Harvester Insurance

What is Harvester Insurance?

Harvester insurance is a type of commercial vehicle insurance that helps cover any financial & legal liability that can arise out of an unfortunate event on the road. It is covers damages to the insured vehicle as well as third-party injuries, death, or property damages. As harvesters are large and heavy-duty agricultural tractors, they can cause significant damage in the event of a road accident.

Features of Harvester Insurance

The features of a harvester insurance policy are:

• Add-On Covers: Policyholders can choose various add-ons for their agricultural tractor, such as IMT 23, zero depreciation, etc., with a package or comprehensive commercial vehicle insurance to extend the coverage of a standard policy.
• 24 x 7 Customer Support: Policyholders can also avail 24x7 claim support, even on holidays and solve their motor insurance claim queries.
• Quick Claim Settlement: Commercial vehicle insurance companies aim to provide a quick claim settlement through their network garages to repair the insured agricultural tractor.

Types of Harvester Insurance

The two types of harvester insurance policies that are mentioned below:

• Third-Party Harvester Insurance: This type of insurance is mandatory as per the Indian Motor Vehicle Act, 1988. A third-party commercial vehicle insurance only provides coverage against third-party liabilities, such as person or property damage, caused due to the insured harvester. It does not cover any losses caused to the insured vehicle itself. The premium for a third-party insurance is decided by the IRDAI (Insurance Regulatory and Development Authority of India) and stays the same across all insurers.
• Comprehensive Harvester Insurance: A comprehensive insurance is also known as a package or bundled policy. This type of insurance covers damages caused to the insured harvester as well as any third-party liabilities, such as injury, death, and disability. Policyholders can also extend the coverage of a comprehensive commercial vehicle insurance policy by purchasing an add-on cover.

Add-Ons With Harvester Insurance

Policyholders can choose from the following add-ons with their commercial vehicle insurance and extend the coverage of a standard insurance policy:

• IMT 23: The IMT 23 add-on covers uninsured parts, such as tyres, tubes, lamps, mudguards, bonnet, side parts, bumpers, headlights, paintwork, etc., of repaired and replaced parts after deducting the applicable depreciation costs.
• Zero Depreciation Cover: Every year, a harvester depreciates with age. The insurer is liable to deduct a depreciation cost while settling a claim. However, with the zero depreciation add-on, the depreciation cost will not be deducted while filing an accidental claim.
• Accessories Add-On Cover: The accessories add-on cover protects policyholders against damages caused to the electrical and non-electrical accessories fitted additionally, such as fog lights, seat covers, etc.
• Personal Accident (PA) Cover: It is mandatory to buy a personal accident cover for the owner-driver of up to ₹15 lakhs in case of death, injury, or disablement.

How to Buy Harvester Insurance?

Here are the steps to buy and renew a harvester insurance policy:

• Step 1: Visit policybazaar.com and select 'Commercial Vehicle Insurance'.
• Step 2: Fill out the registration number and click on submit. In case of a new vehicle, select 'I have a brand new vehicle' and fill out all the required details.
• Step 3: All the available insurance plans will be displayed.
• Step 4: Select the IDV, NCB (in case of renewals), preferred add-ons, and check the vehicle details.
• Step 5: Finalise the commercial vehicle insurance plan and pay the premium.
• Step 6: The policy will be mailed on the registered email address instantly.

How to File a Harvester Insurance Claim?

Here are the steps to file a harvester insurance claim in case of an unfortunate event:

• Inform the Insurance Company: Inform the commercial vehicle insurance provider regarding the accidental claim.
• Damage Assessment: Once the insurance company receives the intimation, a surveyor will be sent to assess the damages caused to or by the harvester.
• Submit the Documents: Submit the required documents after the assessment is done to file the claim.
• Repair and Claim Settlement: The insured vehicle will be sent to the network garage and then the insurer will settle the claim.

Documents Required to File a Claim

The following documents are required to file a claim against a harvester insurance policy:

• Fully signed and filled claim form
• Vehicle Registration Certificate (RC)
• Valid Driving License (DL)
• Vehicle Fitness Certificate
• State/National Permit
• All challans and receipts
• FIR /Police report (if applicable)
• Final bill and invoice