Tractor Insurance

Submitted by:Jyoti Jha PGDABM(2011-13) NIAM,Jaipur

Tractor insurance
Tractor Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle.

Tractor insurance
Tractor Insurance in India is a compulsory requirement for all vehicles used whether for commercial or personal use. The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant quotes. Premium is determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle. Certain documents are required for claiming Tractor Insurance in India , like duly signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate and policy copy.

Current scenario
The after effects of the union budget have surprised tractor manufacturing companies 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 this amount 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 14,000 of the previous prices.

ICICI LOMBARD
ICICI Lombard's comprehensive package policy for tractors covers not just Own Damage but also Third Party Liability and Personal Accident.

Own damage
i. Fire, Explosion, Self ignition or Lightning ii. Housebreaking, Theft, Riot. iii. Earthquake (fire and shock damage), Flood, Typhoon, Hurricane, Storm. iv. Inundation, Cyclone, Hailstorm, Frost v. Accidental external means. vi. Malicious acts. vii. Terrorist activity viii. Landslide, Rockslide.

Subject to a deduction for depreciation at the rates 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 the schedule. In the event of the vehicle being disabled by reason of loss or damage covered under this policy, the Company will bear the reasonable cost and removal to the nearest repairer and redelivery to the insured not exceeding Rs.2500/for commercial vehicles in respect of any one accident.

Liability to third parties

The Company will indemnify the insured in the event of an accident caused by or arising out of the use of the vehicle against all sums including claimant's cost and expenses, which the insured shall become legally liable to pay in respect of: - Death of or bodily injury to any person caused 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) of the vehicle.

Personal Accident Cover for Owner-Driver

The Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury result in: - Death - 100% - Loss of two limbs or sight of two eyes or one limb and sight of one eye - 100% - Loss of one limb or sight of one eye - 50% - Permanent total disablement from injuries other than named above - 100%

Tata AIG Insurance

Own Damage (Loss arising due to Physical Damage to the Vehicle in the accident Cost of Repairs & 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

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

SBI general insurance

This policy provides protection to your all important farming companions such as tractors in addition to the personal accident cover to you and your other family members who may use the vehicle. This Policy is designed to cover the compulsory Third Party Liability together with loss or damage to the Vehicle itself.

 The Policy also provides cover for:Personal Accident for Paid Driver/cleaner.For an additional Premium, provides the following: Additional Legal Liabilities towards Paid Driver and employee. Bi-fuel Kit.Enhanced PA cover to Owner Driver and Paid Driver. No Claim Bonus Protection.Return to Invoice.

References
http://www.taxmann.com/taxmannflashes/w hatsnew.aspx?stype=1&sid=9893 http://209.212.151.53/web/why_mahindra_vi shwas.html http://www.tataaiginsurance.in/taig/taig/tata _aig/rural/homepage/ http://www.sbigeneral.in/Internet/faces/tract orandfarmvehiclepolicy https://www.icicilombard.com/ruralinsurance/tractor.html