Two Wheeler Bike Insurance 142 views November 12, 2019

Benefits of Personal Accident Cover in Two Wheeler Insurance

Personal Accident Cover in Two Wheeler Insurance

Whether you believe your eyes or reply on reports, the traffic condition in various cities across the countries in getting worse. Travel times are only getting longer and there doesn’t seem to be any respite in such times. Apart from one. Using a two-wheeler in such times can help you in more than a few ways. A bike is not only cheaper to maintain as compared to a car but requires less space as well. Thus, allowing you to traverse through the traffic. 

The low running and maintenance costs have always been advantageous for two-wheelers over other modes of transport. And it is all set to be even cheaper with the inclusion of several electric bikes. Manufacturers are pushing strongly towards introducing newer and better electric bikes. This not only helps bring the running costs further down but helps people reduce their carbon footprints as well.

Electric bikes or conventional two-wheelers, they both come with inherent risks. While India is one of the largest consumers of vehicles, it also leads to several charts when it comes to road accidents. The increase in road accidents, especially involving two-wheelers is alarming, to say the least. While the recently introduced Motor Vehicle Amendment Bill 2019, the Government hopes to curb these accidents by a considerable margin. 

However, it still comes down to individual bike riders and even other vehicle drivers to follow traffic rules strictly. If you love riding your bikes, there are a few precautions that you can take. To start with, always ensure that you wear your safety gear when you go out for a ride. And it is irrespective of the distance of the travel. Because accidents do not always happen on highways or busy roads. Sometimes careless driving by others can lead to accidents in unexpected places, like getting out of your apartment.

The next logical step is to buy a bike insurance policy. A bike insurance policy is a must for various reasons. For starters, riding without bike insurance is illegal as per the rules and regulations. And with the introduction of the latest bill, it is much more expensive as well. You can end up paying as much as INR 5,000 as fines for riding without valid bike insurance. Having valid insurance ensures that you have adequate coverage against unforeseen events.

Personal Accident Cover

A personal accident cover is a part of the two-wheeler insurance that one buys for their bikes. As the name suggests, it offers compensation in the event of an accident. This includes any bodily injuries or death of the rider or owner of the bike. The two-wheeler insurance company will provide compensation to the policyholders in the case of injuries and the nominees in the case of death. Insurance companies offer accident cover for pillion riders as an option. 

Depending on your insurance provider, the personal accident cover can either be a part of the native bike insurance plan or you can opt for it as an add-on. You can opt for the cover by paying a nominal amount if it is not already a part of the policy. The extent of coverage has changed in the last couple of years. While older bike insurance policies had a personal accident cover of INR 1 lakh, the amount is not INR 15 lakh, as per changes that were done in 2018. 

You must either buy a personal accident cover of INR 15 lakh with your bike insurance or if you already have a personal accident cover of INR 15 lakh or more, that would suffice. Here are some of the major benefits of opting for a personal accident cover. 

Accidental Death

We have already established that riding bikes on Indian roads is a risky proposition. And doing so without valid insurance is even more. The untimely death of a member of the family can be devastating for the surviving members of the family. And even so, if the person happens to be the bread earner of the family. The revised personal accident cover will ensure that surviving family members receive a compensation of INR 15 lakh, which will reduce any financial burden on them.

Disability due to accident

Road accidents can do a lot of damage to individuals. While extreme cases result in the death of the bike rider or owner, it can lead to various degrees of disability as well. Whether it is a permanent or temporary disability, it can heavily impact the earning capabilities of an individual. The presence of a personal accident cover would ensure that a policyholder receives the sum assured as compensation. This is only in the cases of permanent total disability of the policyholder. The insurance companies compensate for partial disabilities as well.

Claim Assistance

Accidents can be very difficult for the policyholder as well as their family members. Keeping this in mind, most of the insurance providers offer 24 by 7 roadside assistance and assistance with the claims process. This ensures that the claims process is hassle-free and smooth.

Hospitalization Benefits

A few policies offer daily hospitalization cash benefits if a policyholder is hospitalized due to an accident. The facility is usually available for a maximum of 50 days of hospitalization.

Exclusions

It is always recommended that you go through the policy coverage and exclusions of a policy before buying one. These two sections of a policy will help you assess what the policy covers and what the policy does not cover. Exclusions essentially list out the conditions or scenarios, where your insurer has the right to reject the claims or not honor the agreement with you. Here are some exclusions for personal accident cover.

  1. If the death or bodily injuries are as a result of intentional injuries or attempts of suicide.
  2. If death or bodily injuries occur when the rider is under the influence of narcotics or alcohol.
  3. If death or bodily injuries take place while performing some illegal activities.

It must be noted that these are generic exclusions for a personal accident cover. The actual cover or exclusions usually vary depending on the insurer that you choose.

Pillion Rider Cover

The benefits of using a two-wheeler are not limited to the convenience mentioned above. You can take a pillion rider and they can also benefit from the same. If you are someone who often has a pillion rider, it is advisable to buy a personal accident cover for the pillion as well. Most insurers offer cover for pillion rider as an add-on to the bike insurance policy. 

Bike Insurance Claims

There isn’t a separate claim process for a personal accident cover. Here are the steps that you need to follow to make your claim.

  1. Inform the insurance company about the accident
  2. File an FIR or First Information Report with the nearest police station.
  3. Allow for an independent survey of the bike, initiated by the insurance company.
  4. Submit relevant documents for the claims.

The relevant documents for making a bike insurance claim are as follow.

  1. The name and contact information of the owner of the bike.
  2. The details of the valid bike insurance policy
  3. The location and date of the accident.
  4. A detailed explanation of the accident in a written format. A copy of the FIR will also do
  5. An estimate of the total loses.

Once you submit all these documents, the insurer will initiate the claim settlement process. 

A personal accident cover ensures that your loved ones don’t have to worry about any unforeseen events in the future. And the cost of buying a personal accident cover is minimal when you consider the coverage that it offers. If you do not already have a personal accident cover, it is high time you go get one.

People Also Read