Automotive

Getting Knowledgeable About the Personal Accident Cover in Two-Wheeler Insurance

Given the narrow lanes and Indian roads and internationally famed traffic jams; it is a no-brainer that a two-wheeler is one of the most preferred and popular modes of transportation. Yet one cannot deny that it carries the highest risk of an accident. According to statistics, about 33.9% of accidents on Indian roads are attributed to these two-wheelers.

Given the risk associated with your bike to you as well as your vehicle; it is imperative that you have iron-clad protection for both. A comprehensive two-wheeler policy keeps your bike safe as you are covered for all its repair charges under it. But it does not provide any protection to you. However, you can get it included in the policy by adding a personal accident cover add-on to it. Here, we would understand what exactly it is and explore its various angles.

Defining Personal Accident Cover

Regarding two-wheeler insurance, a personal accident cover offers you financial assistance if the rider suffers any injury or even death due to an accident while riding the two-wheeler. It covers all medical costs and hospitalization costs if required. The cover is usually offered as an add-on to the base Two-Wheeler Insurance Plan though few insurance companies offer it as part of their base plan. This add-on cover is not only available for the rider but can also be taken for the pillion rider.

The cover is available for riders between the age of 18 to 65 years and has a maximum compensation limit of Rs. 1 lakh.

Benefits of Purchasing Personal Accident Cover

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As personal accident cover is available as a separate add-on; many do not understand its importance and choose not to take it. This is because they do not realize its importance. Furthermore, it does not offer them any tax benefits which is the major reasons Most buy insurance. But we walk you through a few key benefits of adding a personal accident cover to your two-wheeler policy.

  • Accidental death benefit

While none of us ever want to think about it but death in a two-wheeler accident is a common enough occurrence. None of us can ignore this possibility when riding a two-wheeler. But if one has a personal accident cover, then the insured’s family gets a death compensation amount as per the specified limit if the insured dies due to bike insurance. The help can prove a lifeline of the insured is the breadwinner of the family.

  • Disability compensation benefit

If there is a serious bike accident, then the insured can suffer a temporary or permanent disability due to it. This might even mean a loss of income. In both the scenarios, compensation according to the conditions laid down in the policy is paid that can prove a lifeline. Usually, the full sum assured is paid for permanent disability and fifty percent of the sum insured is paid for temporary or partial disability.

  • Hospitalization cost

If due to bike insurance, the insured gets some serious injuries that require hospitalization, then the insurance company pays a specified limit of money every day for a maximum of 50 days as a daily cash allowance. This helps you cover the hospitalization and other associated costs.

  • Round the clock assistance
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If the policyholder gets involved in bike insurance, then he/she might need emergency and roadside assistance as well as complete knowledge about the process of filing the claim and other related issues. Thanks to the 24/7 helpline of all insurance companies, one can get in touch with them easily and get all queries resolved.

Understanding the Exclusions

As with most insurance policies and rider, the personal accident cover also has its list of exclusions that every policyholder must be aware of. Under certain conditions and specific situations, the insurance company does not pay the compensation as specified. Few of them are:

  • If the accident leading to death, disability or injury occurred under the influence of drugs, alcohol or other abusive substances.
  • If the rider did the accident intentionally and death or injury happened due to it.
  • If the rider was found to be performing an unlawful act which leads to the accident and consequent injury, disability or death.

Wrapping up

By now, no further convincing is required on the importance and benefits of personal accident cover. It should be an integral part of any two-wheeler policy. Going by the IRDAI mandate, you can also procure a separate ‘Personal Accident Cover’ policy to keep you covered for all such contingencies. You can buy this policy for all kinds of transportation that ply on the roads.

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