Preet Tractor Insurance

Preet Tractors are one of the most popular agricultural tractors, ranging from 25 HP to up to 100 HP engines since 2002. They are used to carry out different types of agricultural work like farming, tilling, harvesting and more. Since they are heavy-duty vehicles, it is mandatory as per the IRDAI to insure them with a commercial vehicle insurance. A Preet tractor insurance helps to protect the insured tractor against unforeseen emergencies.

Preet Tractor Insurance Price

Here are the third-party commercial vehicle insurance prices for Preet tractors:

Model	Gross Vehicle Weight (kgs)	Third-Party Preet Insurance Premium
Preet 3549	2050 - Diesel	₹16,049
Preet 5049	2150 - Diesel	₹16,049
Preet 6549	2320 - Diesel	₹16,049
Preet 6049	2200 - Diesel	₹16,049

Disclaimer*: The Preet tractor insurance price for different variants depends on factors like coverage opted, voluntary deductibles, NCB, add-on covers, etc.

Reasons to Buy a Preet Tractor Insurance Policy

Here are a few reasons why you should purchase a Preet tractor insurance policy:

Mandated by Law: Having a commercial vehicle insurance policy in India is mandatory as per the Motor Vehicles Act, 1988 and is a legal requirement to ply on the roads of India.
Own Damage Cover: By purchasing a tractor insurance policy, you can also cover your vehicle against your own damages arising out of accidents, calamities, theft, etc.
Additional Covers: You can also purchase additional covers, such as zero depreciation, IMT 23, IMT 24, etc., to cover risks that are not covered under a standard commercial vehicle insurance policy.
Simple Purchase Process: Purchasing a Preet tractor insurance policy online is also a very simple process and can be done in a few minutes.

Types of Preet Tractor Insurance Policy

The two major types of Preet tractor insurance policies are:

Third-Party Insurance: A third-party commercial vehicle insurance is the minimum legal requirement for tractors to ply on Indian roads as per the Motor Vehicle Act, 1988. This type of insurance only covers damages caused to a third-party property or person and does not cover any losses to the insured Preet tractor. The premium for such policies is not determined by the insurer but by the insurance regulator, IRDAI.
Comprehensive Insurance: A comprehensive commercial vehicle insurance policy provides a broader protection. It covers both third-party liabilities and also damages caused to the insured tractor due to collision, theft, fire, or natural events. The premium for a comprehensive insurance policy is slightly higher due to an extended coverage. Policyholders can also buy several add-ons with a bundled insurance policy for their Preet tractors.

Damages arising out of natural calamities like earthquakes, cyclones, hurricanes, floods, landslides, etc
Losses caused to the insured tractor due to manmade disasters like terrorist acts, riots, strikes, etc.
Damages sustained by the insured vehicle due to fire, explosion and self-ignition.
Any damage caused due to housebreaking, theft, burglary, etc.
Third-party liabilities like death, injury, and property damage
Damages are caused to the insured tractor when it is en route via water, air, rail, etc.
Any damage arising out of external means like a road accident or collision.

Damages to the insured vehicle when the driver was intoxicated.
Damages arising out of the mechanical and electrical breakdown of the insured tractor
Damages to the insured tractor when the driver was not carrying a driving license
Losses arising out of any contractual liability
Any damage sustained by the insured vehicle outside the specified geographical location

Add-Ons with Preet Tractor Insurance

Policyholders can buy the following add-ons with their commercial vehicle insurance at an additional premium to extend the coverage and increase the protection:

Zero Depreciation (Bumper-to-Bumper) Cover: The zero depreciation add-on ensures that the insurer settles the tractor insurance claims without deducting any depreciation costs on the repaired or replaced parts, except for tyres, tubes, and batteries, which are partly covered.
IMT 23 Add-On: With the IMT 23 add-on, policyholders get extended coverage to parts often excluded in a standard commercial vehicle insurance. It covers parts, such as lamps, bumpers, tyres, and paintwork, after deducting the depreciation costs.
Accessories Cover: The accessories add-on cover offers protection for additionally-fitted electrical or non-electrical accessories, like fog lights, seat covers, entertainment systems, etc., in a tractor.
PA or Personal Accident Cover: A Personal Accident (PA) cover of at least ₹15 lakhs is mandatory as per the IRDAI with a Preet tractor insurance. It provides financial safety to the owner-driver in case of disability or death due to a road accident.

How to Buy Preet Tractor Insurance Online?

Here are the steps to buy or renew a Preet tractor insurance policy online:

Go to the official website of Policybazaar Insurance Brokers Pvt Ltd and select 'Commercial Vehicle Insurance'.
Fill out the registration number or select "I have a new vehicle".
Cross-check all the details, such as make, model, year of registration, etc, and click on submit.
Select the IDV, add-ons, and check the NCB (in case of renewals).
Finalise the plan and pay the premium amount to complete the process.
A copy of the chosen policy will be emailed instantly.

How to File a Preet Insurance Claim?

To file a Preet insurance claim, policyholders must follow the steps mentioned below:

Inform the Insurer: Immediately inform the insurer about the accident caused to or by the insured tractor.
Damage Assessment: A surveyor will visit to assess the damage and verify the tractor claim.
Document Submission: Submit all the required claim-related documents of your motor insurance for verification. After the same, the insured tractor will be sent to a network garage.
Claim Settlement: After the vehicle is repaired, the claim will be settled by the insurer.

Documents Required to File Preet Insurance Claim

Claim Form
RC and valid DL
Commercial Vehicle Permit
Fitness certificate
Load Challan
FIR/Police Report (in case of theft/third-party damages)
Final repair invoice

Preet Insurance Policy FAQs

Q1: Can I compare Preet tractor insurance prices online?

Ans: Yes. You can compare multiple Preet tractor insurance plans on Policybazaar.com and choose the one that fits your budget.
Q2: Can I purchase one commercial vehicle insurance for all my Preet tractors?

Ans: No. You purchase a separate commercial vehicle insurance policy for each of your Preet tractors.
Q3: Will I require any documents for Preet tractor insurance renewal online?

Ans: No, you will not require any documents to renew your Preet tractor insurance policy from Policybazaar.com.
Q4: How is the IDV of my Preet tractor calculated?

Ans: The Insured Declared Value or IDV of a Preet tractor is the current market value after deducting the applicable depreciation charges. You receive an IDV during the claim settlement in case of theft or total loss. The IDV can be calculated using the formula: IDV: (The market price of the vehicle & depreciation amount) + (Cost of accessories - the depreciation amount of these accessories)
Q5: How can I reduce my Preet tractor insurance price?
Ans: You can reduce the premium of your Preet tractor insurance by following these tips:
- Installing anti-theft devices
- Saving your No Claim Bonus reward
- Comparing policies before purchasing
- Avoiding unnecessary add-ons
- Opting for voluntary deductibles