Apart from owned vehicles, goods-carrying and passenger transporting automobiles are a common sight. Owing to them being heavy-duty, they are prone to accidents and damage easily. Hence, commercial vehicle insurance is offered for protection. The owners are advocated to buy the same to ply on Indian roads.
A tractor falls under this category and is a driving force for agricultural processes like cultivation and harvesting. Farmers and landowners mainly use it in their fields. Although it does not get heavily used on roads, it is still a large vehicle that carries weight. Therefore, it needs the backing of motor insurance. Let us understand how it works in detail.
Features: A third-party plan is usually offered for commercial motor insurance. It extends coverage for up to one year. Post which, you renew it annually. The sum assured gets calculated based on the tractor's age, market value, and Insured Declared Value. You can also buy a commercial policy to get extensive protection and other benefits.
Coverage: The protection differs on the tractor insurance policy type you choose. Third-party liability covers implications to others from your automobile. However, a comprehensive policy accounts for your vehicle too. It covers damages caused by natural calamities such as earthquakes, lightning, cyclones, storms, landslides, roadsides, etc. Other human-made disasters like burglary, strikes, riots, accidents, etc., also get covered.
Add-ons: You get optimal protection services with a commercial vehicle plan. The standard covers are personal accident, electrical accessories, bi-fuel kit, return to invoice, etc. However, it is worth noting that these additional features increase the premium payable. You also get the facility of a No Claim Bonus for successful claim-free years. This reward gets carried forward when you renew the plan.
Exclusions: All insurance plans come with some coverage exclusions. The ones applicable for tractors are depreciation from wear and tear, electronic or mechanical breakdowns, consequential losses, etc. Besides, driving under the influence of alcohol or drugs and damage due to rebellion or self-destruction are excluded. These are usually mentioned on the insurer's portal.
Premium determinants: There are no standard premium charges for tractor insurance. It is subject to deviation based on different factors. Hence, the offers change for every buyer. Some of them include the IDV, the make or variant, fuel type, modifications, age, registration location, NCB, etc. Insurers issue the policy after verifying these details against the documents submitted by you.
Claim procedure: For claiming the sum assured, intimate the insurer immediately. After this, a surveyor inspects. Alternately, you may get asked to visit a nearby network garage for the same. Upon successful assessment, the policy provider settles your claim against the IDV. In case of third-party damage or theft, you need to file an FIR to take the process further.
You need a claim form, photographs or proof of damage, repair bills, FIR copy, driving license, vehicle registration certificate, etc., for claim submission.
