“Tractors mishaps have caused 1,456 deaths till now in Australia. In addition, accidents in which tractors are involved every year is also pretty high”.
Do you own tractors or deals in a business that includes their usage? If yes, then you are already at high risk. You don’t know when the commercial tractor can get involved in an accident. Also, if it damages any third-party property – you’ll have to pay for it. Fortunately, now we have commercial tractor insurance.
You must have heard about his policy from many – it’s getting popular with time. But do you know what it is and how it can help you? Well, today is your lucky day because we are going to share with you all the important information related to this policy.
Now, without taking any more time, let’s jump straight to the key points:
What Is Tractor Insurance?
Tractor Insurance is a commercial motor vehicle insurance policy that covers tractors against all the damages it suffers or causes. This policy is designed to protect tractors and their owners from all the unforeseen losses and damages that might occur due to instances like natural calamities, fire, accidents, collisions and even thefts. By purchasing this insurance policy you transfer all the risks of owning a tractor to the insurance company.
Let us elaborate on this with an example. Suppose your commercial tractor met with an accident, damaging all the goods it is carrying. Now you have to suffer from double loss – of the goods that have been destroyed in the accident and the repairing cost of the tractor. But here’s the twist – you have to suffer from these losses only if you don’t cover yourself using commercial tractor insurance. If you have this policy, the insurance company will be liable for all such losses. They will pay for them, not you.
Do You Really Need Commercial Tractor Insurance?
Just like your car needs auto insurance, your commercial tractor also needs insurance.
If you want to protect yourself and your business from all the costly repair and damages linked with your tractor – purchase this insurance policy ASAP. This policy will pay for all the repairs in case of breakdowns.
In addition, if you damage any third party property from your tractor, the insurance will also cover it for you. But these were not the only reasons why you need this insurance policy. Here are a few more of them:
- Commercial tractor insurance secures your vehicle from theft, accidents and malicious damages, even if it is solely used within your own land.
- A tractor can easily tip over while carrying or lifting heavy loads. It can also get crushed by falling debris and falling trees. Moreover, there are also chances of it catching fire. This policy covers all such cases, avoiding you to spend even a single penny.
- You might not know but there is a legal requirement for tractor owners to ensure their vehicle under certain circumstances. Especially if your tractor is primarily used for agriculture purposes. So it becomes a necessity to purchase this insurance to avoid any legal consequences.
How Much Does It Cost To Purchase Commercial Truck Insurance?
We are sure that you might be curious to know about the tractor insurance cost. Well, we have good news for you. It does not cost much. Although there are certain factors upon which the cost of a tractor Insurance company depends upon. But despite that, most of the insurances that are available in the market are very economical. Talking about which factors affect the cost, here are a few of them:
- The experience and popularity of the insurance provider
- The coverages that insurance policy includes
- The model of your tractor
If you are still not sure about whether you can afford this insurance policy or not – use a tractor insurance premium calculator. Such tools determine the average premium of your insurance policy. This helps you know if you can actually afford the policy or not.
We hope now you have a clear idea of what commercial tractor insurance is. For every tractor owner, this insurance policy is a necessity. Make sure to get this policy from a genuine vendor.