Tractor Third Party Insurance
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
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What is Tractor Third Party Insurance ?
Tractor Third Party Insurance is a type of insurance policy that provides coverage against the legal liabilities arising from third-party property damage or bodily injury caused by your tractor. This insurance is mandatory by law for all tractors plying on public roads in India. In case of an accident involving your tractor, if it causes damage to someone else’s property or injury to a person, the Tractor Third Party Insurance will cover the financial compensation that you are legally obligated to pay to the affected third party. This insurance ensures that you meet your legal responsibilities while safeguarding your financial interests.
⛦ Example Scenario: In Ramesh’s case, the Third Party Tractor Insurance would come to his rescue. The insurance covers the legal liabilities arising from the accident, including the damage caused to the person who lost their life and the property damage. This insurance prevents Ramesh from bearing the hefty financial burden alone, providing vital support during such unforeseen incidents. Insurance serves as a safety net, ensuring that Ramesh doesn’t have to face the entire cost on his own.
Coverages of Tractor Third Party Insurance
Third-Party Liability Coverage
Covers legal liabilities for bodily injuries or property damage caused to third parties in an accident involving your Vehicle.
Factors Determining the Premium of Coverages of Tractor Third Party Insurance
Horse Power -HP
Higher horsepower generally means the tractor can handle heavier loads, tougher terrain, and more demanding tasks on the farm
Usage of the Vehicle
Vehicle used for personal purposes or business purposes may have different premium rates.
Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover IN Tractor Third Party Insurance
| Coverage | Own Damage (OD) Cover | Third-Party Liability Cover |
|---|---|---|
Definition |
Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more. |
Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle’s involvement in an accident. |
Scope of Coverage
|
Protects your own vehicle against a wide range of perils and damages. |
Only covers damages and injuries caused to third parties, not your vehicle. |
Premium Determination
|
Based on factors like vehicle’s make, model, IDV, and add-ons chosen. |
Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle’s engine capacity. |
Coverage Extent |
Comprehensive coverage for your vehicle, including theft, own damage, and accidents. |
Limited to liabilities arising from third-party property damage, injuries, or death. |
Add-ons
|
Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage. |
No add-ons are available, as it is a standardized cover as per IRDAI regulations. |
Legal Compliance |
Optional, but highly recommended for complete protection of your vehicle. |
Mandatory by law to drive a vehicle on Indian roads. |
Claim Settlement |
Applicable for damages to your vehicle, subject to policy terms and conditions. |
Covers financial liabilities towards third parties up to the prescribed limits. |
Insurance Premium |
Can significantly impact the premium amount based on the extent of coverage and chosen add-ons. |
Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle’s engine capacity. |
How to Settle Tractor Third Party Insurance Policy Claims?
Inform Authorities
In case of an accident involving third parties, inform the local authorities and police.
Collect Details
Gather information about the accident, such as vehicle numbers, contact details of involved parties, and witnesses.
Notify Insurer
Report the incident to your insurance company as soon as possible. Provide accurate information and documents.
File FIR
If there are injuries or fatalities, file a First Information Report (FIR) at the nearest police station.
Claim Form
Fill out the claim form provided by the insurer. Attach necessary documents, such as policy copy, FIR, driving license, vehicle registration, etc.
Survey Process
The insurer may appoint a surveyor to assess the damage or loss. Cooperate during the survey process.
Document Verification
Ensure all documents are complete and accurate. Any false information may lead to claim rejection.
Claim Settlement
If the claim is approved, the insurer will provide a settlement amount based on policy terms and coverage.
Legal Proceedings
In case of legal actions, the insurer may provide legal assistance.
Exclusions of Tractor Third Party Insurance Policy
Consequential Loss
Insurance may not cover losses that result as a consequence of a covered event, such as financial losses due to missed business opportunities.
Driving Under Influence
Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.
Unauthorized Drivers
If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.
Racing or Adventure Activities
Damages occurring during racing, rallies, or adventure sports are typically excluded.
Intentional Damage
Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Goods vehiclerying Vehicle Insurance policy.
Wear and Tear
Regular wear and tear of the vehicle or mechanical breakdowns are not covered.
Illegal Activities
Accidents caused while using the Two Wheeler for illegal purposes may be excluded.
War or Terrorism
Damages due to war, war-like situations, or acts of terrorism are generally excluded.
Nuclear Damage
Any damages caused by nuclear activity are not covered.
Expired or Lapsed Policy
If the policy is expired or lapsed at the time of the incident, there will be no coverage.
Documents Required for Claim Settlement under Tractor Third Party Insurance Policy
Accident Report Form
Duly filled and signed accident report form providing details of the incident.
Police FIR
Copy of the First Information Report (FIR) filed with the police in case of accidents resulting in third-party damage or injury.
Copy of Driving License
A copy of the valid driving license of the driver involved in the accident.
Vehicle Registration Certificate (RC)
A copy of the vehicle’s RC, which includes details such as the registration number, engine number, chassis number, etc.
Policy Document
A copy of the valid Third Party Goods Carrying Vehicle Insurance policy.
Proof of Third-Party Injury/Damage
Any evidence or documentation proving the extent of injury or damage caused to the third party.
Third Party Details
Contact information and details of the third party involved in the accident.
Witness Statements
Statements from witnesses present at the scene of the accident.
Medical Reports
In case of bodily injury, medical reports and bills supporting the claim.Previous Claims History
Police Investigation Report
In case the police conducted an investigation, a copy of their findings.
Contact Information for Claim Settlement: related to Tractor Third Party Insurance Policy
If Policy Obtained through Agent/Broker
Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.
If Policy Obtained Directly from Insurance Company
Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: services@beemawala.com
Frequently Asked Questions: Tractor Third Party Insurance Policy
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