Personal Accident (PA) cover is an add-on feature available in most bike insurance policies. It provides financial compensation to the policyholder or their beneficiaries in case of death, permanent disability, or temporary disability due to an accident. Although PA cover is not mandatory for bike insurance, it is highly recommended. In this article, we will discuss what PA cover is and why it is essential.
-
What is Personal Accident (PA) cover?
Personal Accident (PA) cover is an add-on feature available in most bike insurance policies. It provides financial compensation to the policyholder or their beneficiaries in case of death, permanent disability, or temporary disability due to an accident. The compensation amount may vary depending on the severity of the injury or loss.
-
Why is PA cover important?
PA cover is essential for several reasons. Here are some of them:
a. Financial security
Accidents can cause severe injuries or even death, resulting in a loss of income for the policyholder and their family. PA cover provides financial security to the policyholder or their beneficiaries in case of such incidents.
b. Medical expenses
Accidents can also cause significant medical expenses. PA cover can help the policyholder cover their medical expenses, including hospitalization, surgery, and other related costs.
c. Disability benefits
In case of permanent disability due to an accident, the policyholder may not be able to work and earn a living. PA cover provides disability benefits to compensate for the loss of income.
d. Peace of mind
Having PA cover provides peace of mind to the policyholder and their family members knowing that they are financially protected in case of an accident.
-
Is PA cover mandatory for bike insurance?
PA cover is not mandatory for bike insurance as per the Motor Vehicles Act, 1988. However, it is highly recommended. Accidents can cause severe injuries or even death, resulting in a loss of income for the policyholder and their family. PA cover provides financial security to the policyholder or their beneficiaries in case of such incidents.
-
How much does PA cover cost?
The cost of PA cover varies depending on several factors, such as the policyholder’s age and occupation, the sum assured, and the type of coverage. The premium for PA cover is usually a percentage of the bike insurance premium, ranging from 5% to 10%.
-
What are the benefits of adding PA cover to bike insurance?
Adding PA cover to your bike insurance policy has several benefits:
a. Financial protection
PA cover provides financial protection to the policyholder and their beneficiaries in case of an accident resulting in death, permanent disability, or temporary disability.
b. Medical expenses
PA cover can help the policyholder cover their medical expenses, including hospitalization, surgery, and other related costs.
c. Disability benefits
In case of permanent disability due to an accident, the policyholder may not be able to work and earn a living. PA cover provides disability benefits to compensate for the loss of income.
d. Peace of mind
Having PA cover provides peace of mind to the policyholder and their family members knowing that they are financially protected in case of an accident.
-
How to buy PA cover for bike insurance?
PA cover is available as an add-on feature in most bike insurance policies. To buy PA cover, follow these steps:
a. Contact your insurer
Contact your insurer and inquire about the PA cover options available in your policy.
b. Choose the coverage amount
Choose the coverage amount based on your needs and budget. The coverage amount should be sufficient to cover your medical expenses, loss of income, and other related costs in case of an accident.
c. Pay the premium
Pay the additional premium for the PA cover. The premium for PA cover is usually a percentage of the bike insurance premium, ranging from 5% to 10%.
d. Get the policy document
Once you have paid the premium, you will receive the policy document with the details of your PA cover.
Conclusion
PA cover is an add-on feature available in most bike insurance policies. Although it is not mandatory, it is highly recommended. Accidents can cause severe injuries or even death, resulting in a loss of income for the policyholder and their family. PA cover provides financial security to the policyholder or their beneficiaries in case of such incidents. Adding PA cover to your bike insurance policy has several benefits, including financial protection, medical expenses coverage, disability benefits, and peace of mind. To buy PA cover, contact your insurer and choose the coverage amount based on your needs and budget.
