Brand new Bike
If you have bought a bike of late, then you must know about the personal accident cover. If you are not aware of what a PA cover is, this blog will walk you through the intricate details.
Accidents are quite common on the roads. Running your bike into an accident can have severe consequences such as heavy damage to the bike, injury to yourself or in extreme cases, loss of life. It is thus necessary that you have a proper insurance plan for your bike.
The personal accident cover is a part of motor insurance that is meant for just the owner of the bike. It is a mandatory part of the insurance plan whether you opt for a third-party or comprehensive bike insurance policy. The PA cover always gets issued in the name of the owner of the bike.
When you have a PA cover in bike insurance, then you will get compensated for bodily injuries. The PA cover policy also offers ample coverage for permanent disability or death. The IRDAI has defined the limit for PA coverage as Rs 15 lakhs.
In case of demise due to a bike accident, the nominee will receive the complete sum insured. In the case of permanent total disability, the amount of coverage varies depending upon the level of disability.
It is always better to get prepared for the worst-case scenario so as to reduce the impact of the mishap. Driving a two-wheeler on the roads can be a strenuous experience. There is too much traffic on the roads. Besides the poor condition of the roads, narrow streets and irrational driving by fellow drivers can increase the risk of accident manifolds.
Hence, it is important that you get yourself a PA cover in bike insurance. The significance of a personal accident cover in bike insurance lies in the complete coverage and financial aid that it offers to the owner. Such a plan looks quite helpful in case the owner loses his ability to earn for his livelihood.
Earlier, having a third-party liability insurance policy was considered to be mandatory. However, because of increased cases of owner’s demise or permanent disability, the Motor Vehicles Act made it compulsory for owners to buy personal accident insurance for two wheelers as well. The intention to make this cover compulsory is to offer ample coverage to the owner against injuries and damages because of a bike accident.
In the year 2019, a minor change was introduced to the PA cover policy. The change implies that if the bile owner has bought a stand-alone accident policy and his insured amount stands at Rs 15 lakhs, then the owner can be offered a waiver for PA cover. Also, if a bike owner already has a personal accident cover in bike insurance for his existing bike, he need not spend money on buying a new PA cover for his new bike.
Buying a personal accident cover in bike insurance will help you enjoy certain benefits. These are as follows:
Only the owner or the nominee (in the absence of the policyholder), can make a claim for the PA coverage on the two-wheeler. The target of this cover is to provide maximum benefit to the policyholder/owner of the bike or the surviving nominee.
The policyholder or the nominee first needs to register a claim with the bike insurance company. Then he needs to inform the insurance company about the accident and further losses. A copy of the FIR is also needed to make a claim. Also, having an eyewitness of the accident can strengthen the claim process. Further steps involve filling out the claim form thoroughly. Submitting photographs related to the bike accident etc.
Also, many insurance companies now offer these facilities through online apps. After submitting all the relevant documents, the policyholder needs to wait for claim approval.
Ans: Yes, the personal accident cover is meant for just the owner-driver of the bike.
Ans: Yes, of course! If you have a bike, you must buy a personal accident cover with your third-party or comprehensive bike insurance policy.
Ans: No! If you already have a PA cover for your old two-wheeler, you need not get yourself another personal accident cover for the new one.
Ans: Nor at all! You will need to have just one PA cover as this cover is meant for you and does not get associated with your vehicles.