Tractor insurance online in India

Know about tractor insurance, its benefits, coverages, and procedure to apply.
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Tractor insurance
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3 mins
20 July 2023

Tractors are an essential part of many agricultural and commercial activities in India. Many use tractors at construction sites and for transporting goods. Operating these heavy vehicles on roads or fields comes with its set of risks. A tractor insurance policy is a must-have to stay financially prepared for losses and liabilities in case of a mishap.

What is commercial tractor insurance?

Commercial tractor insurance is a type of motor insurance that covers agricultural tractors. It provides coverage against liability and damage expenses that may arise from accidents or thefts. Tractor insurance is particularly essential for farmers and small business owners who rely on their tractors for their livelihood. The insurance company bears the financial burden in case of an accident, which could include damage to the tractor as well as third-party damages.

The price of tractor insurance depends on several factors such as the tractor’s value, the level of coverage desired, the driver's experience and age, and the type of farming operation.

Types of tractor insurance

Tractor insurance is a type of commercial car insurance policy. Here are different types of tractor insurance you can avail depending on your needs.

Third-party liability tractor insurance:

Liability tractor insurance is essential if you use your tractor on public roads. It covers damages caused by your tractor to other vehicles or property. It also covers physical injury caused to the third party.

Comprehensive tractor insurance:

Comprehensive tractor insurance provides full coverage for damages caused by theft, fire, vandalism, and other perils. It also covers third-party liabilities. It is an ideal option if you want the best protection available.

Collision tractor insurance:

Collision tractor insurance covers damages caused by collisions with other vehicles or objects. It is an ideal option if you frequently use your tractor on public roads.

Here’s a quick overview of the benefits covered in both comprehensive and third-party tractor insurance.

Specifications

Third-party tractor insurance

Comprehensive tractor insurance

Third-party damages

Covered

Covered

Own damages

Not covered

Covered

Personal accident cover for owner-driver

Covered

Covered


Features and benefits of tractor insurance

A tractor insurance policy offers a range of benefits to the insured.
Here are some of the notable features and benefits:

Comprehensive policy

It covers all types of damages such as third-party liabilities, accidental damages, theft, fire, and damages caused by natural disasters.

Personal accident cover

This policy provides coverage against injuries sustained by the driver or passengers while operating the tractor. Also, covers accidental disability or death.

Multiple add-ons

You can avail of add-on covers like a zero-depreciation policy, engine protector, accessories protector, and more.

Third-party coverage

Covers damages caused to a third party, their property, or vehicle by the tractor.

Own damage coverage

Covers damages or losses caused due to accidental damage, theft, fire, or natural calamities.

Cashless garages

Tractor insurance policies offer the option of cashless garages which means that the policyholder does not have to worry about arranging cash for repairs. The policyholder simply needs to take the tractor to a network garage and the insurance company will settle the bills directly with the garage. This is also applicable for bike and car insurance policies.

Add-on covers

Comprehensive tractor insurance policies come with a range of add-on covers, such as NCB protection cover, return to invoice cover, and more.

No Claim Bonus

Tractor insurance policies reward policyholders for safe driving and responsible tractor ownership. If the policyholder does not make any claims during the policy period, they become eligible for No Claim Bonus (NCB). This NCB can result in a discount on the premium payable for the next policy period.

24x7 assistance

Tractor insurance policies come with 24x7 assistance, meaning that the policyholder can get help and support at any time of the day or night. This assistance can be invaluable in case of an emergency or breakdown.

Also read: Car insurance plans

Tractor insurance add-on covers

Here are some of the add-ons that you can consider adding to your tractor insurance policy:

  • Electrical accessories cover that protects electrical components from damages caused by natural calamities or other unforeseen events.
  • Personal accident cover that offers financial assistance in case of injuries to you or your passengers.
  • Coverage for liabilities of employees involved in an accident while operating the tractor.
  • Coverage for bi-fuel kits that provide protection for tractors running on alternative fuels.

What are the inclusions of tractor insurance?

Tractor insurance provides financial protection for not only the tractor but also the driver and third-party liabilities that may arise. Here are some of the common inclusions of tractor insurance.

Accidental damage coverage

Tractor insurance covers accidental damages. It covers the repairing expenses of the tractor if damaged in an accident, saving you from any financial stress.

Third-party coverage

Tractor insurance also covers third-party liabilities. The tractor's movements in the fields may unintentionally cause damage to someone else's property or even cause injury to an individual. The insurance company will compensate for the financial losses incurred in such cases.

Own damage coverages

Moreover, tractor insurance also provides coverage for theft, fire damage or natural calamities that may result in a complete loss of the tractor.

What are the exclusions of tractor insurance?

Here are some of the common exclusions under a tractor insurance policy:

Mechanical or electrical breakdown

Tractor insurance policies do not provide coverage for damages caused due to electrical or mechanical breakdown.

Damage caused due to undue care

Does not cover any damages caused due to negligence or repaired by unauthorised person or garages.

Damage caused under intoxication

Does not cover any damages caused while driving under the influence of drugs or alcohol.

