How Does Personal Accident Cover Work In Two-Wheeler Insurance?

How Does Personal Accident Cover Work In Two-Wheeler Insurance?

Your insurance policy is one that benefits you in numerous ways which include financial protection from damages, third-party property damages and injuries too. Apart from them, a two-wheeler insurance policy can be customised to suit your requirements by selecting the right add-ons. However, selecting add-ons is not a compulsion but a third-party 2 wheeler insurance is the minimum requirement. But often individuals forget to purchase a personal accident cover. It is also mandatorily required to be purchased along with a third-party insurance cover.

What is included under personal accident cover?

Two wheeler insurance third party plans need to be accompanied with a personal accident cover. This cover provides compensation to the owner of the vehicle or its dependants with monetary compensation in the event of an accidental injury or death. Apart from accidental death, the coverage also extends to events where a permanent injury is sustained due to such an accident. This compulsory coverage is increased from erstwhile amount of ₹1 lakh to ₹15 lakhs. Moreover, personal accident coverage above ₹15 lakhs is also available at an additional premium. The table below describes the percentage of compensation paid for different events.

In the event of Percentage of compensation
Death 100%
Loss of both limbs or eyes 100%
Loss of sight or one eye 50%
Permanent disability 100%

What are the benefits of personal accident cover?

Accidents are unpredictable. Even if you are a safe rider, you cannot predict how others might drive/ride. This unprecedented nature makes it crucial to have personal accident coverage. The benefits of this cover accrue in the form of financial support in the events where there is a permanent disability resulting in loss of income. Moreover, for the sole breadwinners, this can be a critical benefit to support their family. Next, it can also be used to finance the medical expenses of treatment including bills for hospitalisation, medicine and more. Lastly, in the event of demise of the rider, the financial the surviving members who are the dependents can have financial assistance in times of need.

How to make a claim under the personal accident insurance?

A claim under the personal accident insurance cover can be made either by the policyholder, or by the surviving family members. Here are the steps how you can raise a claim for personal accident coverage.

Step 1: Intimate the police station of the jurisdiction where the accident has occurred and obtain the first information report (FIR). If any witnesses are available, it can benefit if they can approve of the accident.

Step 2: Next step is to intimate the insurance company informing them of the injury sustained.

Step 3: Next, necessary forms shall be required to be submitted with any evidence, if available. Here, you shall be required to furnish the FIR that was lodged earlier.

Step 4: The insurance company will verify these details and scrutinise the documents submitted. Once it is complete, the compensation shall be paid by the insurer depending on the degree of injury sustained.

In event where the policyholder dies, the same claim shall be made by the nominee and the benefits shall be awarded to him/her. Thus, take advantage of this coverage and insure you and your family financially. Make sure to compare two wheeler insurance prices using a premium calculator to evaluate plans that fit your budget while providing you with adequate coverage.