As a bike owner, one of the most critical decisions you will make is purchasing insurance for your vehicle. While it is mandatory to have third-party insurance for your bike, you also have the option to add additional coverage in the form of personal accident cover. But is personal accident cover mandatory for bike insurance? Let’s explore this question in detail.
Firstly, let us understand what personal accident cover entails. Personal accident cover provides financial protection to the policyholder and their family members in the event of an accident resulting in injury or death. The coverage includes compensation for disability, dismemberment, and accidental death. This coverage is available as an add-on to the standard bike insurance policy.
However, personal accident cover is not mandatory under the Indian Motor Vehicles Act, 1988, which mandates that all vehicles must have at least third-party liability insurance. Third-party insurance covers only damages caused to a third party, including bodily injury, death, or property damage. It does not cover the policyholder’s injuries or damages to their own vehicle.
While personal accident cover is not legally mandatory, it is highly recommended for bike owners. Riding a two-wheeler on Indian roads can be risky, with accidents being a common occurrence. In such situations, a personal accident cover can provide much-needed financial protection to the policyholder and their family members.
Here are some reasons why personal accident cover is essential for bike owners:
1.Financial protection:
Accidents can result in significant medical expenses, loss of income due to disability, and even death. Personal accident cover provides financial protection against these unforeseen events. It can help cover medical bills, compensate for loss of income, and provide financial support to the policyholder’s family in case of accidental death.
2.Peace of mind:
Knowing that you have additional coverage in case of an accident can give you peace of mind while riding your bike. You can focus on the road ahead without worrying about the financial implications of an accident.
3.Affordable:
Personal accident cover is available as an add-on to your standard bike insurance policy at a relatively low cost. The premium for personal accident cover is usually a small percentage of the total insurance premium, making it an affordable option.
4.Comprehensive coverage:
While third-party insurance covers damages caused to a third party, personal accident cover provides coverage for the policyholder’s injuries and damages to their own vehicle. By purchasing personal accident cover, you get comprehensive coverage that protects you against all eventualities in case of an accident.
5.Legal requirements:
While personal accident cover is not legally mandatory, some employers require their employees to have personal accident cover. Additionally, some loan providers may also make it mandatory for borrowers to have personal accident cover when taking out a loan to purchase a bike.
In conclusion, while personal accident cover is not mandatory for bike insurance, it is highly recommended for bike owners. Accidents can happen at any time, and having additional coverage can provide much-needed financial protection to the policyholder and their family members. It is an affordable and comprehensive option that offers peace of mind while riding a two-wheeler on Indian roads. Therefore, it is advisable to opt for personal accident cover when purchasing bike insurance to ensure comprehensive coverage and maximum protection.
