Magma HDI Tractor Package Policy

What is the Plan all About?

Tractor Package Policy provides cover for financial losses that may arise due to loss or damage caused to your Tractor. It also covers the compulsory Third Party Liability that may occur due to fault of your tractor. The tractors used for agriculture get coverage under Commercial Misc Class D category and those used for hauling goods are covered under Commercial GCV category.

Key Features

Loss/damage cover for the vehicle insured
Cover for liability to third party
Avail No Claim Bonus
Add-on covers to extend protection
Cashless claim settlement at network garages across India

What are the Plan Benefits?

Own Damage Cover

Loss or damage to the vehicle insured and/or its accessories is covered against perils such as accidental occurrence or theft.

Cover towards Third Party Liability

Insured is covered against third party liability arising out of the use of the vehicle in respect of death or bodily injury to occupants carried in a vehicle other than the insured’s vehicle. It also covers damage to property other than the property belonging to the insured.

No Claim Bonus

In case of a claim-free policy year, No Claim Bonus (NCB) is available up to 50%. This NCB benefit may vary depending on the type of vehicle and the number of no-claim policy years.

Additional Covers

Following are the additional cover/add-ons that can be opted upon payment of additional premium.

Depreciation Reimbursement: It pays the depreciation amount deducted on the value of the parts replaced for an approved claim, in case of loss or damage caused to the vehicle insured.
Return to Invoice: In the event of Total Loss/Theft of the vehicle, it pays the ‘shortfall amount’ between the amount received and the current replacement value of the vehicle if the same make model is available. This add-on also covers registration charges and road-tax.
NCB Protection: With this add-on cover, the NCB remains protected at the time of renewal, even if you make a single claim during the policy period.
Legal Liability: Additional legal liability towards driver is available, as specified under the policy.
This policy also covers mudguard, headlamps, bonnet, fender and paintwork.

Major Exclusions

Following are the conditions that are not covered under this policy:

Mechanical/Electrical breakdown
Depreciation or any Consequential loss
Normal wear & tear and ageing of the vehicle
Any claim arising out of contractual liability
Vehicle is used outside the geographical area
Vehicle being used otherwise than in accordance with the ‘Limitations as to Use’ specified
Driving vehicle without a valid driving license
Loss/damage caused by or arising from nuclear weapons material, etc.