Indo Farm Tractor Insurance

Indo Farm Tractor Insurance Price

The following table highlights the third-party premium for Indo Farm tractors:

*Disclaimer: The Indo Farm tractor insurance price of different variants depends on factors like fuel variant, IDV of the tractor, add-on opted and more.

Reasons to Buy an Indo Farm Tractor Insurance Policy

Here are some common reasons to buy an Indo Farm tractor insurance policy:

• Covers Damages Repairs: Buying an Indo Farm tractor insurance policy can cover the insured tractor against expenses incurred due to unforeseen incidents.
• Legal obligation: As per the Indian Motor Laws, it is mandatory to have at least a third-party tractor insurance for an Indo Farm tractor.
• Additional Covers: Policyholders can enhance the cover of a standard Indo Farm tractor insurance policy by opting for add-ons with commercial vehicle insurance that offer coverage for damages caused to uninsured parts
• Available Online: Buying an Indo Farm tractor policy online from broker websites like policybazaar.com is a very simple and quick process and is also more affordable.

Types of Indo Farm Tractor Insurance Policy

There are two major types of Indo Farm tractor insurance policies, which are explained below:

• Third-Party Policy: Having a third-party commercial vehicle insurance policy is mandatory for all vehicle owners as per the Indian Motor Laws. This type of insurance only offers protection against third-party liabilities. There is no coverage for damages caused to the insured tractor. The premium is decided by the IRDAI, which remains uniform across all insurers.
• Comprehensive Policy: This type of insurance is beneficial for those who want enhanced coverage. A comprehensive commercial vehicle insurance for an Indo Farm tractor will cover both third-party liabilities and damages caused to the insured tractor by accidents, natural calamities, fire, or even theft. Though it is not compulsory by the law, it is still benefmany farmers and businesses prefer it for the extra security. Premiums for this policy are market-driven and higher compared to a simple third-party plan.

Add-Ons With Indo Farm Tractor Insurance

Policyholders can opt for the following add-ons with an Indo Farm tractor insurance:

• Zero Depreciation Add-On: This add-on is also known as the bumper-to-bumper cover. With this add-on, the insurer does not deduct the depreciation costs from the repaired and replaced parts at the time of claim settlement.
• IMT 23 Add-On: This add-on cover extends the coverage to parts that are usually excluded from a standard policy, such as tyres, tubes, lamps, bumpers, denting, painting etc., after deducting the depreciation costs as per the age of the insured vehicle.
• Accessories Cover: This cover protects electrical or non-electrical fittings, such as fog lights, audio systems, or seat covers, against damages caused in a collision, calamity, or any unfortunate event.
• PA Cover: Every commercial vehicle policy must include a personal accident cover of at least ₹15 lakhs in case of disability or death of the owner-driver.

How to Buy an Indo Farm Insurance Policy Online?

Here are the steps to buy an Indo Farm insurance online:

• Go to policybazaar.com and select commercial vehicle insurance from the homepage.
• Enter the vehicle details or choose 'I have a brand new vehicle'.
• Fill out all the details of the Indo Farm tractor and click on submit.
• Choose the right IDV, apply NCB (if renewing), and choose the add-ons.
• All the available plans will be displayed on your screen.
• Choose the plan and pay the premium online.
• The policy will be sent to the registered email instantly.

How to File a Claim Against Indo Farm Insurance?

If the insured Indo Farm tractor meets with an accident, policyholders must follow the steps mentioned below:

1. Notify the insurer: Report the incident immediately to your insurance provider to start the claim process.
2. Damage Inspection: A surveyor will be appointed by the insurer and assess the extent of the damage on the insured tractor.
3. Submit paperwork: Provide the required claim documents after the inspection is complete.
4. Repair & settlement: The vehicle will be repaired at an authorised network garage of the insurer, and the claim will be settled.

Documents Required for an Indo Farm Tractor Insurance Claim

Here are some essential documents that are required for an Indo Farm tractor insurance claim:

• A copy of the registration certificate
• Copy of a Police FIR
• Driving license of the driver
• The tractor insurance policy documents
• Valid fitness certificate
• Duly filled and signed claim form
• Load challans
• Bills and repair invoices