Is Personal Accident Cover Mandatory For Bike Insurance?

When it comes to insuring your bike, personal accident cover is an important aspect to consider. But the question is, is it mandatory? The answer is not straightforward and depends on various factors, including where you live, your bike’s engine capacity, and your insurer’s policies. In this article, we will explore the necessity of personal accident cover for bike insurance and help you make an informed decision.

Yes, Personal Accident Cover is mandatory for bike insurance as per the Indian Motor Tariff. It provides financial protection to the policyholder in case of an accident resulting in permanent disability or death. The cover amount varies based on the policyholder’s age and income. It is always advisable to opt for a higher sum insured to ensure sufficient coverage in case of any unfortunate event.

Is Personal Accident Cover Mandatory for Bike Insurance?

If you own a bike, it is mandatory to have insurance. Bike insurance covers damages caused to the bike in case of accidents, theft or any other unforeseen circumstances. When you purchase a bike insurance policy, you will be given the option to include personal accident cover. But is it mandatory to have personal accident cover in bike insurance? Let’s find out.

What is Personal Accident Cover?

Personal accident cover is an add-on cover that is offered by most insurance companies along with the basic bike insurance policy. This cover provides financial assistance in case of death or disability caused due to an accident involving the insured bike. The premium for personal accident cover is usually very low and is a small percentage of the total bike insurance premium.

Personal accident cover provides a lump sum amount to the policyholder or the nominee in case of an accident that leads to death or permanent disability. The amount of cover varies from one insurance company to another. Some insurance companies offer a minimum cover of Rs. 1 lakh, while others offer a maximum cover of Rs. 15 lakhs.

Is Personal Accident Cover Mandatory?

As per the Motor Vehicles Act, 1988, it is not mandatory to have personal accident cover in bike insurance. However, it is always recommended to have this cover as it provides financial protection in case of an accident. Personal accident cover is especially important for those who ride bikes on a daily basis or those who ride long distances.

Benefits of Personal Accident Cover

Having personal accident cover in bike insurance provides several benefits. Some of the key benefits are:

• Financial protection in case of death or disability caused due to an accident
• Covers medical expenses in case of an accident
• Lump sum amount provided to the policyholder or nominee
• Low premium
• Can be purchased as an add-on cover along with the basic bike insurance policy

Personal Accident Cover Vs Life Insurance

Personal accident cover is different from life insurance. While personal accident cover provides financial protection in case of an accident, life insurance provides financial protection in case of death due to any cause, including accidents.

Personal accident cover is recommended for those who ride bikes on a daily basis or those who ride long distances. However, life insurance is recommended for everyone as it provides financial protection to the family in case of the policyholder’s death.

Conclusion

Although personal accident cover is not mandatory as per the Motor Vehicles Act, it is always recommended to have this cover as it provides financial protection in case of an accident. The premium for personal accident cover is usually very low and is a small percentage of the total bike insurance premium. So, it is a small price to pay for the financial security that this cover provides.

Frequently Asked Questions

Here are some common questions regarding personal accident cover and bike insurance:

What is personal accident cover for bike insurance?

Personal accident cover is an add-on feature that can be included in a bike insurance policy. It provides financial protection to the policyholder in the event of an accident causing bodily injury, disability or death. This cover can also extend to the pillion rider, if applicable.

While it is not mandatory to have personal accident cover with bike insurance, it is highly recommended to ensure adequate protection for yourself and any passengers.

What are the benefits of personal accident cover for bike insurance?

Personal accident cover provides financial assistance in the event of an accident causing bodily injury, disability or death. The cover amount can vary depending on the policy, but it can help pay for medical expenses, loss of income, and other related costs. It can also provide peace of mind knowing that you and your passengers are protected.

Additionally, some insurance companies may offer additional benefits such as education or marriage funds for children, ambulance charges, and more, with their personal accident cover for bike insurance.

Can personal accident cover be purchased separately from bike insurance?

Yes, personal accident cover can be purchased separately from bike insurance. However, it is important to note that some insurance companies may require you to have a bike insurance policy with them before getting personal accident cover. It is best to check with your insurance provider for their specific requirements.

It is also recommended to compare the cost and coverage of personal accident cover with bike insurance versus purchasing it separately to ensure you are getting the best deal.

What is the cost of personal accident cover for bike insurance?

The cost of personal accident cover for bike insurance can vary depending on the policy and the amount of coverage you choose. Some insurance companies may offer it as a standard feature with their bike insurance policy, while others may charge an additional premium for it. It is best to check with your insurance provider for their specific pricing and coverage options.

While personal accident cover may add to the cost of your bike insurance policy, it can provide valuable financial protection in the event of an accident.

How can I add personal accident cover to my bike insurance policy?

To add personal accident cover to your bike insurance policy, you can contact your insurance provider and request it as an add-on feature. Some insurance companies may offer it as a standard feature with their policy, while others may charge an additional premium for it. It is important to review the coverage and cost of personal accident cover with your insurance provider before adding it to your policy.

Furthermore, you can also compare the cost and coverage of personal accident cover with bike insurance versus purchasing it separately to ensure you are getting the best deal.

In conclusion, personal accident cover for bike insurance is not mandatory by law, but it is highly recommended. This cover provides financial support to the policyholder in case of any physical or mental injury or death due to an accident.

Moreover, accidents can happen at any time, and the financial burden of medical expenses and loss of income can be overwhelming. Personal accident cover can provide the necessary support to the policyholder and their family during such difficult times.

Therefore, it is advisable to opt for personal accident cover while purchasing bike insurance. It not only provides financial security but also a sense of peace of mind while riding on the roads. So, make sure to consider personal accident cover while selecting your bike insurance policy.