Accident Cover – Bike Insurance
Any bike rider acquiring bike insurance should additionally settle on Comprehensive Bike Insurance for themselves. A Comprehensive Bike Insurance is a mix of Own Damage (securing your vehicle) and a Third Party Liability cover.
When you purchase bike protection for your bike, Third Party Liability cover is obligatory according to The Motor Vehicles Act, 1988. This cover incorporates any harm caused to the third individual/property and individual accident cover in case of death. The owner of the insured bike likewise has the choice to buy an additional individual accident cover for himself/herself just as the pillion rider.
An accident Cover is an add-on. This extra add-on assures remuneration to the owner rider of the insured bike if the individual was harmed, prompting disablement, or endured a loss of life during a road mishap.
Why should you get an accident cover?
You should purchase an accident cover to have the option to treat your physical injuries regardless of whether you are facing money related emergencies or as remuneration for your family in the event of death.
Riding a bike is dangerous regarding your security on the road. On average, it is assessed that in India we lose one life at regular intervals because of road mishaps. 25% of such deaths are related to bikes.
You need an accident cover for yourself and the rider, not only to get your bike repaired but also in case of death/injuries to you/pillion rider.
Accident cover for a Third-Party
Your insurance agency will pay for the expense of medicines of the third party individual in case he/she was harmed in a mishap including your bike. If there should arise an occurrence of death of the third party, due to insured bike, his/her family will be given a remuneration buy your insurer.
The limit of remuneration for Third-party property harm is Rs. 7.5 lakhs. While, the pay for physical injuries, which incorporates handicap and death of a third party individual, is boundless.
Accident cover for own damage
In the event that you purchase a Comprehensive Bike Insurance policy, you will consequently get an accident cover for yourself, as it is a coverage of your policy.
If you have a fundamental/basic bike protection policy, for example, third-party liability Bike Insurance policy, you won’t be secured for own damage. In this situation, you have to purchase a personal accident cover to monetarily shield yourself in case of a mishap.
Below are the situations to consider before buying a personal accident plan:
- You are the registered owner of the bike/vehicle.
- The name appears as the insured on your bike insurance policy.
- A valid driving license is there.
How do you benefit from a personal accident cover?
A personal accident cover can be your guardian angel during a mishap/accident. Purchasing a bike policy, you settle on an astute choice. The individual accident cover pay compensations to your loved ones/better half. The lump sum amount that the insurer paid presently deals with your family financial related requirements.
What kinds of liabilities do accident covers compensate for?
- Accident covers compensate for the following kind of liabilities:
- Accidental Death
- Forever total disability
This cover is helpful in the event of physical injuries endured in a mishap or if it leads to death. The insurance provider pays a hefty amount to the family/loved ones. The Motor Accident Claims Tribunal (MACT) decided on the amount.
Forever total Disability
If the accident causes total disability, the insurance provider pays the whole total guaranteed amount. If there should arise an occurrence of two-wheeler insurance, the Motor Accident Claims Tribunal (MACT) fixes the remuneration.
There is a no different procedure for making a bike accident insurance claim. The procedure changes according to your policy type.
The common procedures include:
- Informing the insurance company about the claim
- Informing the police about the situation
- Survey of the bike damage or any mishaps
- Claim settlement/compensation
The following documents are required while making a claim:
- Name and contact details of the owner
- Policy details/plans
- Date, time, and location of the accident
- An explanation of the accident
- An estimate of the loss
After a detailed inspection of the incident, the insurance company can either approve or reject the claim.
See more: How to Purchase Expat travel insurance?
Bike Insurance Calculator
When you insure your Bike Insurance, you guarantee to pay the yearly premium to the insurance agency and consequently, the insurance agency guarantees to cover the danger of harm or loss. To get the correct premium from the bike insurance calculator the machine you have to enter the essential bike subtleties, for example, the bike makes, or enrollment focus.
When you top off the subtleties in the bike insurance calculator, the strategy subtleties and premiums from various safety net provider will be shown. At that point, you can think about the arrangements, premium breakups and the sum charged for each element.