Car accidents, whether major or minor, can have unexpected health and financial consequences. Ensure quick access to funds by exploring and comparing third-party car insurance online when getting a new vehicle. Consider comprehensive coverage for added protection, and remember to include personal accident coverage to safeguard against unforeseen circumstances.
A Personal Accident Cover: What Is It?
A personal accident (PA) cover serves as financial protection against demise or disability from accidents. The Insurance Regulatory and Development Authority of India (IRDAI) has separated PA coverage from other insurance policies, providing flexibility and cost reduction for car owners. Nonetheless, having a personal accident policy with a coverage amount of INR 15 lakhs in car insurance is still required for car owners. According to the Motor Tariff of 2002, there may be fines for not having personal accident insurance. You can utilise acar insurance premium calculator to estimate the costs of premiums to be paid. Claims are subject to terms and conditions set forth under the motor insurance policy. # *
What Is Covered By A PA?
In the case of disability, the policy covers treatment expenses, paying the full insured amount for total disability. In the event of demise, the nominee receives the death benefit and additional benefits. Personal accident policies cover owner-drivers and extend to named and unnamed drivers and passengers as an optional safeguard for loved ones and drivers.
Considerations For Obtaining A PA Cover
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Make sure your PA coverage is providing you with enough coverage. Including your family in the policy’s coverage makes sense if you travel with them frequently. You can pay a small fee to cover the driver if you hire them for your daily commute. You need to be prepared for every situation in your everyday life to reduce the chance of an accident.
- Insurer
Select a provider with a good ratio of settlements to claims. Better still, the higher. This indicates that the insurer is not attempting to deny coverage and is ready to resolve your claims. Additionally, picking an insurer with a large network of affiliated hospitals facilitates easy access to treatment.
- Details Of Policy
Make sure that specific scenarios like burns, broken bones, partial disability, permanent disability, and accidental demise are covered by your PA coverage.
- Portability Easy
Make sure the insurer mentions how simple it is to transfer policies. It must be a time-bound and hassle-free process to guarantee that the policyholder can quickly transfer their policy from one insurer to another. Additionally, watch for any concessions offered to enhance your health and reduce your risk profile.
What Does A PA Plan Not Cover?
Understand your PA plan exclusions; it may not cover overseas incidents or natural demise. Claims can be voided for driving under the influence, without a valid license, or damages related to war or criminal intent.
Purchasing a PA cover of INR 15 lakhs and car insurance is essential. You are not required to obtain PA coverage for each car you own. To stay covered and prevent legal action, pick an insurer with a high claims-settlement ratio and carry out the car insurance renewal process on time. Claims are subject to terms and conditions set forth under the motor insurance policy. *
*Standard T&C Apply
#Visit the official website of IRDAI for further details.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
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