Tractor Insurance – How to Apply for One and Typical Covers Provided
India is a nation powered by agriculture and a substantial portion of our country’s income comes from agriculture and farming related endeavours. The tractor, is one vehicle that can helps farmers and agriculturists pursue their passion and contribute to the welfare of our nation. Thus, the tractor becomes their most prized possession and protecting it from financial losses becomes extremely important for them. This is where tractor insurance comes in.
There are a lot of private and nationalized financial establishments who provide tractor insurance. Realising how important this insurance is for farmers and agriculturist, they keep the paper work as simple and hassle free as possible, thereby making it extremely easy to apply for tractor insurance. Once you’ve done your research and narrowed down on an insurance provider, you can simply fill in the online application form on their website or contact them directly via telephone or have them call you by filling in their online query form. The insurance provider will then get the necessary process initiated.
Let’s take a look at the covers a tractor insurance provides. Typically, tractors used for agriculture are insured by Commercial Miscellaneous Class D category and those used for hauling goods are insured under Commercial GCV category. The insurance policy covers any damage that the tractor might have sustained due to accident or theft. It also provides 3rd party liability cover that protects the owner against any liability that occurred from the use of the tractor. Also, considering the financial nature of the sector and the financial status of the insurer, most insurance providers give out no claim bonuses for every claim-free-year.
The tractor has always played a pivotal role in giving a boost to our nation’s agricultural and farming activities. It has helped agriculturists and farmers optimize their produce, making them self-reliant. Tractor insurance is a small initiative that helps them protect their most valued asset.