In the past, purchasing vehicles was quite an expensive choice. However, the cost of purchasing automobiles has reduced substantially over the years. Because of this, the number of vehicles on the road has increased severely. Most individuals opt to travel using their automobiles for the comfort they offer.
With the rise in the number of automobiles on the road, the number of accidents has increased. The rising number of accidents on the roads make bike owners quite susceptible to injuries and damages. This is because bike riders are more exposed to injuries or damages as compared to car drivers. Therefore, if you’re a bike owner, you must get adequate insurance coverage for yourself and your vehicle. You can also get bike insurance online these days.
Most insurers like Tata AIG allow customers to apply for bike insurance online. You can directly visit their website, compare two wheeler insurance plans, learn about the bike insurance prices, and carry out the purchase following a few simple steps. While purchasing bike insurance for yourself, it is important that you also learn about the Personal Accident cover offered.
Personal Accident Cover in Bike Insurance
Personal accident insurance is an insurance plan that will provide you with financial support for medical costs. The personal accident cover will provide reimbursement for the medical costs and offer your loved one compensation if you pass away or face disability because of an accident. Two-wheeler owners in India have to include the Personal Accident cover in their bike insurance. As per the Motor Vehicles Act, two-wheeler insurance holders must include the Personal Accident cover while purchasing a policy.
Personal Accident cover is offered to the owner, and they will get financial coverage only if they hold a legitimate driving license. Two-wheeler insurance owners in the range of 18 to 65 years will get coverage from this cover.
What is Covered in Personal Accident Insurance?
A Personal Accident Cover as per the motor insurance plan will offer you compensation if you suffer bodily injuries, death or permanent disability because of an accident. As per the IRDAI, the coverage under the Personal Accident cover is set at ₹15 lakhs. If the policy owner has passed away due to an accident, the insurer will pay the entire sum insured to the beneficiaries. If the policyholder has suffered permanent disabilities, the compensation will differ based on the extent of the disability.
Benefits of Personal Accident Insurance Coverage
Given below are some benefits offered in personal accident coverage:
- Accidental death: If you pass away in an accident, your beneficiaries get the accidental death compensation. With this benefit, your loved ones are protected when you’re not around anymore.
- Permanent total disability in the accident: Sometimes, a victim can become disabled for life, even with medical assistance. The two-wheeler insurance policy will pay out a specific amount based on the degree of disability. The policy will also cover speech loss, vision loss and loss of hearing.
- Permanent partial disability: The permanent partial disability cover will help you if you’ve partially lost your hearing or suffered vision loss in a single eye. The personal accident cover offers coverage for such partial disabilities as well.
- Transportation benefit: Some insurance companies offer to provide a family transportation benefit. For instance, if you are hospitalised far away from where your family lives. The insurance companies will provide compensation for the family members who travel to bring you home.
- Additional features: Personal Accident coverage includes other factors like education, employment benefits, funeral expenses, etc. You also get coverage for hospital charges and ambulance costs. Some policies also offer vehicle alteration benefits for disabled individuals.
Importance of Personal Accident Cover
With the rise in the number of vehicles on Indian roads, accidents have become a regular event. Since car owners are generally protected during accidents, two-wheeler owners face a high risk while driving their vehicles on the roads. Therefore, when the probability of suffering injuries due to an accident is higher, it is better to stay protected from these events beforehand.
The Personal Accident cover in bike insurance offers you the maximum financial cover if you either pass away or suffer disabilities. Getting the Personal Accident cover will ensure adequate financial safeguard for you or your family in case of covered eventualities.
However, the personal accident cover also comes with a few exclusions.
Exclusions in Personal Accident Cover
Any injuries or deaths arising from an accident under the listed below circumstances are excluded from Personal Accident coverage:
- If you were driving your bike under the influence of intoxicants or alcohol.
- If you had deliberately caused the accident.
- If you weren’t following the law.
Filing a Claim for Personal Accident Cover
Your or your beneficiaries can file a claim under the Personal Accident cover by following the steps given below:
- You must inform your insurer about the damage and the loss that you have faced.
- You must file an FIR (First Information Report) at the local police station.
- You must provide all the necessary documents to your insurer and wait for them to look through the details to settle the claim.
A personal accident cover will help you deal with the injuries that you face due to an accident. Accidents are quite unpredictable. Therefore, when you have the Personal Accident cover included in your bike insurance policy, you can be at peace knowing that your insurance coverage will help you deal with the medical bills for issues like disabilities and death.