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7/30/2019 Tractor Insurance in India
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Tractor Insurance
Submitted by:-Jyoti JhaPGDABM(2011-13)NIAM,Jaipur
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Tractor insurance
Tractor Insurance in India deals with theinsurance covers for the loss or damage causedto the automobile or its parts due to naturaland man-made calamities. It provides accident
cover for individual owners of the vehicle whiledriving and also for passengers and third partylegal liability. There are certain generalinsurance companies who also offer online
insurance service for the vehicle.
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Tractor insurance
Tractor Insurance in India is a compulsoryrequirement for all vehicles used whether forcommercial or personal use. The insurancecompanies have tie-ups with leadingautomobile manufacturers. They offer their
customers instant quotes. Premium isdetermined by a number of factors and theamount of premium increases with the rise inthe price of the vehicle. Certain documents arerequired for claiming Tractor Insurance in
India , like duly signed claim form, RC copy ofthe vehicle, Driving license copy, FIR copy,Original estimate and policy copy.
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Current scenario
The after effects of the union budget havesurprised tractor manufacturingcompanies and even the farmers .With this,the insurance of this tractor has been
increased by more than 200% A tractor priced Rs 6 lakh used to be
insured with about Rs 8,000 and now thisamount has been hiked to Rs 22,000 at par
with the diesel cars. The third party insurance of the vehicle
will now be Rs 12,000 instead of Rs 14,000of the previous prices.
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ICICI LOMBARD
ICICI Lombard's comprehensive packagepolicy for tractors covers not just Own Damagebut also Third Party Liability and PersonalAccident.
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Own damage
i. Fire, Explosion, Self ignition or Lightningii. Housebreaking, Theft, Riot.iii. Earthquake (fire and shock damage), Flood,Typhoon, Hurricane, Storm.
iv. Inundation, Cyclone, Hailstorm, Frostv. Accidental external means.vi. Malicious acts.vii. Terrorist activity
viii. Landslide, Rockslide.
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Subject to a deduction for depreciation at therates mentioned below in respect of parts
replaced:- For all rubber/nylon/plastic parts, tyres, tubes,batteries and air bags - 50%- For fibre glass components - 30%- For all parts made of glass - Nil- Rate of depreciation for all other parts
including wooden parts will be as per theschedule.
In the event of the vehicle being disabled byreason of loss or damage covered under thispolicy, the Company will bear the reasonable cost
and removal to the nearest repairer and re-delivery to the insured not exceeding Rs.2500/-for commercial vehicles in respect of any oneaccident.
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Liability to third parties
The Company will indemnify the insured in theevent of an accident caused by or arising out ofthe use of the vehicle against all sumsincluding claimant's cost and expenses, which
the insured shall become legally liable to payin respect of:- Death of or bodily injury to any personcaused by or arising out of the use (including
the loading and/or unloading) of the vehicle.- Damage to property caused by the use(including the loading and/or unloading) ofthe vehicle.
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Personal Accident Cover for Owner-Driver
The Company undertakes to pay compensation asper the following scale for bodily injury/ deathsustained by the owner-driver of the vehicle indirect connection with the vehicle insured or whilst
mounting into/dismounting from or traveling inthe insured vehicle as a co-driver, caused by violentaccidental external and visible means whichindependent of any other cause shall within sixcalendar months of such injury result in:- Death - 100%
- Loss of two limbs or sight of two eyes or one limband sight of one eye - 100%- Loss of one limb or sight of one eye - 50%- Permanent total disablement from injuries otherthan named above - 100%
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Tata AIG Insurance
Own Damage (Loss arising due to PhysicalDamage to the Vehicle in the accident Cost ofRepairs & Replacements)
Loss or damage to vehicle & its accessories by
Same as ICICI lombard Act Liability / TP Insurance (Legal Liability to
Users of Road - Pedestrians, Passengers,Animals, Wayside Property etc.) Unlimited legal liability in respect of death or bodily
injury to a person Damage to Third Party Property up to Rs.7.5 / 1
lakhs Legal costs for defending TP claim Legal Liability to Paid Driver
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Mahindra viswas
The Tractor insurance generally includes:
Same as the above two
The tractor insurance does not include: Consequential loss, depreciation, mechanical and
electrical breakdown, failure or breakage
War or nuclear perils and drunken driving
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SBI general insurance
This policy provides protection to your allimportant farming companions such astractors in addition to the personal accidentcover to you and your other family members
who may use the vehicle.
This Policy is designed to cover the compulsoryThird Party Liability together with loss ordamage to the Vehicle itself.
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The Policy also provides cover for:PersonalAccident for Paid Driver/cleaner.For anadditional Premium, provides the following:Additional Legal Liabilities towards Paid
Driver and employee.
Bi-fuel Kit.Enhanced PA cover to OwnerDriver and Paid Driver.
No Claim Bonus Protection.Return to Invoice.
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References
http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893
http://209.212.151.53/web/why_mahindra_vishwas.html
http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/
http://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicy
https://www.icicilombard.com/rural-insurance/tractor.html
http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=98937/30/2019 Tractor Insurance in India
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