Importance of Tractor Insurance in 2022

We are all aware of the importance of agriculture to our country and the fact that the majority of rural people in India rely on it as their main source of income. About 55% of the country's GDP is generated by agriculture and allied industries, which means they are essential to the country's economy. And this is where a tractor's function is crucial.

Let’s Look Why Tractor Insurance Is Crucial

Since the 1950s, tractors have been employed in the agricultural sector, but as time went on, their popularity increased due to their simplicity of use, and today, most farmers in different areas of India utilize tractors.

Maintaining a tractor in good condition is crucial because it is a farmer's most valuable asset. Getting tractor insurance is essential for the owners' peace of mind because unintentional damage to the tractor and third-party liabilities is frequent occurrences. Agricultural tractors are covered under the Commercial Misc. Class D category of insurance, while commercial goods-carrying tractors are covered under the Commercial GCV category.

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The Importance of Tractor Insurance

Tractor insurance is crucial since it serves as a defense against a variety of losses, including human injuries, natural disasters, and even third-party liabilities.
The various losses covered by tractor insurance include external losses and losses brought on by calamities such as earthquakes, cyclones, floods, storms, landslides, etc. Tractor insurance also covers unexpected events like a fire, explosion, etc.
Tractor insurance also covers incidents that happen when the tractor is moving on a road, a river, etc., as well as incidents that happen due to human error, such as theft and unintentional damage.
There are insurance policies that, in addition to covering these hazards, also offer protection to other farming equipment including harvesters, rotavators, power harrows, threshers, etc.
A tractor insurance coverage can also provide you with advantages like "No Claim Bonus Protection," which lowers the cost of insurance for each year without a claim.

There is no justification for a farmer not to get tractor insurance given its numerous perks and benefits. Data reveals, however, that due to a lack of understanding, there is a low uptake of tractor insurance, putting owners at risk for accidents and tractor damage.

Through our website Tractornews.in, we strive to disseminate information and specifics regarding tractor insurance in rural India to prevent such situations and to enable our farmers to operate without worry.