All You Need to Know About Personal Accident Car Insurance Cover
Motor accidents can be unforeseen and disturbing. While it is essential that you ensure utmost safety while driving, you may not always be able to avert an accident. The Motor Act of India has mandated the purchase of personal accident car insurance coverage for every motor vehicle owner. It can be purchased as an add-on cover. However, most insurance plans may include it in the base plan.
What is Covered in Personal Accident Car Insurance Cover?
Check out the various coverage you get to enjoy with a personal accident car cover-
1. If the owner-driver of the vehicle suffers bodily injuries due to an accident, financial assistance is provided for medical treatment, thus acting as a health insurance plan for the family
2. Personal accident car insurance cover also covers the death of the owner-driver resulting due to an accident.
3. A cover of up to INR 15 lakh is provided as compensation, as mandated by IRDAI (Insurance Regulatory and Development Authority of India).
4. The total sum insured is paid to the nominee in case the owner-driver dies due to a road accident.
5. Total or partial disability due to accident is also covered, and it provides compensation as follows-
• Death- 100% compensation
• Loss of one or two limbs/eyes- 100% compensation
• Loss of 1 eye- 50% compensation
• Total permanent disability- 100% compensation.
In fact, Personal Accident Health Insurance plans are as important as opting for health insurance for parents as both have financial implications if there is no coverage.
Why Personal Accidental Car Insurance Cover?
One may wonder why a personal accident car insurance policy is mandatory and important. Well, the benefits are a lot to count, like:
1. Financial Support:
An accident cover ensures that you have sufficient financial support in times of need. Due to disability or major bodily injury as a result of the accident, you might lose your regular income. The compensation can come in very handy in such a situation.
2. Medical Expenses:
Accidental damages can cause heavy medical expenses. However, when you have personal accident coverage, your insurance provider will take care of the medical bills.
3. A Mandatory Purchase:
As per the rules of IRDAI, it is mandatory to purchase a personal accident cover along with your regular motor insurance. Hence, having one will not only safeguard your and your family's interests but will also keep you off any legal penalties. You could choose to have a standalone personal accident plan or an inbuilt one with your motor insurance plan.
Process To Claim Personal Accident Car Insurance Cover:
In case you suffer an accident, here is how you can raise a claim-
1. Inform your insurance provider about the accident.
2. Report an FIR and collect a copy of the FIR for filing the claim.
3. Collect all the documents and file a claim either at the insurance company's office or online portal.
4. Submit all the documents along with the FIR copy.
5. After an assessment, the insurance company will settle your claim.
A personal accident cover ensures that your family does not have to rush for financial help in case of a mishap. As a responsible car owner, you must not miss out on this mandatory car insurance cover.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.