Reasons to buy tractor insurance

If you are a farmer or a tractor owner, it is important to consider tractor insurance as an important aspect of your investment. This insurance policy provides financial protection against accidental damages and third-party liability claims.

One of the most compelling reasons to buy tractor insurance is to safeguard your investment. Tractors are a critical component of farming operations and can be quite costly. In the event of any damage or accidents, the comprehensive insurance policy will cover the expenses of repairing or replacing the damaged equipment.

The other vital reason to opt for tractor insurance is to protect yourself from third-party liability claims. In case of any accident involving your tractor, you could end up being held responsible for any damage or injury caused to others. The insurance coverage will take care of all the legal fees and compensation claims.

Finally, having tractor insurance will give you peace of mind, as you stay financially secure in case any unexpected events occur.

How to apply for tractor insurance online?

Applying for tractor insurance online has become increasingly easy and convenient. Here are the steps for applying for tractor insurance online:

Step 1: Visit the website of any leading insurance provider.

Step 2: Enter your personal details, and those of the tractor for which you wish to buy the insurance policy.

Step 3: Choose the coverage options that you require.

Step 4: Review the inclusions and exclusions of the policy.

Step 5: Make the payment online, and your policy documents will be available instantly.

How to renew old tractor insurance online?

Renewing your tractor insurance online is a hassle-free and convenient process. Here are some simple steps on how to renew your tractor insurance online:

  1. Go to the website of your insurance provider or a trusted insurer's website.
  2. Enter your registration number and other details of your tractor and previous policy.
  3. Check and compare different insurance plans that are available and select the best one for you.
  4. Review the policy details, terms, and conditions, and ensure that you have selected the right type of coverage.
  5. Make the payment for your chosen tractor insurance policy.
  6. After completing the payment, you will receive a receipt and confirmation of your policy via email or SMS.

How to claim for tractor insurance?

Here are the steps to follow when filing an insurance claim for a tractor:

Step 1: Contact the insurance company immediately to report any damages or losses.

Step 2: Submit the necessary documents like the claim form, the policy document, and any relevant proof of damages.

Step 3: Allow the insurer to examine the damages or send a surveyor to assess the extent of damages.

Step 4: Upon approval, the insurer will reimburse the costs as per the tractor insurance policy coverage.

Documents required for raising tractor insurance claim

Here are some key documents that you need to file an insurance claim for your tractor.

  1. A copy of the tractor insurance policy document.
  2. Vehicle registration certificate.
  3. A copy of your driving license.
  4. FIR copy in case of accidents and damages.
  5. Repair bills, receipts, and invoices of the damaged tractor.
  6. In case of third-party claims, a copy of the police report and other evidence.
  7. Bank details for the reimbursement of the claim amount.

Tractor insurance is a necessary investment if you have tractor and use it for commercial purposes. By securing your tractor, you protect yourself from financial losses and uncertainties. Whether you choose to buy tractor insurance online or offline, ensure that you comply with all necessary requirements.

Frequently asked questions

How much does tractor insurance cost?

The cost of tractor insurance can vary depending on a number of factors like the type of tractor, its usage, and the coverage options selected. Premium for tractor insurance policies vary depending on the insurance company you choose. Therefore, check with your preferred insurance company to buy a policy.

Does agriculture tractor insurance cover trailers?

Yes, most tractor insurance policies cover trailers. However, this may vary based on the specific policy and its coverage options. Check with your insurance provider to confirm the details of your coverage and to ensure you get adequate coverage.

What are the advantages of buying Tractor Insurance online?

Buying tractor insurance online is convenient and time-effective option. Some of the advantages of purchasing tractor insurance online include access to competitive pricing, and the ability to compare quotes from different insurance providers. You also have the flexibility to purchase coverage from anywhere at any time. You can buy tractor insurance online easily as most insurance companies offer a very streamlined process. They offer online chat and customer support to help guide you through the process.

Is tractor insurance mandatory?

Tractor insurance is not mandatory in India. However, if you use your tractor for commercial purposes, it is advisable to have commercial tractor insurance. It secures you financially against any damages or losses caused to both your tractor and your business due to unexpected events.

Can I insure an old tractor?

Yes, you can insure an old tractor. Age is not a limiting factor when it comes to tractor insurance. However, the premium you pay for an older tractor may be higher than that of a newer tractor due to the risk factors involved.

How can I make a claim for tractor insurance?

To make a claim for tractor insurance, you need to follow specific procedures. First, you need to inform your insurance provider about the incident that caused the damage or loss. After that, the insurance provider will investigate the incident and assess the damages. Based on the assessment, the insurance provider will determine whether the claim is valid or not, and if it is, the provider will pay the sum insured to cover the losses.

Can I buy a single insurance policy to cover all my tractors?

No, you will need to buy a separate tractor insurance policy for each tractor. This ensures that you get adequate coverage when needed.

Can I secure a personally imported tractor?

Yes, you can insure the tractor even if personally imported. However, the tractor should be a standard product model available and registered in India.

Is my agriculture tractor insurance valid if I use my tractor on a holiday?

Some insurance companies do cover the tractor in case it is used for personal purpose. However, you need to check with your insurance provider if they cover the tractor while used for personal reasons.

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