Farmtrac Tractor Insurance

Farmtrac Tractor Insurance Price

The Framtrac truck insurance price for a third-party commercial vehicle insurance is decided by the IRDAI based on the gross vehicle weight. The following table highlights the Farmtrac truck insurance premium for a third-party insurance:

Disclaimer: The above-mentioned prices are third party insurance premiums, which are fixed by the IRDAI and are subject to change without prior notice. The Farmtrac Insurance Price for a comprehensive commercial vehicle insurance will vary as per the engine capacity, RTO, IDV, fuel type, registration year, etc.

Reasons to Buy Farmtrac Insurance

Here are the reasons to buy a Farmtrac Insurance policy:

• Legal Requirement: It is legally mandatory to have a commercial vehicle insurance to drive your commercial vehicles as per the Indian Motor Vehicle Act.
• Comprehensive Protection: A Farmtrac third-party truck insurance will cover third-party liabilities, while a comprehensive insurance policy covers both third-party liabilities and damages caused to the insured commercial vehicle.
• Financial Security: A Farmtrac insurance policy offers you financial protection as it covers the insured vehicle against any unfortunate incident that might occur due to accidents, collisions, disasters, theft, etc.

Types of Farmtrac Insurance

The two types of Farmtrac commercial vehicle insurance policies are mentioned below:

1. Farmtrac Third-Party Commercial Vehicle Insurance: As per the Motor Vehicle Act of India, it is mandatory to get at least a third-party insurance for commercial vehicles. This type of insurance only offers coverage for losses and damages incurred to a third-party, property, or person due to the insured vehicle. It does not cover any losses incurred by the insured vehicle.
2. Farmtrac Comprehensive Insurance: A comprehensive commercial vehicle insurance policy provides coverage against the losses incurred due to and even by the insured vehicle. Even though having a comprehensive insurance policy is not mandated by the law, it is highly recommended to opt for this policy as it provides insurance coverage for third-party liabilities and damages caused to the insured vehicle.

Add-Ons With Farmtrac Tractor Insurance

Policyholders can buy the following add-ons with their commercial vehicle insurance at an additional premium to increase the coverage of a standard comprehensive commercial vehicle insurance:

• Zero Depreciation Add-On Cover: The zero depreciation add-on covers the full cost of repairs and replacements without factoring in depreciation costs on parts like plastic, rubber, and metal. It is ideal for new or high-usage commercial vehicles to reduce out-of-pocket expenses during claims.
• IMT 23 Add-On Cover: This add-on offers coverage for commonly excluded parts, such as tyres, tubes, bumpers, mudguards, headlamps, and paint. It is useful for vehicles exposed to frequent damage due to heavy usage or rough roads.
• Electrical and Non-Electrical Accessories Cover: It protects electrical and non-electrical accessories, like fog lamps, music systems, GPS units, seat covers, and exterior fittings not part of the vehicle's initial listed selling price.
• Personal Accident (PA) Cover: It provides compensation in case of accidental death or disability of the owner-driver. The PA cover is also mandatory as per the IRDAI for all individual vehicle owners of at least ₹15 lakh.

How to Buy Farmtrac Insurance Online?

To buy or renew a Farmtrac insurance policy online, one must follow the steps mentioned below:

• Visit policybazaar.com and go to the commercial vehicle insurance page.
• Provide all the required details like make and model of the Farmtrac commercial vehicle, its manufacturing details, type of insurance like comprehensive/third-party insurance, RTO information, claim details, etc.
• Select the IDV, NCB, and add-ons required.
• After providing all the necessary details, select the plans from the list displayed.
• Pay the premium of the most suitable commercial vehicle insurance for your Farmtrac tractor.
• The insurance policy is then mailed to the registered email id.

How to File Farmtrac Insurance Claim?

To file a claim, one should follow the steps given below:

• Inform the Insurer: Intimate the insurer about the incident that took place.
• Damage Assessment: The commercial vehicle insurance company will send a surveyor to assess the damages incurred by or due to the insured vehicle.
• Gather all the Documents: Fill, sign, and gather all the required documents and submit it to the insurer.
• Claim Settlement: After getting the required approvals, the insured vehicle will be sent for repairs and the claim will be settled.

Documents Required for Farmtrac Insurance Claims

• Claim Form
• Driving License's
• Copy of the Registration Certificate (RC)
• Copy of FIR
• Repair Estimate
• Load Challan (for commercial vehicles only)
• Commercial Vehicle's Permit