A tractor insurance is a type of commercial vehicle insurance that provides a comprehensive coverage to the insured vehicle and third parties. The Own Cover section protects the tractor and the owner of the tractor from external damage like burglary and theft. Commercial tractor and farm tractors are insured under different categories of Motor Vehicles Act. Third-party liability compensates any loss or damage to another vehicle or person due to the insured tractor.
Tractor insurance safeguards the vehicle from all possible damage and risks. Following are the coverage offered.
- Damages or loss to the tractor due to natural calamities like floods, earthquake, fire, and landslide, etc.
- Personal Accident Cover for the owner, driver and the passengers of the tractor
- Covers risks, such as theft, accidents, burglary, strikes, riots, etc.
Tractor Insurance Benefits
As the owner of a farm or ranch, you understand better than most the significance of the phrase, "an ounce of prevention is worth a pound of cure." You also understand that your tractor is just as important to your daily operations as a car is to a salesperson or tools are to a contractor. Protecting your equipment it now can mean the difference between feast and famine in the future.
Insurance helps make any crisis manageable, but the specific terms and conditions of tractor insurance can vary greatly from state to state. Call The CFI Agency to find out about the specifics of coverage in your area and how you can protect your assets. When you call, be sure to have the specific size and type of tractor you want to insure on hand, plus its main purpose and its value to your operation as a whole.