September 21, 2021
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Insurance

Do You Have A Personal Accident Cover For Your Two-Wheeler Insurance?

Accidents occur when you are least prepared and reckless, be it your fault or someone else. To protect yourself against these unexpected events and minimise your loss, a two-wheeler insurance policy is the safest alternative. To further minimise the risk, opting for a personal accident cover is recommended. 

So what is a personal accident cover?

Personal accident cover is an additional cover to your standard bike insurance policy. It provides compensation to you or your dependents in the event of an accident or injury leading to disability or death. A personal accident cover is mandatory and is a must-have insurance cover. It can be either purchased with a third-party insurance cover or a comprehensive policy and is available for an amount up to ₹ 15 lakhs. Either way, it ensures financial protection for the rider or the dependents at the time of an unfortunate accident. Further, this cover can also be purchased for pillion riders to extend coverage for them. 

What are the benefits of a personal accident cover?

Accidents can not only cause injury and damages, but also an impact on your finances. Here are some of the benefits that a personal accident cover offers – 

Disability compensation: A two-wheeler is a vehicle for the responsible and careful riders since you are exposed and there is very little to protect you apart from your safety gear. A minor injury can affect your ability to earn by way of a disability which may either be temporary or permanent. Using a personal accident cover, your family can receive compensation for any disability that might affect your income earning capacity. The amount of compensation differs depending on the disability occurred during the accident which can be up to 100% of the sum insured amount. 

Accidental death benefits: In case of an unfortunate demise of the insured in an accident, the personal accident cover provides for 100% of the sum insured. Such a grave event can even result in loss of livelihood for the family in case of demise of the breadwinner. It can be helpful to avoid financial hardships to the family in such circumstances. Thus, opting for general insurance for your car with a personal accident cover will ensure long term financial security of your family too. 

Cash allowance for hospitalisation: If the insured has sustained injuries requiring hospitalisation, some personal accident plans provide for cash allowance too. This way not only the treatment cost, but also other expenses can be met using this specific type of allowance. 

What is excluded by a personal accident cover?

For you to receive benefits from a personal accident cover, there are pre-specified conditions like having a valid driving license, being the registered owner of the vehicle and more. Similarly, there are a few situations that are specifically excluded by a personal accident cover. Self-injury or a suicide attempt, driving under the influence of alcohol or other intoxicating substance, or the injury or death caused due to any unlawful act are some examples to name a few. 

Thus, it is essential you read the terms and conditions before signing the contract. Further, a two wheeler insurance premium calculator can be useful in deciding the necessary add-ons that can come handy like the personal accident cover that significantly enhance the coverage of your insurance policy.