You may already own or plan to purchase a two-wheeler, in which case you must be aware of the fact that third-party insurance coverage is required under the Motor Vehicles Act 1988. If the insured person and their vehicle were involved in an accident with a third party and required to pay damages, this insurance policy would offer financial protection. On the other hand, personal accident insurance is a different kind of bike insurance online coverage that many people might need to be aware of as it is a requirement for every vehicle owner.
This insurance policy, also called a personal accident (PA) cover, provides financial assistance if the insured becomes disabled or perishes in an accident. It is essential to remember that the scope of the PA coverage is defined by the details of the policy. It is a requirement to have this cover if you are someone looking to purchase a vehicle or have one already. Below, we give a thorough overview of the subject. *
What Types Of Coverage Are Offered By Personal Accident Insurance?
Let’s first clarify the coverage that falls under the purview of the required personal accident insurance:
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Permanent Disability
The PA policy pays benefits to the insured person in the event of a permanent disability that prevents them from leading an everyday life. The type of disability incurred will determine the compensation in this case. For instance, losing both limbs might result in receiving a higher amount, whereas losing just one limb might result in receiving a lesser sum. Although Bajaj Allianz bike insurance requires the purchase of a PA policy alongside, any diminution in the PA policy’s sum assured does not affect the two-wheeler plan’s sum insured. A two-wheeler policy is attached to the vehicle, while a PA policy is attached to the person.* Claims are subject to terms and conditions set forth under the bike insurance policy.
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Passing Away
If the insured person passes away due to the accident, their dependents can claim the full amount of the policy’s sum assured. You can also choose optional coverages for accident-related hospitalisation costs, a benefit for your children’s education, and other benefits. Now that the coverage aspect has been clarified, let’s examine when a PA cover is necessary for bike insurance.* Claims are subject to terms and conditions set forth under the two-wheeler insurance policy.
- Bodily Injuries – You can add extra coverage to your Personal Accident Insurance to include a wider range of bodily injuries. This extension provides financial protection for injuries that require medical treatment, even if they are not life-altering or permanent. It’s a valuable addition for accidents resulting in injuries like fractures or cuts, ensuring comprehensive coverage for unforeseen incidents.
When Must A Person Have Personal Accident Insurance?
Every person who owns a private vehicle is required by law to have personal accident insurance. *
As mentioned, a PA cover is meant for the person driving the bike registered in their name. Thus, a PA cover only needs to be purchased once by an individual. You do not need to buy a second PA cover if you already purchased one when you purchased your two-wheeler insurance when you purchased your first bike. If you already have a PA cover with your bike insurance, you can use it with your new two-wheeler insurance policy.* Claims are subject to terms and conditions set forth under the two-wheeler insurance policy.
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* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
