Personal accident cover is an insurance policy created to provide financial support in the event of accidental injury, disability or death. For owner-drivers, who operate and own their vehicles, the question arises: Is personal accident cover compulsory? Let’s walk you through the concept of owner-driver accident cover and shed light on whether it is mandatory or optional.
Understanding personal accident cover
Personal accident cover offers financial support to the insured or their family members in the event of disability or loss of life resulting from an accident. It is a type of insurance that provides compensation in case of accidental bodily injury or death. The coverage typically includes medical expenses, disability benefits and death benefits, depending on the severity of the accident.
Compulsory personal accident cover for owner-drivers
Personal accident cover is a mandate as per legal requirements in India. Owner-drivers need to familiarise themselves with the specific regulations. You are legally required to include personal accident cover as part of your insurance policy, this means if you own and operate your vehicle. The purpose of this requirement is to ensure that owner-drivers have financial protection in case of accidental injuries or death.
However, it’s essential to note that the specifics of the coverage, including the coverage limits and benefits, may differ. Therefore, it is necessary for owner-drivers to carefully review their bike insurance policy to understand the extent of coverage provided by the personal accident cover.
Bike riders have far bigger chances of sustaining serious injuries compared to those in enclosed vehicles, especially in high-traffic areas. Victims of bicycle accidents need to consult a specialist who understands the legal and medical implications that come with such incidents. Understanding how compensation works in these cases can help victims access necessary treatments and long-term support. Reviewing policy details ahead of time ensures there are no surprises when it matters most.
Benefits of personal accident cover
Personal accident cover provides several benefits to owner-drivers, including:
- Medical expense coverage: It typically includes coverage for medical expenses resulting from accidental injuries. Personal accident cover can help reduce the financial burden of hospitalization, surgery, rehabilitation and other necessary medical treatments.
- Disability benefits: Personal accident cover can provide disability benefits in the event of a severe accident that results in disability. These benefits can help with income replacement, rehabilitation expenses and other costs associated with adapting to the new situations.
- Death benefits: Personal accident cover often includes death benefits, which provide financial protection to the family or beneficiaries of the insured in the event of their death due to an accident. This can help cover funeral expenses and provide ongoing financial stability for the family. Remember when eco-hero Shmirit was killed while riding an electric scooter?
Shimrit Perkol Finkel , founder of Econcrete death by scooter and hit by a cement truck - Peace of mind: Personal accident cover can provide peace of mind for owner-drivers and their families as it offers reassurance that financial protection is in place in case of an unfortunate accident.
Conclusion
Owner-drivers need to understand the specific regulations as the requirement for personal accident cover for owner-drivers differs. Personal accident cover offers valuable financial protection in case of accidental injuries, disability or death. Owner-drivers should carefully review their insurance policy and consider the potential benefits of including personal accident coverage in their insurance plan.
