Tractor Insurance Policy by Magma HDI.
Magma HDI Tractor Insurance covers the tractors owned by you, which are primarily used in farming activities and hauling produce to the market place. This policy ensures that you remain worry-free when it comes to financial losses that may arise because of your tractors.
Tractor Insurance in India
Farmer or agriculturist can get advantage of tractor insurance as it covers all types of losses due to farming operations and personal damage to tractor owner or tractor driver.
Companies offering tractor insurance
Various companies offer tractor insurance to farmers such as Tata AIG, ICICI Lombard, L & T, Magma HDI, United India Insurance Company etc
Government of India offers Unified Insurance scheme under the name- Bhartiya Krishi Bima Yojana.
Tractor insurance comparison
Tractor insurance policy by L & T covers tractor damage by events such as accident by external means, burglary or Theft of the vehicle, fire, Explosion, Self-Ignition, Lightning, terrorism, Riots, Strikes, Malicious Acts, whilst the vehicle is being conveyed by road, rail, inland waterways, air or lift, earthquake, Flood, Storm, Landslide or Rockslide etc. The policy also provides for a mandatory Personal Accident Cover for Owner Driver covering Accidental Death and Permanent Total Disability.
Tractor Insurance by ICICI covers loss or damage of Tractor due to Fire, Explosion, Self ignition or Lightning, Burglary, Housebreaking, Theft, Riot and Strike, Earthquake (fire and shock damage), Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost, Accidental cause, Terrorist activity, Landslide, Rockslide. This tractor insurance policy is subject to a deduction for depreciation at the rates mentioned 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 the schedule. The policy also covers personal accident to tractor owner.
Tata AIG tractor insurance policy covers Loss or damage to vehicle & its accessories by Fire, explosion, self-ignition or lightning, Burglary, housebreaking or theft, Riot and strike, Earthquake (Fire and shock), Flood, typhoon, storm, inundation, cyclone, hailstorm, Transit by road, rail, inland waterway, lift, air, Terrorist act, Landslide or rockslide.
Magma HDI Tractor Insurance Policy covers damage of the tractor due to any accidental occurrence or theft. This policy also protects the owner against any Third Party liability that can occur from the usage of the tractor. The policy covers damage of tractor spare parts such as mudguard, bonnet, headlamps, fender and paintwork. Moreover, it provide depreciation reimbursement - where no deduction in claim is made towards the depreciation in parts due to the age of the vehicle.
Benefits of Tractor Insurance
Farmer will get benefit from tractor insurance policy in case of damage or loss of tractor by natural calamities or personal accidents. Accident of tractor owner or tractor driver also covered by Tractor insurance policy.
Tractors are one of the most precious assets of the farmers. Tractors covers not just Own Damage but also Third Party Liability and Personal Accident.
Loss of or Damage to the Vehicle Insured (Own Damage)
The Company will indemnify the insured against loss or damage to the vehicle insured against following:
a. Fire, Explosion, Self-ignition or Lightning, Burglary, Housebreaking, Theft, Riot and Strike, Earthquake (fire and shock damage), Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost, Accidental external means, Malicious acts, Terrorist activity, Landslide, Rockslide, Whilst in transit by road, rail, inland waterway, lift, elevator or air.
Liability to Third Parties-
The Company will indemnify the insured in the event of an accident caused by or arising out of the use of the vehicle against all sums including claimant's cost and expenses, which the insured shall become legally liable to pay in respect of:
- Death of or bodily injury to any person caused 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) of the vehicle.
Sum Insured- This is the cost of a new tractor in the first year of insurance which then depreciates with the age of the tractor.
However please note, while every effort is made to give you the best possible services, any loss/damage to the vehicle and/or its accessories will not be covered if caused by the following:
- Vehicle being used otherwise than in accordance with limitations as to use
- Damage to / by a person driving the vehicle without a valid license
- Damage to / by a person driving the vehicle under the influence of drugs or liquor
- Drunk driving
- Loss / damage due to war, mutiny or nuclear risk
- Normal wear, tear and general ageing of the vehicle
- Depreciation or any consequential loss
- Mechanical / electrical breakdown