Car insurance costs have changed due to a recent decision, offering a Rs 15 lakh personal accident cover. Explore the article to understand the impact on bike owners and the details of the new rule.
Essential Information About The New Law
Let’s quickly review some of the most critical aspects of this recent ruling and try to understand what is personal accident coverage in bike insurance:
- For Everyone: All motor vehicles, irrespective of size, now require a Rs 15 lakh personal accident cover. Two-wheeler owners can opt for this coverage, providing a significant increase from the previous Rs 1 lakh cap, ensuring a comprehensive personal accident policy for the rider or driver and their family.
- For All Insurance Types: You will require this coverage if you purchase a comprehensive or third-party plan. Contrary to popular belief, the coverage extends beyond a comprehensive plan. In addition to providing coverage for third-party liabilities, a third-party bike insurance now benefits the policyholder under the new law. When you renew your two-wheeler insurance, you must also make this choice.
- Hike In Premium: Since there is a hike in the cover, there will be a hike in premium. There will now be a minimum annual cost of Rs 750 for two-wheeler insurance. Although this is expensive, the value it provides makes the cost quite fair.
- Reason Behind The Rule: The regulation was implemented due to a policyholder’s demise in a two-wheeler accident. However, because it was a third-party policy, his family only received Rs 1 lakh. The wife of the deceased made a plea before the High Court. It recognised that in such extreme circumstances, the policyholder who paid the premium should also be entitled to some compensation. It recommended raising the personal accident cap with the Insurance Regulatory and Development Authority of India (IRDA). After IRDA’s approval, the new regulation was enacted. #
- Obtaining The Cover: The procedure for purchasing the cover remains unchanged. You can still buy the ideal plan by comparing bike insurance online. You must pay the increased premium for two-wheeler insurance, and the plan will be immediately issued in your name.
Using Insurance Accurately
Both the public and the insurance industry have generally praised the decision. This is because riding a two-wheeler carries some real risks. And as everyone knows, Rs. 1 lakh is frequently insufficient to sustain a family following the breadwinner’s demise. To protect your loved ones, purchase or renew bike insurance online with the updated coverage. All other current benefits for bike insurance are included in the policy. Claims are subject to terms and conditions set forth under the motor insurance policy.
Bike owners must understand the significance of their bike’s chassis number, as it plays a key role in ensuring compliance with the mandatory Rs. 15 lakh accident cover.
Take advantage of the new IRDA ruling by securing the ideal two-wheeler insurance coverage. Renew your plan on time, pay the premium, and ride your bike with peace of mind and comfort. #
*Standard T&C Apply
#Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.