Is Personal Accident Cover Necessary with Bike Insurance?
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Almost everyone below the age of thirty-five loves the feel of a bike. Some find it thrilling. Even people beyond this age group enjoy bike rides in India. Even if these things can be really exciting, there are some things to keep in account for Indian families to avoid tough situations.
Most Indians now know about insurance policies for vehicles. They know how much coverage can help them with financial difficulties. But what about the situations where you are also injured by any accident? The regular bike insurance will only cover your bike. However, the medical expenses that you will have to incur for your bodily injuries will remain uncovered.
To avoid such circumstances, you must know what a personal accident cover is and how it will help. The importance of personal accident cover is that it covers your medical expenses in the event of a bike accident. This way, you will know that you and your bike will be covered for finances if an unfortunate bike accident ever happens.
Key Benefits of Adding Personal Accident Cover to Bike Insurance
Lump Sum payout
Some people might not be so lucky. They might not survive an accident. In such cases, if the deceased person was a policyholder of a personal accident cover, this can significantly reduce the financial strain on the family.
In case of deaths due to bike accidents, the personal accident cover ensures that your family will receive a lump sum payout. This means that such policies won’t just cover you for basic medical protection, they will cover you for life and beyond. Even in case of serious disabilities or permanent injuries, you will know that your medical bills will be covered.
Coverage
If you just have a basic bike insurance policy, your bike gets covered for any damages. While that is still better than nothing, such a policy doesn’t pay for your injuries. If you’ve also been harmed due to a certain accident, you will have to take the entire financial burden for your hospitalisation and bills. A personal accident cover can help you avoid that and promise you the peace of mind that you deserve.
Let’s say you can manage to cover for your bodily injuries all by yourself. There’s still a chance that a road accident might render you incapable of working or earning money at all. In such times, you will need something as compensation to keep your family running smoothly. A personal accident cover will provide you with the required compensation if you are unable to work after a certain accident.
Who Should Consider Personal Accident Cover?
This is the kind of cover that every bike rider needs. It’s not just about how frequently you ride a bike. Even if you’re an occasional driver, you’ll need it. We cannot always predict when and how an accident can happen. Thus, we must be prepared for time. But generally speaking, some sections of people might need such a cover more than others.
Frequent Riders
If you are someone who has to ride a bike for work or if you have to navigate complex, high-traffic areas to get to work, you must opt for a personal accident cover. Furthermore, a personal accident cover is mandatory for daily commuters or motorbike enthusiasts. Even if you are a delivery agent and have to drive from one place to another to drop off parcels, this is for you.
Sole Earners
If you have a small family and you are the only member who earns, you shouldn’t take risks at all. As a sole earner, your family has no source of income but what you earn. Thus, to make sure that your family has a financial backup to rely on during unfortunate times, you must have a personal accident cover.
Young Drivers
If you are someone below the age of 25 and are more likely to drive rashly, you might want to opt for a personal accident cover too. Even if you’re someone who just started driving and are a beginner, a personal accident cover will help you have a better driving experience overall.
How Personal Accident Cover Works with Your Bike Insurance
Comes as an add-on with a basic bike insurance
The best part is that, if at some point you believe that you want to switch to a form of insurance that is more comprehensive, you can just integrate a personal accident cover with your basic bike insurance.
This is normally done by selecting personal accident cover as an add-on along with your regular bike insurance plans. You can do this by paying an additional nominal fee during the time of premium payments or when you first purchase your bike insurance with a personal accident cover plan.
Covers your expenses
Such a cover will have you stress-free under any circumstance. It will not only cover the policyholders if there is any injury or disability, it also has provisions to help the nominee out in case of the policyholder’s death.
This means that if the policyholder dies during an accident, the nominee can get a lump sum payout for the same. Again, since having a personal accident cover is mandatory by law and you can also use it when driving vehicles other than a bike, opting for one is going to be a win-win situation for you.
Types of Injuries and Risks Covered Under Personal Accident Insurance
Fatal Injuries
Personal accident insurance will cover any bike accident-induced medical issue you can think of. If during the accident, you get any fatal injuries like fractures or serious burns, you will be covered for all hospitalisation and post-treatment costs by the insurance provider.
Disabilities
In case of permanent disabilities or even partial disabilities, you and your family will be compensated for the loss. If there’s loss of life or limb, there are provisions of payout for that too.
Funeral costs and work-related compensations
If you’ve suffered a disability that will hinder you from working or earning, a personal accident cover can help you with that. Furthermore, in case of the death of a policyholder, it will cover all funeral and ambulance-related expenses without fail.
This will cover almost everything ranging from compensation due to permanent or partial disabilities to even funeral charges in case of the death of the policyholder.
Yes. A personal accident cover is mandatory under the Motor Vehicles Act. This will help protect victims of road accidents.
It can cover all expenses in case of hospitalisation, disability or death of the policyholder in a bike accident.
Sure. If you don’t wish to integrate it with your insurance plans, you can also purchase it separately.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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