Massey Ferguson Insurance

What is Massey Ferguson Insurance?

Massey Ferguson insurance is a mandatory requirement under the Indian Motor Laws. Massey Ferguson offers premium tractors, and like other commercial vehicles, it is mandatory to get an insurance policy for its tractors. This is because tractors are also prone to risk, and a tractor insurance policy helps to financially cover various types of damages and losses.

Popular Massey Ferguson Models with Insurance Price

Check out the table below to know the third-party premium price for Massey Ferguson insurance for its different models:

Disclaimer: The Massey Ferguson Insurance Price for various tractor models may vary as per the engine capacity, IDV, RTO, fuel type, year of registration, policy type, etc. The above table highlights the third-party premium as fixed by the IRDAI and is subject to change without prior notice.

Reasons to Buy Massey Ferguson Insurance Policy

Here are the reasons to buy the Massey Ferguson insurance policy:

• Purchasing Massey Ferguson insurance online is quick and simple.
• As per the Motor Vehicle Act, 1988, it is mandatory to insure commercial vehicles like tractors with at least third-party insurance.
• The Massey Ferguson insurance policy protects tractors against losses and damages caused due to collisions, accidents, natural calamities, and manmade disasters.
• Massey Ferguson insurance claim settlement is easy and fast.
• The facility of No Claim Bonus for claim-free years is also provided.
• Cashless claim settlement options in all the network workshops of the insurer are offered.

Types of Massey Ferguson Insurance Policy

Policyholders can opt for either of the following commercial vehicle insurance policies to insure their Massey Ferguson tractors:

1. Third-Party Insurance: According to the Motor Vehicle Act, it is mandatory to insure all commercial vehicles with at least a third-party commercial insurance policy. Under this type of vehicle insurance, coverage is provided to the third party against any loss or damage incurred due to the insured vehicle. So, a third-party Massey Ferguson insurance policy provides insurance cover against any loss or damage incurred to third-party property or person.
2. Comprehensive Insurance: A comprehensive commercial vehicle insurance policy for commercial vehicles provides insurance coverage for own damage and third-party both. However, this type of vehicle insurance policy is not mandatory by law but strongly recommended. The reason for the same is its vast coverage under which one gets insurance for own insured vehicle and third party both against various losses or damages.

Add-Ons with Massey Ferguson Insurance

Policyholders can choose the following add-ons with commercial vehicle insurance to insure the Massey Ferguson tractors:

• IMT 1: The IMT 1 add-on helps to extend the coverage of Massey Ferguson insurance to neighbouring countries like Nepal, Bhutan, Bangladesh, etc.
• IMT 23: This add-on helps to cover uninsured parts, such as lamps, bonnets, headlights, etc.
• Zero Depreciation Cover: The zero depreciation cover for commercial vehicles helps to get a better claim settlement amount, as the insurer will not deduct the depreciation cost from an accidental claim.
• Accessories Cover: This add-on helps to cover damages caused to additionally-fitted electrical and non-electrical accessories that are not a part of the manufacturer's initial selling price.
• PA Cover: The personal accident cover with commercial vehicle insurance is mandatory as per the IRDAI regulations and covers the owner-driver from death, disability, or injury and offers up to ₹15 lakhs.

How to Buy Massey Ferguson Insurance?

Check out the steps below to buy or renew Massey Ferguson insurance online:

• Go to Policybazaar.com and select commercial vehicle insurance from the homepage.
• Provide all the necessary details, such as the make and model of the Massey Ferguson tractor, its RTO information, manufacturing details, type of insurance, claim details, etc.
• After providing all the required details, choose the insurance plan from the list of insurers for the Massey Ferguson tractor.
• Select the add-ons, NCB (in case of renewals), and IDV, and choose the policy that fits your requirements and budget.
• Pay the premium, and the policy will be sent to the registered email address and phone number.

How to File a Massey Ferguson Tractor Insurance Claim?

Here are the steps to file a claim against an active Massey Ferguson Tractor Insurance:

• Step 1: It is always recommended to notify the commercial vehicle insurance company as soon as the incident occurs. Delaying the intimation can lead to claim rejections and other complications.
• Step 2: Once you file a claim, the insurer will send a surveyor to assess the damages incurred by the insured tractor.
• Step 3: Submit all the required documents to file a Massey Ferguson claim. Once approved and verified, the insured Massey Ferguson tractor will be sent to a network garage for repair.
• Step 4: Once repaired, the insurer will settle the claim with the garage.

Documents Required to File a Massey Ferguson Insurance Claim

Policyholders must submit the following documents to file a claim for their insured Massey Ferguson tractor:

• Duly signed and filled claim form
• Vehicle registration certificate copy
• Driving license copy
• Repair estimate
• Copy of FIR (in case of third-party or theft claims)
• Load challan