Tractor Insurance                    Submitted by:-                    Jyoti Jha                    PGDABM(2011-13)       ...
Tractor insurance Tractor Insurance in India deals with the  insurance covers for the loss or damage caused  to the automo...
Tractor insuranceTractor Insurance in India is a compulsory requirement for all vehicles used whether for commercial or pe...
Current scenario• The after effects of the union budget have  surprised        tractor     manufacturing  companies and ev...
ICICI LOMBARD•    ICICI Lombards comprehensive package    policy for tractors covers not just Own Damage    but also Third...
Own damage i. Fire, Explosion, Self ignition or Lightning  ii. Housebreaking, Theft, Riot.  iii. Earthquake (fire and shoc...
Subject to a deduction for depreciation at therates mentioned below in respect of partsreplaced:- For all rubber/nylon/pla...
Liability to third parties The Company will indemnify the insured in the  event of an accident caused by or arising out of...
Personal Accident Cover for Owner-Driver  The Company undertakes to pay compensation as  per the following scale for bodil...
Tata AIG Insurance• Own Damage (Loss arising due to Physical  Damage to the Vehicle in the accident – Cost of  Repairs & R...
Mahindra viswasThe Tractor insurance generally includes:• Same as the above twoThe tractor insurance does not include:• Co...
SBI general insurance This policy provides protection to your all  important farming companions such as  tractors in addit...
• The Policy also provides cover for:Personal  Accident for Paid Driver/cleaner.For an  additional Premium, provides the f...
References• http://www.taxmann.com/taxmannflashes/w  hatsnew.aspx?stype=1&sid=9893• http://209.212.151.53/web/why_mahindra...
Tractor insurance
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Tractor insurance

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Tractor insurance and various companies and their policies for the same

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Tractor insurance

  1. 1. Tractor Insurance Submitted by:- Jyoti Jha PGDABM(2011-13) NIAM,Jaipur
  2. 2. Tractor insurance Tractor Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle.
  3. 3. Tractor insuranceTractor Insurance in India is a compulsory requirement for all vehicles used whether for commercial or personal use. The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant quotes. Premium is determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle. Certain documents are required for claiming Tractor Insurance in India , like duly signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate and policy copy.
  4. 4. Current scenario• The after effects of the union budget have surprised tractor manufacturing companies 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 this amount 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 14,000 of the previous prices.
  5. 5. ICICI LOMBARD• ICICI Lombards comprehensive package policy for tractors covers not just Own Damage but also Third Party Liability and Personal Accident.
  6. 6. Own damage i. Fire, Explosion, Self ignition or Lightning ii. Housebreaking, Theft, Riot. iii. Earthquake (fire and shock damage), Flood, Typhoon, Hurricane, Storm. iv. Inundation, Cyclone, Hailstorm, Frost v. Accidental external means. vi. Malicious acts. vii. Terrorist activity viii. Landslide, Rockslide.
  7. 7. Subject to a deduction for depreciation at therates mentioned below in respect of partsreplaced:- 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 partsincluding 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 costand removal to the nearest repairer and re-delivery to the insured not exceeding Rs.2500/-for commercial vehicles in respect of any oneaccident.
  8. 8. 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 claimants 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.
  9. 9. Personal Accident Cover for Owner-Driver The Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury result in: - Death - 100% - Loss of two limbs or sight of two eyes or one limb and sight of one eye - 100% - Loss of one limb or sight of one eye - 50% - Permanent total disablement from injuries other than named above - 100%
  10. 10. Tata AIG Insurance• Own Damage (Loss arising due to Physical Damage to the Vehicle in the accident – Cost of Repairs & 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
  11. 11. Mahindra viswasThe Tractor insurance generally includes:• Same as the above twoThe tractor insurance does not include:• Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage• War or nuclear perils and drunken driving
  12. 12. SBI general insurance This policy provides protection to your all important farming companions such as tractors in addition to the personal accident cover to you and your other family members who may use the vehicle. This Policy is designed to cover the compulsory Third Party Liability together with loss or damage to the Vehicle itself.
  13. 13. • The Policy also provides cover for:Personal Accident for Paid Driver/cleaner.For an additional Premium, provides the following: Additional Legal Liabilities towards Paid Driver and employee.• Bi-fuel Kit.Enhanced PA cover to Owner Driver and Paid Driver.• No Claim Bonus Protection.Return to Invoice.
  14. 14. References• http://www.taxmann.com/taxmannflashes/w hatsnew.aspx?stype=1&sid=9893• http://209.212.151.53/web/why_mahindra_vi shwas.html• http://www.tataaiginsurance.in/taig/taig/tata _aig/rural/homepage/• http://www.sbigeneral.in/Internet/faces/tract orandfarmvehiclepolicy• https://www.icicilombard.com/rural- insurance/tractor.html

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