According to the recorded statistics, nearly 75000 people died in 2022 due to bike accidents, and these accidents also account for a significant portion of the total road accident fatalities, which amounted to 1,68,491 in India.
This astounding number of accidents in a single year highlights how thousands of people lose their lives and how lakhs of people have to live with disabilities just by riding a two-wheeler.
It is one of the alarming concerns, especially for the bread earners in a family. However, to reduce the burden of bike riders in a situation like this, leading insurance providers like Tata AIG offer a Personal Accident or PA cover for a two-wheeler.
So, in this article, let us first learn about PA coverage in bike insurance policy, and more specifically, we will explore how the duration of this coverage empowers bike owners to enhance their safety on the road.
What is PA Cover in Bike Insurance?
Personal accident coverage in bike insurance is one of the valuable coverage for bike rides, as this coverage provides you compensation when the bike rider sustains any injury, permanent disability, or death because of the accident.
Initially, according to the Motor Vehicle Act 1988, only third party bike insurance was mandatory for bike owners in India. However, with the increase in bike accidents, the government made personal accident coverage in bike insurance online compulsory, too.
Personal accident insurance typically provides coverage for the following:
- Accidental death
- Permanent disability
- Temporary disability (with weekly or monthly payments)
- Medical expenses resulting from accidents
- Funeral expenses in case of accidental death
What are the Different Duration Options in Personal Accident Insurance?
|Limited coverage for days, weeks, or months.
|Year-long protection for frequent riders.
|Extended coverage for 3 or 5 years.
|Flexible renewal options (monthly, quarterly).
|Coverage for one extended journey.
|Coverage during specific riding seasons.
|Choose start and end dates for tailored coverage.
Why Does PA Duration in Bike Insurance Matter?
Let’s understand the reason that one should have to take care of the duration period of PA coverage in bike insurance:
- The duration of bike insurance policies directly impacts cost, coverage, and convenience.
- Traditional personal accident insurance policies have fixed durations (e.g., one or two years).
- Fixed durations may not always suit a bike owner’s unique circumstances, as every bike owner has unique needs and preferences.
- Some may prefer shorter-term policies due to frequent bike changes or shifting circumstances.
- Others may opt for longer-term policies for consistent coverage and peace of mind.
- Allowing bike owners to choose policy duration caters to a wider range of customer needs.
- Customisation fosters greater customer satisfaction and loyalty.
Benefits of Empowering Bike Owners to Choose Duration of Personal Accident Insurance
Here are the benefits that the bike owner can enjoy if they select the personal accident insurance duration while buying online insurance for two-wheelers:
1. Cost Control
By choosing the personal accident insurance duration, the bike owner can manage their insurance cost-effectively as they can align their coverage with budget and financial circumstances. It will benefit people with varying income levels or seasonal bike usage.
Choosing the duration will help the bike owners match their PA coverage duration according to their riding habits. This customisation ultimately ensures adequate protection when needed.
3. Improved Customer Satisfaction
Giving the liberty to select the PA coverage duration to the policyholders demonstrates a customer-centric approach and ultimately enhances their overall satisfaction.
4. Encourages Responsiveness
Another advantage of selecting the duration by policyholders is that it will empower them to adjust to their changing circumstances. It encourages bike owners to maintain appropriate protection levels according to their riding habits and travel plans.
5. Reduced Overhead
It helps the insurance providers who offer variable-duration policies a lot, especially in managing the overhead cost of long-term policies. Reduced administrative costs will lead to cost savings for the customer through competitive pricing.
Personal Accident coverage is a boon in itself, which saves you from both financial and legal consequences.
However, understanding the PA coverage and its different duration types will help you select the suitable duration.
It will empower you to customise your insurance policy, which will help you to get adequate coverage at the time of need while considering your premium cost as well. So, select wisely and leverage its benefits.