An accident never provides a warning before coming. However, when it happens, it devastates both the person responsible for the accident or collision and the victim. This is why the Indian government has made two-wheeler insurance mandatory for vehicles on Indian roads. If any two-wheeler owner is found driving their bike without a valid insurance policy, the owner may have to shell out up to INR 4,000 as a fine, besides spending three months in prison.
While third-party two-wheeler insurance is mandatory, more than 50% of bike owners do not purchase this or any other insurance plan. While negligence and poor policing are reasons for this, high insurance premiums are equally responsible.
When you buy a comprehensive bike insurance policy online or offline, it covers third-party, own damage, and personal accidents. However, comprehensive bike insurance policies are costlier than third-party bike insurance. But, a third-party bike insurance policy does not automatically cover personal accidents since it provides money only to the third party (the victim). So, if you want peace of mind, opting for a personal accident cover with third-party bike insurance must seem sensible.
According to the Insurance Regulatory and Development Authority of India (IRDAI) rules and the Motor Vehicle Act 2019, personal accident cover must be attached to all comprehensive and third-party insurance policies sold by Indian insurers. While the cost of the personal accident cover is usually included in the total cost of a comprehensive bike insurance policy, you have to apply for a personal accident cover separately on a third-party policy. So, you can buy third-party bike insurance from one insurer and the personal accident cover from another. Alternatively, you may purchase both policies from the same insurer.
Read on to discover why a personal accident cover with bike insurance has become more of a necessity rather than a luxury. This article highlights the need for purchasing a personal accident cover with bike insurance and elaborates on the benefits.
What is a Personal Accident Cover?
Personal accident cover refers to a mandatory motor insurance scheme all comprehensive and third-party bike insurance policyholders must avail of. A personal accident cover provides maximum coverage of INR 15 lakh if the policyholder receives any bodily injury or dies in an accident involving the insured two-wheeler.
The scope of coverage and the premium of the personal accident cover depend on the policyholder’s preference. The driver/owner of a two-wheeler can choose three types of personal accident cover. They are as follows:
- Basic Cover - The basic cover provides the insurance amount only in the case of the owner’s death involving the insured two-wheeler.
- Wider Cover - The wider cover provides the insurance amount if the policyholder dies or suffers a permanent partial disability or permanent total disability due to an accident involving the insured two-wheeler.
- Comprehensive Cover - The wider cover provides the insurance amount if the policyholder dies or suffers a permanent partial disability, permanent total disability, or temporary total disability due to an accident involving the insured two-wheeler.
The personal accident cover amount depends on the intensity of the policyholder's injury. For example, in the case of death, permanent total disablement, loss of sight of either or both eyes, or loss of either or both limbs due to an accident involving the insured two-wheeler, policyholders or their legal personal representatives or assignees would get between 50% and 100% of the capital sum insured (CSI).
Do note that two-wheeler owners aged between 18 and 65 years can purchase the personal accident cover. Also, the policy remains valid as long as the policyholder holds a valid Driving License (DL).
Top Benefits of Bike Insurance Personal Accident Cover
As already mentioned, a personal accident cover provides coverage of up to INR 15 lakh if the bike owner dies or suffers permanent or temporary total or partial disablement due to a collision or accident involving the insured two-wheeler. The following are the top benefits of a personal accident cover with bike insurance:
Financial Support Post an Accidental Death
A bike accident may throw the life of the dead policyholder’s family out of gear. While a personal accident cover cannot compensate for the loss of the life, it can certainly care for the financial liabilities of the dead person’s family to an extent. Since most personal accident cover plans provide coverage of INR 15 lakh, the bike owner’s family can claim the total amount in the unfortunate event of the bike owner’s death.
Add-on Covers to Increase the Policy Benefits
Many insurers offer two bike insurance add-on covers against extra payment for personal accident insurance policyholders. They are as follows:
- Medical Expenses Extension
This extension covers the medical expenses incurred by the policyholder because of an accident involving the insured bike and leading to bodily injury, disablement or death. This extension provides additional benefits of up to 40% of the medical expenses incurred or the personal accident claim amount.
- Hospital Confinement Allowance
This add-on enables the policyholder to bike insurance claim INR 500 every day for up to 30 days from the date of hospitalization because of an accident involving the insured bike and the same leading to bodily injury, disablement or death.
24x7 Roadside Assistance and Customer Support
Most insurers in India provide 24x7 access to assistance through phone or email. You may call or email to receive claim-related support or roadside assistance.
Personal accident cover does not require much documentation. You only need to submit basic details when filling out the application form online.
No Medical Tests Required
You don’t need to undergo medical tests before adding a personal accident cover to your bike insurance.
Look to Buy Personal Accident Cover Online
Besides being mandatory, a personal accident cover is also necessary considering the accident you may face. The personal accident cover provides a massive amount to the policyholder or their family if the owner and the insured bike face an accident.
Paytm Insurance offers the best online two-wheeler personal accident insurance policies to help you ride legally on Indian roads. It takes only two minutes to fill up the form and get the policy document on your registered email address. Paytm Insurance’s 24x7 claim services help you across India. So, what are you waiting for? Check the quotes from 28 reputed Indian insurers and lay your hands on the best personal accident cover.