tractor insurance in india

7/30/2019 Tractor Insurance in India

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Tractor Insurance

Submitted by:-Jyoti JhaPGDABM(2011-13)NIAM,Jaipur


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Tractor insurance

Tractor Insurance in India deals with theinsurance covers for the loss or damage causedto the automobile or its parts due to naturaland man-made calamities. It provides accident

cover for individual owners of the vehicle whiledriving and also for passengers and third partylegal liability. There are certain generalinsurance companies who also offer online

insurance service for the vehicle.


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Tractor insurance

Tractor Insurance in India is a compulsoryrequirement for all vehicles used whether forcommercial or personal use. The insurancecompanies have tie-ups with leadingautomobile manufacturers. They offer their

customers instant quotes. Premium isdetermined by a number of factors and theamount of premium increases with the rise inthe price of the vehicle. Certain documents arerequired for claiming Tractor Insurance in

India , like duly signed claim form, RC copy ofthe vehicle, Driving license copy, FIR copy,Original estimate and policy copy.


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Current scenario

The after effects of the union budget havesurprised tractor manufacturingcompanies and even the farmers .With this,the insurance of this tractor has been

increased by more than 200% A tractor priced Rs 6 lakh used to be

insured with about Rs 8,000 and now thisamount has been hiked to Rs 22,000 at par

with the diesel cars. The third party insurance of the vehicle

will now be Rs 12,000 instead of Rs 14,000of the previous prices.


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ICICI LOMBARD

ICICI Lombard's comprehensive packagepolicy for tractors covers not just Own Damagebut also Third Party Liability and PersonalAccident.


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Own damage

i. Fire, Explosion, Self ignition or Lightningii. Housebreaking, Theft, Riot.iii. Earthquake (fire and shock damage), Flood,Typhoon, Hurricane, Storm.

iv. Inundation, Cyclone, Hailstorm, Frostv. Accidental external means.vi. Malicious acts.vii. Terrorist activity

viii. Landslide, Rockslide.


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Subject to a deduction for depreciation at therates mentioned below in respect of parts

replaced:- For all rubber/nylon/plastic parts, tyres, tubes,batteries and air bags - 50%- For fibre glass components - 30%- For all parts made of glass - Nil- Rate of depreciation for all other parts

including wooden parts will be as per theschedule.

In the event of the vehicle being disabled byreason of loss or damage covered under thispolicy, the Company will bear the reasonable cost

and removal to the nearest repairer and re-delivery to the insured not exceeding Rs.2500/-for commercial vehicles in respect of any oneaccident.


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Liability to third parties

The Company will indemnify the insured in theevent of an accident caused by or arising out ofthe use of the vehicle against all sumsincluding claimant's cost and expenses, which

the insured shall become legally liable to payin respect of:- Death of or bodily injury to any personcaused by or arising out of the use (including

the loading and/or unloading) of the vehicle.- Damage to property caused by the use(including the loading and/or unloading) ofthe vehicle.


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Personal Accident Cover for Owner-Driver

The Company undertakes to pay compensation asper the following scale for bodily injury/ deathsustained by the owner-driver of the vehicle indirect connection with the vehicle insured or whilst

mounting into/dismounting from or traveling inthe insured vehicle as a co-driver, caused by violentaccidental external and visible means whichindependent of any other cause shall within sixcalendar months of such injury result in:- Death - 100%

- Loss of two limbs or sight of two eyes or one limband sight of one eye - 100%- Loss of one limb or sight of one eye - 50%- Permanent total disablement from injuries otherthan named above - 100%


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Tata AIG Insurance

Own Damage (Loss arising due to PhysicalDamage to the Vehicle in the accident Cost ofRepairs & Replacements)

Loss or damage to vehicle & its accessories by

Same as ICICI lombard Act Liability / TP Insurance (Legal Liability to

Users of Road - Pedestrians, Passengers,Animals, Wayside Property etc.) Unlimited legal liability in respect of death or bodily

injury to a person Damage to Third Party Property up to Rs.7.5 / 1

lakhs Legal costs for defending TP claim Legal Liability to Paid Driver


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Mahindra viswas

The Tractor insurance generally includes:

Same as the above two

The tractor insurance does not include: Consequential loss, depreciation, mechanical and

electrical breakdown, failure or breakage

War or nuclear perils and drunken driving


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SBI general insurance

This policy provides protection to your allimportant farming companions such astractors in addition to the personal accidentcover to you and your other family members

who may use the vehicle.

This Policy is designed to cover the compulsoryThird Party Liability together with loss ordamage to the Vehicle itself.


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The Policy also provides cover for:PersonalAccident for Paid Driver/cleaner.For anadditional Premium, provides the following:Additional Legal Liabilities towards Paid

Driver and employee.

Bi-fuel Kit.Enhanced PA cover to OwnerDriver and Paid Driver.

No Claim Bonus Protection.Return to Invoice.


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References

http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893

http://209.212.151.53/web/why_mahindra_vishwas.html

http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/

http://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicy

https://www.icicilombard.com/rural-insurance/tractor.html
http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttps://www.icicilombard.com/rural-insurance/tractor.htmlhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.sbigeneral.in/Internet/faces/tractorandfarmvehiclepolicyhttp://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://www.tataaiginsurance.in/taig/taig/tata_aig/rural/homepage/http://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://209.212.151.53/web/why_mahindra_vishwas.htmlhttp://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893http://www.taxmann.com/taxmannflashes/whatsnew.aspx?stype=1&sid=9893


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tractor insurance in india

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