Irrespective of what your source of news is, you would be aware of growing concern in the country. The number of road accident deaths in the country is at record numbers. And with a constant influx of vehicles on the road, there is no easy way to mitigate the risk. Unless you have a personal accident cover. The whole motive of buying insurance is to offer you coverage for times and situations that are difficult on you or your loved ones. A personal accident cover is a component of bike insurance that offers financial assistance during unforeseen incidents.
A personal accident cover of a bike insurance policy usually offers the following:
- Death by accident: The nominees of the policy will receive the sum insured as per the policy document.
- Daily Allowance: An insurer may choose to offer this benefit on bike insurance. Apart from the obvious expenses of a hospital and medications, there is some other day to day expenses as well. The daily allowance offers a certain amount in the case of loss of employment.
- Hospitalization: While some insurers offer this as a standard feature, others might have this as an add-on. It covers hospitalization related expenses if a policyholder is admitted to a hospital for more than 24 hours, within 7 days of an accident. An insurer may choose to offer this benefit on bike insurance.
- Total Permanent Disability: A medical practitioner decides the level of total permanent disability and accordingly a percentage of the sum insured will be paid out to the policyholder.
While the above are the conditions and situations where the personal accident cover of bike insurance policy would come into effect, there are times when it would not. The exclusion list outlines the conditions when your insurer would not make any sort of payments. Being aware of them will ensure that you are not caught off guard with a claim rejection.
Top #5 exclusions under Personal Accident cover in Bike Insurance:
Here are the top 5 exclusions.
- Delay in Intimation: There are several instances when the outcome of an accident surfaces days or even weeks after the initial impact. In the best interest of the customers, insurers allow for claims up to a certain number of days from an accident. However, if you fail to report anything within this time frame, insurers might not accept your claim.
- Pre-existing Injuries: Standard bike insurance with personal accident cover doesn’t offer coverage for any pre-existing injuries. Irrespective of whether you have received treatment for the same, diagnosis or medication, the personal accident would exclude the same.
- Self-harm: A major exclusion from a bike insurance policy personal accident cover is self-harm. Any activities or actions that you carry out with an intention to harm or cause damages to self is excluded. Thus, any accidents or injuries arising from an attempt to suicide or suicide, being part of criminal activity such as riots or felony is excluded. In fact, most insurance policies also do not offer coverage for adventure sports or dangerous activities if you are not trained to do so.
- Under Influence: If you are riding under the influence of any form of narcotics or alcohol, your bike insurance policy would not cover the same. Should a policyholder meet with an accident while riding under the influence of narcotics or alcohol, the personal accident cover would exclude the same.
- Other Exclusions: Apart from the above-mentioned exclusions, there are some more additional ones. Insurers do not offer coverage for injuries or damages caused during childbirth or pregnancy. It also doesn’t offer coverage for any diseases or injections as well.
If you are someone who wants to buy two wheeler insurance online, it is important to go through the exclusions list provided by your insurer. There are quite a few instances where policy claims are rejected and later on policyholders find out that the exclusion list clearly states the conditions.
When buying two-wheeler insurance online, you should spend a few minutes to quickly go through the features, benefits, and exclusions before finalizing a policy.
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