The Importance Of Personal Accident Cover In Bike Insurance

New Delhi [India] September 12: Having comprehensive insurance coverage for your vehicle is crucial to abide by the law and secure yourself financially. You can obtain Personal Accident (PA) coverage as a component of your bike insurance plan. 

Let's explore the importance of having personal accident cover along with your two wheeler insurance and how it can be advantageous for you.

Undеrstanding Pеrsonal Accidеnt Covеr in Bikе Insurancе

Personal Accident (PA) cover is a specialised add-on insurance coverage that offers financial compensation for accidental death, disability, or injury to the owner-driver. Some insurance companies extend this protection to the riders and passengers. As per the Motor Vehicles Act 1988, all owners of two-wheelers in India are required to have this cover. Adding personal accident cover is essential for protection, whether you have comprehensive bike insurance or just third-party coverage.

The personal accident cover ensures financial protection for you or your dependents in case of a serious accident.

Bеnеfits of Pеrsonal Accidеnt Covеr in Bikе Insurancе

Thе following arе somе of thе bеnеfits of pеrsonal accidеnt covеr in bikе insurancе.

Financial Sеcurity for Pеrmanеnt Disability

Accidents have the potential to cause permanent disabilities that can greatly affect a person's capability to make a living. The personal accident cover offers significant monetary assistance in case of permanent disability caused by an accident. This coverage assists with handling extended financial requirements caused by the inability to work.

Covеragе for Mеdical Expеnsеs

Road accidents can result in substantial medical costs for hospital stays and surgical procedures. The PA cover provides a one-time payment for healthcare expenses, reducing the financial stress of expensive treatments and allowing you to concentrate on healing instead of stressing about your finances.

Compеnsation for thе Family of thе Deceased

In case of the policyholder's death resulting from an accident, the PA cover offers financial aid to the person’s family. The payment assists them in dealing with unexpected financial pressure, especially if the deceased was the main earner.

How to Buy Pеrsonal Accidеnt Covеr in Bikе Insurancе?

Getting PA coverage as an add-on to your two-wheeler insurance is easy. You can obtain it either online or through insurance providers. Below is a detailed guide on how to buy this necessary coverage.

Buying PA Covеr with Comprеhеnsivе Bikе Insurancе

When buying or renewing a full bike insurance plan, you have the option to add Personal Accident cover. This feature is not included in the standard policy and needs to be included separately. Visit the insurance company's website or app to choose the personal accident coverage and complete the purchase.

For Existing Customеrs

Access your insurance account through the insurer's website or app by logging in.

Sеlеct thе option to rеnеw your еxisting bikе insurancе plan.

Opt for the personal accident cover, make the necessary payment, and get the updated policy document sent to your email.

For Nеw Customеrs

Go to the insurance provider's website or install their mobile application.

Provide information about your bike and any prior insurance policies.

Choose the correct insurance policy and include the personal accident coverage.

Finish the online payment process and instantly receive the policy document.

Why is Pеrsonal Accidеnt Covеr Essеntial?

According to statistics, two-wheeler accidents are more common than mishaps involving four-wheeled vehicles. Having a robust insurance plan in place is essential because the high number of bikes on the road increases the chances of accidents.
 
Adding a PA cover is not only necessary by law but also an important element of a bike insurance policy. It offers financial protection in the event of major accidents, guaranteeing that you and your loved ones are shielded from the unexpected medical expenses that can result from these events.

What is Covеrеd Undеr Pеrsonal Accidеnt Covеr?

Personal Accident Insurance provides various levels of coverage, with compensation dependent on the severity of the accident.

Accidental Dеath

In case of death due to an accident, the cover ensures that 100% of the assured amount is given to the policyholder or rider’s family, providing sufficient financial assistance.

Loss of Limbs or Sight

If an accident leads to the loss of two limbs or two eyes, coverage offers full compensation. This degree of assistance helps handle the financial consequences of serious injuries.

Loss of a Singlе Limb or Eye

If one limb or one eye is lost, 50% of the assured amount will be compensated. This partial coverage still offers substantial financial support.

Pеrmanеnt Disability

The PA cover provides 100% of the assured amount for permanent disabilities caused by an accident. This assists in meeting long-term financial requirements because of an everlasting decrease in income potential.

What is Not Covеrеd Undеr Pеrsonal Accidеnt Covеr?

Whilе PA covеr providеs еxtеnsivе protеction, thеrе arе cеrtain еxclusions to bе awarе of:

1. Intoxicants

Injuries or fatalities from driving a vehicle under the influence of alcohol or drugs are not included in the coverage. This omission emphasises the necessity of following legal and safety standards when riding.

2. Gеographical Limitations

Accidents that happen outside the designated geographical area are not included in the add-on cover. Make sure your policy matches your travel itinerary to prevent any coverage gaps.

3. Intentional Acts

If the policyholder intentionally causes the mishap, it will not be covered. This guarantees that the cover is exclusively used for genuine accidents.

4. Lеgal Violations

Accidents caused by breaking traffic regulations are not covered. Adhering to every road safety regulation is crucial in order to preserve your eligibility for compensation.

How to Claim Pеrsonal Accidеnt Covеr?

In case of an unfortunate accident, follow these steps to submit a claim:

1. Notify thе Insurancе Providеr

Inform your insurance company promptly regarding the incident and the damages. Timely notification is essential for a seamless claim process.

2. Filе an FIR

File a First Information Report (FIR) at the nearest police station. This legal document is crucial for verifying the details of the accident.

3. Submit Documеnts

Submit all necessary documents electronically (online) to the insurance provider. These papers usually contain the FIR, medical records, and evidence of the accident.

4. Claim Vеrification

The insurance company will confirm the information and process the claim appropriately. Make sure all information given is correct to prevent any delays.

Conclusion

Accident cover in two-wheeler insurance is essential as it offers financial protection from unexpected mishaps. Its comprehensive coverage and advantages guarantee peace of mind for both you and your loved ones. Investing in PA cover is more than just a legal requirement; it is also a smart choice to protect your financial future.

Disclaimеr: Thе abovе information is for illustrativе purposе only. For morе dеtails, plеasе rеfеr to policy wordings and prospеctus bеforе concluding thе salеs.

Published on: Thursday, September 12, 2024, 01:25 PM IST