is simple to renew your tractor insurance policy. You can renew your coverage with the same company by paying the renewal premium.
Tractor Insurance policies can be renewed online by logging onto the provider's home page and entering the necessary tractor details. Aside from that, the insured can renew their insurance by visiting the branch and bringing the renewal notice and cheque with them.
You can also change insurers and get new coverage for your tractor. The tractor owner is also given a No Claim Bonus as a discount for not filing a claim during the preceding policy year.
As a result, a tractor insurance policy is coverage for tractor owners that covers the damages caused and sustained by the tractor. The coverage compensates tractor owners for financial losses and provides financial security. Hence, if you have a tractor, insure it to protect yourself from financial losses in the event of an accident.