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How to secure your tractor with tractor insurance quotes online?
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How to secure your tractor with tractor insurance quotes online?

When you purchase a new tractor, one of the best things you can do to protect it is by getting a tractor insurance policy.

Tractor Insurance is a type of commercial insurance policy which is specially designed for this important vehicle of farms. They provide all kinds of protection for a tractor against damages caused by accidents or natural disasters. Tractor insurance not only provides coverage for your tractor, but it also provides cover for you and your family if you get injuries. Tractor insurance can safeguard your tractor so that you can continue farming without any kind of difficulties. There are several tractor insurance policies in the market with great benefits. 

Types of Insurance Plans for Tractors

There are mainly two types of commercial tractor insurance policies available which are –

  • Comprehensive Tractor Insurance: This type of tractor insurance policy provides comprehensive coverage. It also covers any third-party damages as well as the cost of repairing your tractor. If your vehicle is stolen or destroyed due to natural disasters, a comprehensive tractor insurance policy will cover you. Any kind of personal accident is also covered under this policy. 
  • Third-Party Tractor Insurance: This tractor insurance policy will cover all the legal liabilities claimed by a third party. It basically covers all the damage caused to the vehicle or property of a third party by the vehicle of the first party. Even deaths or serious injuries caused by the first party are covered under this insurance policy plan. Additionally, a cover is also provided for the owner of the vehicle. 
  • Invoice: Purchasing the invoicing add-on will let you receive the value of your tractor in the invoice when you are making claims instead of the insured declared value set by the provider. Insured Declared Value (IDV) is calculated by taking out depreciation value from the market value of the tractor. 

 

How to Purchase Tractor Insurance Policy Online?

With any insurance policy, you should always try purchasing it online, as the process is much simpler and quicker. If you buy tractor insurance online, you can find yourself the best prices and insurance, which provides a lot of benefits. If you are planning to buy an insurance policy online for your tractor, you should – 

  • Login to the insurance site and fill in details such as tractor model, year of making, number, etc.
  • Find a tractor insurance policy that suits your needs and provides good benefits
  • Choose add-ons that you want to add alongside your base tractor insurance policy
  • Upload all the required requirements
  • Pay the tractor insurance price using your debit/credit card or UPI methods

 

After doing this, your insurance provider will email you the details of the policy within 30 minutes. After a few days of the purchase, a hard copy of the tractor insurance policy will also be sent to your home address. Claims under tractor insurance online can be made in two ways. A cashless claim is the first way, and the second way is making reimbursement claims. 

What Add-Ons can be purchased for Tractor Insurance Policy?

Add-ons are the additional covers you purchase alongside your insurance policy which increase the scope of the base policy’s cover. They also increase the total premium you would be paying for your tractor insurance. 

Some of the most popular add-ons for tractor insurance policies are –

  • NBC Protection: If you add the no claim bonus protection add-on with your tractor insurance policy, your no claim bonus percentage will be retained even if you make claims during your insurance tenure. 
  • Depreciation Cover: Purchasing this add-on with your tractor insurance policy can be very beneficial. The value at which your tractor depreciates would not be considered, and you will be paid an amount that would be equal to the market value of the tractor when you are making settlements with your insurance provider. 

 

Things Covered By Tractor Insurance Policy 

Things that are covered by a tractor insurance policy are:

  • Damage caused to the tractor by natural disasters such as floods, landslides, earthquakes, and other things. 
  • The damage suffered by the tractor in case of any man-made damage would also be covered under the policy. This includes theft, strikes, riots, housebreaking, and other activities. 
  • Compensates to the third party if they get injured by the tractor or if it damages the third party’s personal property. 
  • Cover for personal accidents is also provided. The cost of treatment due to accidents caused while driving the insured tractor will be totally covered by the insurance provider or company. 

 

Things Not Covered By Tractor Insurance Policy

Things that are not covered by tractor insurance policies are:-

  • The damages caused to the tractor by the natural wear and tear of the vehicle will not be covered by the tractor insurance policy. 
  • The normal depreciation or reduction in the tractor’s value will not be covered by the tractor insurance policy
  • If the tractor gets involved in an accident or damages the third party in any way due to the driver being under the influence of alcohol, the damages or compensations to the third party will not be covered by the insurance provider or company. 
  • If the tractor is involved in an accident and the driver was driving the insured tractor without a driving license, the costs and losses will be paid out of the driver’s pocket directly as it is not covered by the insurance policy. 
  • Mechanical/ Electrical Breakdowns of the tractor will not be covered by your provider of the tractor insurance policy. 

 

It is critical to purchase a tractor insurance policy for your tractor’s and your own safety. The law requires any vehicle on the road to have an insurance vehicle, and if anyone is found without one, they can be heavily penalized. Before purchasing any kind of tractor insurance policy, it is very important to consider the age and model of the tractor. If it is old, the insurance cover and other benefits provided by the insurance provider will be reduced. Other factors such as the engine capacity of the tractor and its geographical location also affect the insurance coverage you will be getting on a tractor.

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