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Insurance Article

Know All About Personal Accident Cover in Two Wheeler Insurance

October 31 2018
personal-accident-by-two-wheeler

Your two wheeler insurance plan is not complete without a personal accident cover

India is the largest two wheeler market in the world. In FY17, the total number of two wheelers sold were 19.91 million units, with 88% of these being sold in the domestic market. A growing economy, rising middle class income and favourable demography is expected to push two wheeler sales further upwards.

We already have the most congested streets in the world, and also among the most dangerous. According to the official accident statistics released by the government for the year 2017, a total of 1,47,913 people lost their lives from the 4,64,910 road accidents that took place. Two wheelers, being the most preferred mode of transport among Indians, accounted for the highest share in road accidents at 33.9%.

What these statistics highlight are the plight of Indian roads and how unsafe riding a two wheeler on them are. There is a strong need to secure yourself and your family against any unfortunate event that may take place during the daily commute to work.

Two wheeler insurance provides coverage against any damage that comes to your bike due to an accident. A two wheeler personal accident cover that usually comes with the policy as an add-on or rider, offers compensation in case of accidental injury or death.

What is Personal Accident Cover for Two Wheeler?

A personal accident cover is a two wheeler insurance cover that provides compensation to the owner of the vehicle, or dependents, in case of accidental injury or death. An optional personal accident cover is also available for the pillion rider. The policy usually covers individuals under the age of 65 years and has a maximum compensation amount of ₹1 lakh.

Many insurers provide the personal accident cover for two wheelers as an add-on cover to their bike insurance policy. The cover is meant to enhance protection in case of an accident, and can be bought by paying a small sum as premium.

Benefits of Having a Personal Accident Cover

Having a personal accident cover with your bike insurance can prove beneficial in many situations, since accidents come unannounced and leave the afflicted in a huge financial mess. Here are some of the benefits that this cover can provide.

  • Disability Compensation: Two wheelers are a dangerous mode of transport as there is nothing protecting you from the road in case of a fall or a hit from another vehicle. Minor injuries are very common among riders, though a serious accident can also result in partial or total disability.

  • If it is a partial or total disablement, then the condition can seriously affect a person’s ability to earn a livelihood for his family. This can take a toll on the happiness and well-being of the dependents. With the protection offered by a personal accident cover for two wheeler insurance, the insured can get 100% of the sum insured in case of total disability, and up to a certain extent if the accident causes partial disability, this is mostly 50% of the sum insured.

  • Accidental Death Benefit: If the insured is met with an accident that results in a fatality, the loss and setback to his family can be immense. If the insured is the primary breadwinner, then the loss is not only of a loved one, but also that of the provider.

  • The personal accident cover provides 100% of the sum insured in case of accidental death. This is amount can help the dependents tide over the loss and prevent the household from being surrounded by financial liabilities.

What Are the Exclusions?

There are some conditions put in place for being eligible for the two wheeler insurance policy benefits, such as the insured must be the holder of a valid driving license and should be the registered owner of the vehicle. Then, there are also some situations in which the insurance company will not give the benefit, these are known as exclusions. The common ones are mentioned below.

  • If the injury or death has resulted from intentional self-injury or a suicide attempt.
  • If the injury or death has happened under the influence of liquor or drugs.
  • If the injury or death is caused by performing an unlawful act.

This is a general overview of a personal accident cover for two wheeler insurance and what it offers. The scope of coverage and benefits changes from insurer to insurer. But, the fact remains that it is a useful insurance plan to have, as it takes care of the financial liabilities that can arise after an accident. This alone makes it an investment worthy of your attention.

Related Article:

Skipping on Two Wheeler Insurance Could Cost You!
Which is Better: Comprehensive or Third-party Bike Insurance?

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